NYSE: DVNdevonenergy.com

Investor Presentation

January 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 StatementsThis 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 InformationThis 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.

Devon TodayA Leading North American E&P

3

Key Messages

Premier asset portfolio

Focused in STACK and Delaware Basin

Delivering best-in-class results

Disciplined capital allocation driven by value and returns

Significant financial strength

Heavy Oil

Rockies Oil

Barnett Shale

STACK

Oil45%

NGL17%

Gas38%

Retained Asset Production Q3 2016: 550 MBOED

Delaware Basin

Eagle Ford

Approach To The Current Environment

4

Achieve additional operating cost savings

Further increase capital productivity

Focused on value and returns

Accelerate activity in STACK and Delaware Basin

Preserve continuity in other U.S. resource plays

Invest directionally within cash flow

Divestiture proceeds enhance strength

Operating Strategy For Success

5

Maximize base production

— Minimize controllable downtime

— Enhance well productivity

— Leverage midstream operations

— Reduce operating costs

Optimize capital program

— Disciplined project execution

— Perform premier technical work

— Focus on development drilling

— Reduce capital costs

Significant LOE Savings

6

$562

$510 $480

$444 $416

$355

Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

LOE$ Millions

LOEPeak 2015 cost to Q3 2016

I M P R O V E M E N T

Achieving significant operating cost savings

— Improved water and electrical infrastructure

— Labor and supply chain expense declining

Consistent Productivity Gains

7

D&C costs reduced by up to 40%

― Driven by efficiencies and supply chain costs

― More than offsetting larger completions

G&A savings to reach $400 million in 2016

― 44% improvement from early 2015

Well productivity at record levels

― Per well rates have risen by 250%

― Driven by U.S. resource plays

0

150

300

450

600

2012 2013 2014 2015

Devon’s Avg. 90-Day Wellhead IPsBOED, 20:1

D&C Costs DeclinePeak cost to Q3 2016

S A V I N G S

UP TO

≈250%INCREASE

Delivering Best-In-Class Well Results

8

Avg. 90-Day Wellhead IPsBOED, 20:1

0

150

300

450

600

Top U.S. Producers

Source: IHS/Devon. Operators with more than 100 wells in 2015.

Devon delivered best well results of any U.S. producer

Key drivers of success:

— Enhanced completion designs and improved well placement

— Development drilling focused in top resource plays

Preliminary 2017 & 2018 OutlookAccelerating Activity

9(1) Growth rates compared to Q4 2016.

U . S . O I L G R O W T H (1)

2017e

0

10

20

30

40

2015 2016 20172015 2016 2017e

AT 9/30RIGS

BY YEAR END 2016RIGS

BY YEAR END 2017RIGS

Rig Activity – U.S. Resource PlaysOperated Rigs

Potential for 15-20 operated rigs in 2017

— Focused in STACK and Delaware Basin

— Invest directionally within cash flow

Preliminary 2017 production targets(1)

— Double-digit U.S. oil growth

— Low to mid-single digit BOE growth

Stronger growth expected in 2018

— At $60 WTI cash flow expands by >200% from 2016 levels

— Expect >30% STACK & Delaware top-line growth

Significant Financial Strength

10

Investment-grade balance sheet

Adjusted net debt reduced 45% from 2015(1)

― $2.5 billion of repayments and tenders

― Minimal debt maturities until mid-2021

Active hedging program protects cash flow

― A third of production hedged in 2017

― Targeting ≈50% of production

(1) Adjusted net debt is a non-GAAP measure. See Q3 2016 earnings release for reconciliation.

Adjusted Net Debt (1)

9/30/16 vs. 12/31/15

D E C L I N E

Advantaged Midstream Business

11

Devon’s equity ownership interest

― 24% of MLP (ENLK: 95 million units)

― 64% of GP (ENLC: 115 million units)

Eliminates midstream capital requirements

Improves midstream growth potential

Provides visible cash flow stream

― Annual distributions: ≈$270 million

EnLink Overview

DVN’S ENLINK OWNERSHIP

BILLION

MARKET VALUE JANUARY 2017

World-class development opportunity

— 430,000 net surface acres

— Top targets: Meramec & Woodford

— Q3 net production: 92 MBOED

Acreage concentrated in core of play

Provides visible long-term growth

Accelerating activity

— Up to 6 operated rigs by year end

— Drilling focused in Meramec formation

— 2016 capital ≈$450 million

STACKBest-In-Class Position

12

Canadian

Kingfisher

Blaine

Hunton

Woodford

Mis

siss

ipp

ian

Chester

Springer

Morrow

De

von

ian

Pe

nn

.

