Bank of America Merrill Lynch Global Energy Conference

Bank of America Merrill Lynch Global Energy Conference November 16, 2017 NYSE: DVN devonenergy.com

Investor Contacts & Notices Investor Relations Contacts Scott Coody, Vice President, Investor Relations (405) 552-4735 / scott.coody@dvn.com Chris Carr, Supervisor, Investor Relations (405) 228-2496 / chris.carr@dvn.com Forward-Looking Statements This presentation includes "forward-looking statements" as defined by the Securities and Exchange Commission (the SEC ). Such statements are subject to a variety of risks and uncertainties that could cause actual results or developments to differ materially from those projected in the forward-looking statements. Please refer to the slide entitled Forward-Looking Statements included in this presentation for other important information regarding such statements. Use of Non-GAAP Information This presentation may include non-gaap financial measures. Such non-gaap measures are not alternatives to GAAP measures, and you should not consider these non- GAAP measures in isolation or as a substitute for analysis of our results as reported under GAAP. For additional disclosure regarding such non-gaap measures, including reconciliations to their most directly comparable GAAP measure, please refer to Devon s most recent earnings release at www.devonenergy.com. Cautionary Note to Investors The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that meet the SEC's definitions for such terms, and price and cost sensitivities for such reserves, and prohibits disclosure of resources that do not constitute such reserves. This presentation may contain certain terms, such as resource potential, risked or unrisked resource, potential locations, risked or unrisked locations, exploration target size and other similar terms. These estimates are by their nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of being actually realized. The SEC guidelines strictly prohibit us from including these estimates in filings with the SEC. Investors are urged to consider closely the disclosure in our Form 10-K, available at www.devonenergy.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or from the SEC s website at www.sec.gov. 2

Devon s Competitive Advantage STACK & Delaware focused Top-tier operating results Innovative culture Significant financial strength Multi-decade growth platform >30,000 STACK & DELAWARE POTENTIAL LOCATIONS 3

Devon s 2020 Vision Focus on financial returns Deliver top-tier returns on invested capital Return cash to shareholders Further high-grade asset portfolio Advance STACK & Delaware activity Monetize less competitive assets Multi-billion dollar divestiture potential Expand per-unit margins Improve balance sheet strength Shift production to higher-value products Maximize margins by lowering cost structure Divestiture proceeds to reduce debt Net debt to EBITDA target: 1.0x 1.5x 4

2017 Capital Program Disciplined focus on value and returns 2 0 1 7 e E & P C A P I T A L $2.0-2.1 Billion Capital program funded within cash flow Shifting to full-field development Efficiencies driving capital costs lower U.S. Rig Activity (~20 development rigs in Q4) 90% STACK & DELAWARE 10% OTHER ASSETS For additional information see our Q3 operations report. 5

Expanding High-Returning Oil Production Rapidly growing highest-value product Driven by STACK & Delaware Basin Building operational momentum into 2018 U.S. Oil Production MBOD 102 (1) +~15% (vs. Q4 16) +~20% (vs. Q4 16) Q4 2016 2017e Q4 2017e For additional information see our Q3 operations report. (1) Adjusted for the sale of minor, non-core assets 6

Preliminary 2018 Outlook $ OPTIMIZED FOR RETURNS OIL GROWTH DEBT REDUCTION 2 0 1 8 e E & P C A P I TA L $2.0-2.5 Billion F U N D E D W I T H I N O P E R AT I N G C A S H F L O W STACK & DEL AWARE >30% Increase ( 2 0 1 7 VS 2 0 1 8 ) TA R G E T I N G $1 Billion 7

Significant Financial Strength Investment-grade credit ratings PROTECTING OUR ABILITY TO EXECUTE Disciplined hedging program Significant investment in EnLink Midstream $1 billion divestiture program underway Additional multi-billion dollar divestiture potential Disciplined Hedging Q4 17:~65% 1H 18:~40% INVESTMENT- GRADE CREDIT RATINGS Excellent Liquidity Cash: $2.8 billon EnLink Investment Market value: ~$3.5 billion 8

Operational Excellence Capture FULL VALUE Improve RETURNS Maximize base production Minimize controllable downtime Enhance well productivity Leverage midstream operations Control operating costs Optimize capital program Disciplined project execution Perform premier technical work Focus on development drilling Increase capital efficiency 9

Top-Tier Operating Performance 1,000 800 600 Best-in-class well productivity Avg. 90-Day Wellhead IPs BOED, 20:1 DEVON WELL ACTIVITY (Since 2012) ~400% I M P R O V E M E N T 400 200 Peers Source: IHS/Devon. Top operators with more than 40 wells over the past year ending October 2017. BOT TOM LINE IMPACT FROM OPERATIONAL EXCELLENCE INITIATIVES 2% PRODUCTION UPLIFT To annual base production ($100 MM benefit annually) 34% COST REDUCTION >40% Operating expense & G&A since 2014 ($1.4B annual benefit) D&C IMPROVEMENT Across key U.S. plays since 2014 10

