NYSE: DVNdevonenergy.com

J.P.Morgan Energy Equity Conference

June 26, 2017

Investor Contacts & Notices

2

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.

3

Deliveringtop-tier execution

Significantfinancial strength

Premierasset portfolio

Multi-decadegrowth platform

Devon EnergyA Leading North American E&P

Premier Asset Portfolio

4

STACK & DELAWARE90%

OTHER ASSETS10%

U.S. Rig Activity

>1 MM net effective acres

>20,000 potential locations

625,000 net acres by formation

>10,000 potential locations

Delaware Basin

STACK

For additional information see our Q1 operations report.

STACK & Delaware focused

Visible growth trajectory

Organically funded growth

Significant resource upside

30,000>

STACK And Delaware Basin

5

Massive Resource Opportunity

DRILLING INVENTORY

Multi-Decade Growth Platform

POTENTIAL LOCATIONS

(1/3 CURRENTLY DE-RISKED)

Best emerging development plays in N.A.

Industry-leading acreage positions

Sustainable, long-term growth platform

Appraisal work to further expand resource

STACKFranchise Growth Asset

6

Transitioning to full-field development

Peak rates at Hobson Row in Q2

Multi-zone Showboat project Q3 spud

Jacobs Row Q4 spud with long laterals

(1) Represents Meramec and Woodford net acreage by formation.

STACK RESOURCE OVERVIEW

Blaine

Custer

Dewey

NET ACRES(1)

k625RISKED LOCATIONS

5,400

Canadian

Kingfisher

Showboat Project 25-30 wells

2 drilling units

Jacobs Row Up to 7 drilling units

Hobson Row 39 wells (5-sections)

IPs: 25% oil mix

>10,000 UNRISKED LOCATIONS

Meramec Core

Woodford Core

STACKMulti-Decade Growth Platform

7

Future Drilling Unit

400 drilling units

Majority operated

70% long laterals

Up to 4 intervals per unit

Showboat Project

Canadian

Kingfisher

Blaine

CaddoHobson Row

Jacobs Row

Delaware Basin

8

Lea

New Mexico

TexasRattlesnake

Thistle/GauchoCotton Draw

Todd

Potato Basin

Loving

Eddy

Acreage concentrated in core of play

Transitioning to full-field development

Accelerating Wolfcamp & Leonard activity

1st multi-zone project underway at Thistle Core Development

Emerging

Leonard Multi-Zone 10 wells (3 intervals)

Franchise Growth Asset

Wolfcamp Multi-Zone 10 wells (4 intervals)

Q4 spud

Fighting Okra 71H 30-Day IP: 3,000 BOED

Delaware BasinMulti-Decade Growth Platform

9Note: Graphic for illustrative purposes only and not necessarily representative across Devon’s entire acreage position.

Basin Slope

DELA

WA

RE

SA

ND

S Madera

Lower

Brushy

LEO

NA

RD A

B

C

BO

NE

SP

RIN

G 1st

2nd

(Upper &

Lower)

3rd

WO

LFC

AM

P

X/Y

A, B, C

& D

Risked Location Unrisked Location

1 Section 1 Section

>4,000’

OF

PA

Y

>5,800

>1 MM

RISKED LOCATIONS

NET EFFECTIVE ACRES

0

10

20

30

10

Capital allocation focused on returns

Ramping to ~20 operated rigs by year-end

Further accelerate investment in 2018

Multi-year capital programs self-funding 2017e

Billion$2.0-2.3

Rig Activity – U.S. Resource PlaysOperated Rigs

12/31/16 3/31/17 12/31/17e

AT MARCH 31, 2017RIGS

BY YEAR-END 2017

RIGS

1520

AT YEAR-END 2016

RIGS10

Accelerating Capital Investment

E & P C A P I T A L

~

Rapidly Expanding High-Margin Production

11

Building operational momentum in 2017

Higher growth rates expected in 2018

Growth driven by STACK & Delaware

U.S. Oil Production GrowthMBOD

Q4 2016 2017e 2018e

105

(vs. Q4 2016)

+13 - 17%(vs. 2017)

+~20%

Peer-Leading Cash Flow Expansion

12

Shifting to higher-value production

Cost savings boost margins

Delivering peer-leading cash flow expansion

42%

52%

61% 61%~65%

2013 2014 2015 2016 Q4 2017e

$4.1$3.7

$2.8 ~$2.7

2014 2015 2016 2017e

2016 2017e

$ Billions

INCREASE175%

Upstream Cash Flow EnLink Distributions

(1) Assumes $50 WTI and $3 Henry Hub in 2017; excludes EnLink operating cash flow.

(2) 2016 excludes $150 million of cash flow associated with divestiture assets and

includes $265 million of cash associated with debt repayments.