Osage

Atoka

Meramec

Custer

Caddo

Meramec – Core Area

Woodford – Core Area

STACK Play

Dewey

STACKA Multi-Decade Growth Opportunity

13

Largest leasehold position of any operator

Advantaged cost structure

Tremendous resource potential

430,000

265,000203,000 183,000

115,000 110,000 92,000 86,000

STACK AcreageNet Surface Acres

Peers

Source: Company and industry reports.

$6.24

$4.14$4.43

$3.95 $4.03

Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

35%IMPROVEMENT

STACK Unit LOE$/BOE

R I S K E D L O C A T I ON S

STACK DRILLING INVENTORY

Strong production growth

STACK ProductionMBOED

67

92

Q3 2015 Q3 2016

38%INCREASE

MeramecResults Validate Core Position

14

OverPressuredOil

LiquidsRich

Dry GasPlay Windows NormalPressuredOil

Pressure Gradient (psi/ft.) >0.75 0.75 – 0.6 0.7 – 0.45 0.45 or less

Custer

Dewey

Canadian

Kingfisher

Blaine

Pony Express 27-1H30-Day IP: 2,100 BOED Born Free Staggered Pilot

30-Day IP: 2,200 BOED

Scheffler 1H-9X30-Day IP: 2,000 BOED

Blurton 1-7-6XH30-Day IP: 1,800 BOED Maybel 1H-13X

30-Day IP: 1,900 BOED

Q3 2016 Wells

Cows Face 0805-4AH30-Day IP: 2,200 BOED

Stiles 1407 2-4MH30-Day IP: 1,900 BOED

Pump House 7-well Pattern30-Day IP: 2,100 BOED

Wort 1-21H30-Day IP: 2,400 BOEDAlma 5-Well Pilot

30-Day IP: 1,400 BOED

Parker 1-33H30-Day IP: 2,000 BOED

Compton 1-2-35XH30-Day IP: 2,200 BOED

Blue Ox 3130 -4AH30-Day IP: 3,200 BOED

Marmot 19-1HX30-Day IP: 2,600 BOED

Boomer 31-2AH30-Day IP: 2,300 BOED

Favorable characteristics ofcore oil window:

1. Attractive reservoir properties

2. Strong flow rates due to high pressure gradients

3. Oil-weighted production

Record-setting wellproductivity in Q3 2016

Meramec Core

Meramec

15

Delivering industry-leading STACK results

— Meramec 30-day rates 50% above peers(1)

— Driven by legacy 5,000’ lateral design

Future development to leverage long laterals

Further enhances capital & well productivity

Represents ≈60% of planned activity in 2017

Extended-Reach Laterals To Enhance Productivity

IP

EUR

D&C

1,600 - 2,000MBOE

1,900 - 2,30030-Day, BOED

$7.5 - 9.0$MM

Meramec Over-Pressured Oil - 10,000’ LateralType Well

OF 2017e ACTIVITY

EXTENDED-REACHLATERALS

(1) Productivity per 1,000’ lateral. See Devon’s Q3 2016 operations report for additional detail.

MeramecTremendous Resource Opportunity

16

Meramec inventory conservatively risked (4 wells per surface section)

>10 spacing tests underway to drive risked location count higher

― First three Devon operated spacing pilots successful (Born Free, Alma and Pump House tests)

― Testing up to 8 wells per section across 1 interval in Meramec

― Staggered lateral pilots underway could further expand potential in Meramec

(1) Does not include upside potential from other target intervals within Meramec.

RISKED LOCATIONS

MERAMEC INVENTORYRisked

MER

AM

EC Pri

mar

ySe

con

dar

y

Upside

Meramec Inventory(1)

Up to 8 wells/section3 wells/section

Up to 6 wells/section1 well/section

Woodford ShaleA Top-Tier Liquids-Rich Development

17

Hobson Row completion activity underway

— 5-section development with ≈40 wells

— Peak rates expected in early 2017

Jacobs development to leverage long laterals

— Development to commence drilling in mid-2017

— 13-section development with up to 70 wells

Deep inventory of low-risk Woodford projects

— 3,700 risked locations

— Acreage concentrated in liquids-rich window

Woodford Eastern Core Activity

Woodford Core

Jacobs RowDrilling to begin mid-2017

Hobson Row≈40 Wells drilled (5-sections)30-Day IPs: Expected early 2017

Canadian

KingfisherBlaine

IP

EUR

D&C

1,600MBOE

1,50030-Day, BOED

$6.0 - 6.5$MM

OIL

30-DAY IP RATES

Delaware BasinA World-Class Oil Play

18

Industry leader in basin

— Net risked acres by formation: 670,000

— Q3 net production: 59 MBOED

LOE reduced 54% from peak 2015 rates

Deep inventory of low-risk oil projects

— >5,800 risked locations

— Significant upside (>20,000 unrisked)