The Next Frontier Of Efficiency Gains Multi-zone manufacturing strategy underway Leading-edge development concept Debundling supply chain drives costs lower Massive technology upside remains ANACONDA MULTI-ZONE PROJECT For additional information see our Q3 operations report. $1 MILLION SAVINGS PER WELL 11

Innovation Momentum - Technology Projects In Flight S U B S U R F A C E D R I L L I N G & C O M P L E T I O N S P R O D U C T I O N O P E R A T I O N S W A T E R M A N A G E M E N T C O R P O R A T E Improved 3D seismic interpretation High-graded location selection Optimized landing zones Well productivity predictions Depletion analysis Geospatial optimization Cyber-geosteering Flat, in-zone wells Fiber-optic sensing Prolonged drill-bit life Coiled-tubing drill-outs Efficient flowbacks Cutting-edge frac modeling Predictive pump failures Field-issue prioritization Optimized compressors Production monitoring Flood optimization Inter-well communication (data analytics) Gas lift for EOR Water-treatment options Frac fluid chemistry Data acquisition and management systems Leak detection in piping systems Water transfer and storage safety Accounting process automation World-class partnerships in digital innovation platforms Enterprise dashboards for information Accessible mobile applications across all aspects of the business Targeting hundreds of millions in value creation annually 12

STACK Franchise Asset Best-in-class acreage position 670k net acres by formation Up to 4 target intervals per unit Coyote Drilling Underway (7 wells) Blaine Sonoyta Sidney Kingfisher Showboat Drilling Underway (24 wells) Privott Smilodon Accelerating development activity Upcoming Development Future Projects (Timing TBD) Horsefly Q4 2017 Spud (10 wells) Caddo Fleenor Bernhardt 2018 Spud (8 wells) Canadian 13

DVN MRO XEC CLR NFX ALTMES GST STACK Multi-Decade Growth Platform Best-in-class well results STACK Avg. 90-Day Wellhead IPs Per 1,000 Lateral BOED, 20:1 160 120 80 40 0 Peers >70% VS. PEER AVG. High-returning production growth MBOED 95 88 ~ 120 111 105 >70% >35% VS. Q4 2016 GROWTH Q4 16 Q1 17 Q2 17 Q3 17 Q4 17e Note: IHS/Devon. Wells completed over the past year. Advantaged cost structure Lease Operating Expense $/BOE $4.97 Q4 2016 ~15% IMPROVEMENT ~$4.30 Q4 2017e Tremendous resource potential STACK RISKED LOCATIONS 5,700 >11,000 POTENTIAL LOCATIONS 14

LOWER MERAMEC UPPER STACK - Development Activity Full-field development underway Activity focused on Coyote & Showboat Projects offset by prolific well results Coyote Drilling Underway (7 wells) Faith Marie 24-Hr IP: 5,100 BOED Blaine Kingfisher Showboat Drilling Underway (24 wells) 5 operated rigs (2 drilling units) Privott 17-H 24-Hr IP: 6,000 BOED 1 st production expected in 1H 2018 Showboat Development First multi-zone STACK development For additional information see our Q3 operations report. WDFD 15

Delaware Basin Franchise Asset POTATO BASIN World-class oil opportunity Multi-decade growth platform Up to 15 target intervals Spud Muffin Eddy TODD Tomb Raider Boomslang Completing (11 wells) Cobra Medusa Q4 17 Spud (20 wells) Anaconda Flowing Back (10 wells) THISTLE/GAUCHO Accelerating development activity Lusitano Q4 17 Spud (6 wells) Lea Seawolf Drilling (12 wells) Snapping COTTON DRAW Mean Green Upcoming Development Future Projects (Timing TBD) Core Development Area Fighting Okra Loving RATTLESNAKE 16

LEONARD Anaconda: Initial Multi-Zone Delaware Project Co-developing 3 Leonard shale intervals THISTLE/GAUCHO TODD Achieved savings of $1 MM per well (~20%) Early flow rates are positive 2 wells with 30-day IPs: 1,600 BOED Lea Anaconda Peak rates: Q4 17 Peak production rates expected in Q4 Anaconda Project Testing 19 wells per section across 3 landing zones A B C Initial Development (10-Well Program) Future Potential For additional information see our Q3 operations report. 17

WOLFCAMP >4,000 OF PAY BONE SPRING LEONARD DELAWARE SANDS Delaware Basin Multi-Decade Growth Platform Basin Slope 1 Section 1 Section 6,500 RISKED LOCATIONS >1.3 MM NET EFFECTIVE ACRES Madera Lower Brushy A B C 1 st 2 nd (Upper & Lower) 3 rd X/Y Risked Location Unrisked Location Note: Graphic for illustrative purposes only and not necessarily representative across Devon s entire acreage position. A, B, C & D 18

Thank you. For additional information see our Q3 Operations Report Thank you.