$0.9(2)

~$2.5(1)

Liquids % of Total Product Mix

Operating Costs and G&A ($ Billions)

Financial Capacity To Execute

13

Investment-grade credit ratings

No significant debt maturities until 2021

Disciplined hedging program

Significant investment in EnLink Midstream

INVESTMENT-GRADEcredit ratings

Excellent Liquidity(Cash: $2.1 billon)

EnLink Investment(Market value: ~$3.5 billion)

DisciplinedHedging

PROTECTING OUR ABILITY TO EXECUTE

Active Portfolio Management

14

TARGETED DIVESTITURES

BILLION1.0$

For additional information see our Q1 operations report.

$1 billion divestiture program

― Targeting select U.S. assets

― Timing: 12-18 months

Driven by depth of U.S. resource

Potential for additional sales

Operating Strategy For Success

15

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

CaptureFULL VALUE

ImproveRETURNS

Best-In-Class Well Productivity

16

Avg. 90-Day Wellhead IPsBOED, 20:1

200

400

600

800

1,000

Top 30 U.S. Producers

Source: IHS/Devon. Top operators with more than 40 wells over the trailing 12-months.

DEVON WELL ACTIVITY(Since 2012)

>450%I M P R O V E M E N T

Efficiencies Offsetting Industry Inflation

Completely offset industry inflation YTD

Significant efficiency gains in STACK & Delaware

Innovative supply-chain initiatives

— Unbundling historical, high-margin services

— Utilizing diversified vendor universe

Initial results: 10% savings at Hobson Row

17

SAVINGS AT WOODFORD HOBSON ROW

10%

Multi-Zone Manufacturing

18

Shifting to development in STACK & Delaware

Benefits of multi-zone manufacturing

— LOE and capital efficiencies

— Simultaneous operations

— Increase recoveries

— Optimize surface facilities

— Maintain short cycle times

Technology to further enhance performance

Multi-Zone Development – Full Section

The Next Frontier Of Efficiency Gains

Devon’s Technology Leadership

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Technology revolution provides massive upside

Optimizing base production

— 2% uplift achieved = $100 million annually

Enhancing drilling & completion operations

— Delivering best-in-class well productivity

Cutting-edge petrophysical models

— Rapidly expanding STACK & Delaware resource

Targeting hundreds of millions

in value creation annually

Devon Energy

20

Premier asset portfolio

Multi-decade growth platform

Delivering top-tier execution

Significant financial strength

A Leading North American E&P

Thank you.

Thank you. For additional information see our

Q1 Operations Report

Forward-Looking Statements

22

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 forward-looking 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.

NYSE: DVNdevonenergy.com

Appendix

Cash-Flow Generating Assets

24

2017e >$2.0 Billion of Cash Flow

Q1 production: 158 MBOED

Net acres: 610,000

Q1 production: 141 MBOED

BARNETT

HEAVY OIL

Q1 production: 83 MBOED

Net acres: 65,000

EAGLE FORD

ENLINK12%

EAGLE FORD30%

OTHER3%

BARNETT20%

HEAVY OIL35%

Rockies Oil

25

Johnson

Campbell

Converse

Weston

Niobrara

Natrona

Premier Powder River Basin position

— 470,000 net surface acres

— Q1 net production: 17 MBOED (79% oil)

Prolific Q1 Parkman wells

2017 drilling activity: ~20 wells

Parkman

Turner

Teapot

Powder River Focus Areas

Q1 Parkman Results 4 extended-reach wells

Avg. 30-Day IP: >1,800 BOED

STACK

26

Showboat Development(First multi-zone STACK development)

MER

AM

EC UP

PER

LOW

ER

WDFD

Showboat Development

1 Unit / Section

STACK

Window

Net

Acres

Gross Risked

Locations

Mera

mec Oil 10,000 100

Over-Pressured Oil 120,000 1,600

Liquids-Rich >120,000 TBD

Wo

od

ford

Oil 25,000 200

Liquids-Rich 180,000 2,200

Dry Gas 100,000 1,300

Exploration 70,000 TBD

Total 625,000 5,400

27

Resource Table

Delaware Basin

28

Leonard multi-zone development

— Testing up to 19 wells per section

— Initial production: 2H 2017

Wolfcamp multi-zone development

— Testing up to 18 wells per section

— Expected to spud in late 2017

Multi-Zone Developments

Delaware Basin

29

Formation

Net

Effective

Acres

Risked

GrossLocations

Unrisked

GrossLocations

Delaware Sands 170,000 700 2,000

Leonard Shale 160,000 950 3,100

Bone Spring 565,000 3,500 5,700

Wolfcamp 475,000 500 >9,000

Other (Yeso & Strawn) 190,000 200 200

Total >1,000,000 5,850 >20,000

Resource Table

Barnett Shale

30

Massive position in core of the Barnett

— Net acres: 610,000

— Q1 net production: 158 MBOED (28% liquids)

Evaluating strategic options for Johnson

County area

— 20% of Devon’s Barnett position

Wise

Parker

Hood

Tarrant

Ft. Worth

Denton

Denton

Johnson County Divestiture Package

Johnson

Evaluating Strategic

Options