Acreage position concentrated in basin of southeast New Mexico

EddyLea

S L O P E

B A S I N

Reeves

Loving Winkler

Ward

Bone Spring285,000 net acres

Wolfcamp225,000 net acres

Leonard Shale60,000 net acres

Delaware Sands80,000 net acres

60%

Delaware BasinAccelerating Activity

19

0

5

10

15

2015 2016 20172015 2016 2017e

On track to operate 3 rigs by end of 2016

— Stabilize production by early 2017

Ramping up to as many as 10 rigs by end of 2017

— Position to resume strong production growth

Activity focused on Bone Spring, Leonard and Wolfcamp

Delaware Basin Rig ActivityOperated Rigs

BY YEAR END 2016RIGS

BY YEAR END 2017RIGS

Delaware BasinGrowing Resource Opportunity

20

Identified >5,800 risked locations

— Bone Spring ≈60% of risked inventory

— Massive upside with >20,000 unrisked locations

Appraisal work evaluating resource upside

— Evaluating tighter Bone Spring spacing

— Leonard Shale has staggered lateral potential

— Wolfcamp appraisal activity to increase in 2017

Results to optimize master development plan

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

Basin Slope

DEL

AW

AR

E SA

ND

S Madera

Lower Brushy

LEO

NA

RD A

B

C

BO

NE

SPR

ING

1st

2nd

(Upper &Lower)

3rd

WO

LFC

AM

P

X/Y

A, B, C & D

Risked Location Unrisked Location

1 Section 1 Section

Delaware Basin Master Development PlanTotal Reservoir Access Concept (TRAC)

21

A disciplined development approach to drive returns higher

— More efficient permitting process

— Minimizes surface disturbance

— Utilizes integrated surface facilities

— Flexibility to add/defer development zones

— Allows for simultaneous operations

TRAC project progressing

— Planning and initial permitting phase complete

— All new activity to incorporate TRAC concept

Premier Asset PortfolioPlatform For Value Creation

22

Asset Risked Opportunity Upside Potential

STACK 5,300 undrilled locations

>10 spacing tests underway

Delaware Basin

>5,800 undrilled locations

Wolfcamp and Leonard appraisal work ongoing

Heavy Oil 1.4 billion barrels of risked resource

Technology to improve facility performance and increase future recovery rates

Eagle Ford ≈1,000 potential locations

Upper EF delineation and staggered lateral development of Lower EF

Barnett Shale

5,000-plus producing wells

Refrac potential and 1,500 undrilled locations

Rockies Oil >1,000 potential locations

Further de-risking of oil fairway

Heavy Oil

Rockies Oil

Barnett Shale

STACK

Delaware Basin

Eagle Ford

Devon EnergyA Leading North American E&P

23

Thank you.

24

Forward-Looking Statements

25

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, including the currently depressed commodity price environment; 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

Canadian Heavy Oil

27

Top-tier thermal oil position

— High reservoir quality: <2.5 SOR(1)

— Massive risked resource: 1.4 BBO

Significant leverage to higher prices

— $1 increase in WTI ≈$40 MM of annual cash flow

Jackfish complex oil production up 23% YoY

70% decline in LOE from peak rates

(1) Current steam-to-oil ratio for Jackfish complex.

Thermal Heavy Oil ProjectsOperational Projects

Eagle Ford

28

Top-tier acreage position

— 66,000 net acres focused in DeWitt Co.

— Q3 net production: 61 MBOED (77% liquids)

Expect ≈$350 million of free cash flow in 2016

— Best-in-class well productivity

— Low-cost asset: LOE <$5 per BOE

Staggered lateral development to expand inventory

Completion activity underway

— Reduce DUCs to ≈40 in 1H 2017

2 0 1 6 e F R E E C A S H F L O W

MILLION

CR

ETA

CEO

US

AUSTIN CHALK

UPPER EAGLEFORD SHALE

LOWER EAGLEFORD SHALE

BUDA

DEL RIO

Staggered Lateral Development(9-well pattern testing up to 18 wells per section)

880’440’

Rockies

29

Johnson

Campbell

Converse

Weston

Niobrara

Natrona

Premier Powder River position

— ≈470,000 net surface acres

— Q3 net production: 16 MBOED (73% oil)

≈50% decline in LOE from early 2016

Drilling activity resumed in the Power River

— Targeting Parkman, Teapot and Turner formations

Parkman

Turner

Teapot

Initial Powder River Focus Areas

Barnett Shale

30

Wise

ParkerTarrantFT. WORTH

Denton

DENTON

Significant gas optionality

— Net acres: 610,000

— Q3 net production: 166 MBOED (27% liquids)

Future development activity to unlock significant value

— Identified 1,000 horizontal refrac locations

— Improved rig economics for 1,500 undrilled locations Horizontal Refrac

Undrilled Location

Future Development