Forward-Looking Statements This presentation includes "forward-looking statements" as defined by the SEC. Such statements include those concerning strategic plans, expectations and objectives for future operations, and are often identified by use of the words expects, believes, will, would, could, forecasts, projections, estimates, plans, expectations, targets, opportunities, potential, anticipates, outlook and other similar terminology. All statements, other than statements of historical facts, included in this presentation that address activities, events or developments that the company expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company. Statements regarding our business and operations are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of oil and gas. These risks include, but are not limited to: the volatility of oil, gas and NGL prices; uncertainties inherent in estimating oil, gas and NGL reserves; the extent to which we are successful in acquiring and discovering additional reserves; the uncertainties, costs and risks involved in exploration and development activities; risks related to our hedging activities; counterparty credit risks; regulatory restrictions, compliance costs and other risks relating to governmental regulation, including with respect to environmental matters; risks relating to our indebtedness; our ability to successfully complete mergers, acquisitions and divestitures; the extent to which insurance covers any losses we may experience; our limited control over third parties who operate our oil and gas properties; midstream capacity constraints and potential interruptions in production; competition for leases, materials, people and capital; cyberattacks targeting our systems and infrastructure; and any of the other risks and uncertainties identified in our Form 10-K and our other filings with the SEC. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. The forwardlooking statements in this presentation are made as of the date of this presentation, even if subsequently made available by Devon on its website or otherwise. Devon does not undertake any obligation to update the forward-looking statements as a result of new information, future events or otherwise. 21

Appendix NYSE: DVN devonenergy.com

Cash-Flow Generating Assets 15% ENLINK >$2.2B (1) 35% HEAVY OIL HEAVY OIL 30% EAGLE FORD CASH FLOW 2017e 20% BARNET T BARNETT (1) Represents field-level cash flow before G&A and taxes EAGLE FORD 23

Rockies An Emerging Oil Growth Asset Premier Powder River Basin position POWDER RIVER BASIN ACTIVITY Q3 net production: 16 MBOED (80% oil) >400,000 net surface acres Stacked pay: >10 prospective intervals Initial Super Mario Turner results expected in Q4 24

STACK Resource STACK RESOURCE FORMATION WINDOW NET ACRES GROSS RISKED LOCATIONS GROSS UNRISKED LOCATIONS Meramec Over-Pressured Oil 130,000 1,700 3,000 Liquids-Rich Gas 150,000 TBD >1,000 280,000 1,700 >4,000 Woodford Condensate Corridor 135,000 2,000 3,800 Liquids-Rich & Dry Gas 170,000 2,000 3,000 305,000 4,000 6,800 NW Exploration 85,000 TBD >1,000 Total 670,000 5,700 >11,000 25

Delaware Basin Resource DELAWARE BASIN RESOURCE FORMATION NET EFFECTIVE ACRES GROSS RISKED LOCATIONS GROSS UNRISKED LOCATIONS Delaware Sands 160,000 600 1,500 Leonard Shale 160,000 1,000 3,500 Bone Spring 530,000 3,200 6,000 Wolfcamp 460,000 1,500 8,500 Other (Yeso & Strawn) 20,000 200 1,000 Total >1,300,000 6,500 >20,000 26

Johnson County Divestiture Package Massive position in core of the Barnett Net acres: 610,000 Q3 net production: 148 MBOED (25% liquids) Wise Denton Denton Pursuing divestiture for Johnson County area ~30 MBOED Data rooms open Initial bids expected in Q4 2017 Parker Divest Area Hood Tarrant Ft. Worth Johnson 27

Hedge Position As of 10/27/17 OIL DERIVATIVES SWAPS COLLARS COMBINED PERIOD VOLUME (MBPD) WEIGHTED AVG. PRICE ($/BBL) VOLUME (MBPD) WEIGHTED AVG. FLOOR PRICE ($/BBL) WEIGHTED AVG. CEILING PRICE ($/BBL) PERIOD VOLUME (MBPD) PROTECTED PRICE Q4 2017 83.2 $54 79.2 $46 $57 2017 162 $50 Q1-Q4 2018 35.5 $52 45.9 $46 $56 2018 81 $49 NATURAL GAS DERIVATIVES SWAPS COLLARS COMBINED PERIOD VOLUME (MMBTU/D) WEIGHTED AVG. PRICE ($/MMBTU) VOLUME (MMBTU/D) WEIGHTED AVG. FLOOR PRICE ($/MMBTU) WEIGHTED AVG. CEILING PRICE ($/MMBTU) PERIOD VOLUME (MMBTU/D) PROTECTED PRICE Q4 2017 357.7 $3.20 455.0 $3.03 $3.41 2017 813 $3.10 Q1-Q4 2018 339.4 $3.07 165.0 $2.98 $3.29 2018 504 $3.04 28