First-Quarter 2014 EarningsConference Call

May 7, 2014

NYSE: DVN www.devonenergy.com Slide 2

Investor Notices

Safe Harbor

Some of the information provided in this presentation includes “forward-looking statements” as defined by the Securities and Exchange Commission. Words such as “forecasts," "projections," "estimates," "plans," "expectations," "targets," and other comparable terminology often identify forward-looking statements. Such statements concerning future performance are subject to a variety of risks and uncertainties that could cause Devon’s actual results to differ materially from the forward-looking statements contained herein, including as a result of the items described under "Risk Factors" in our most recent Form 10-K; and the items described under "Information Regarding Forward-Looking Estimates" in our Form 8-K filed May 7, 2014.

Cautionary Note to Investors

The United States Securities and Exchange Commission 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 and exploration target size. 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 from us at Devon Energy Corporation, Attn. Investor Relations, 333 West Sheridan, Oklahoma City, OK 73102-5015. 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.

First-Quarter 2014 Highlights

• Delivered U.S. oil production growth of 56% year over year(1)

— Achieved excellent well results in the Delaware Basin

— Eagle Ford contributed 1 month of production to Q1

• Expanded operating margins by 54% year over year

• Closed Eagle Ford acquisition and EnLink Midstream combination

• Monetized Canadian conventional gas business for C$3.125 billion (closed April 2014)

• Added 50,000 net acres to core Cana-Woodford play (announced May 2014)

• Increased quarterly cash dividend for ninth time since 2004

Slide 3

(1) Excludes assets identified for monetization.

NYSE: DVN www.devonenergy.com

NYSE: DVN www.devonenergy.com Slide 4

Delivering Strong Oil Growth

Q1 2013 Q1 2014

37%

20%

43%

Q4 2014e Product Mix (1)

Natural GasNGLsOil

(1) Excludes assets identified for monetization.

Q1 2013 Q1 2014

U.S. Oil Production (1)

(MBOD)Total Oil Production (1)

(MBOD)

CanadaU.S.

63

98

146

176

Slide 5

Higher Revenues & Expanding Margins

$20.87

$32.23

Q1 2013 Q1 2014

52%

15%

33%

Q1 2014 Revenue Mix

(1) Unhedged operating margin is a non-GAAP measure. Represented above is unhedged upstream revenues and midstream operatingprofit less LOE and production & property taxes, divided by BOE production.

Oil-Weighted Upstream Revenue Increased 42% Year over Year

Unhedged Operating Margin per BOE (1)

Natural GasNGLsOil

NYSE: DVN www.devonenergy.com Slide 6

2014 Production Growth Targets

2013 2014e

73

124 - 136

Total Oil Production (1)

(MBOD)

(1) Estimates exclude assets identified for monetization.

2013 2014e

539

579 - 622

U.S. Oil Production (1)

(MBOD)BOE Production (1)

(MBOED)

U.S. Canada

2013 2014e

152

198 - 216

6:1 20:1

Slide 7

Preliminary 2015 Outlook

2014e 2015e

Oil

NGLs

Natural Gas

(1) Estimates exclude assets identified for monetization.

Total Oil Production (1)

(MBOD)Key Highlights

• On track to deliver 2015e oil productiongrowth >20% (1)

— Driven by Eagle Ford, Permian and Jackfish 3

• High margin production growth expected

to expand operating margins

198 - 216

NYSE: DVN www.devonenergy.com Slide 8

Jackfish SAGD DevelopmentsSignificant Free Cash Flow Generation

Assumptions: 1) $90 WTI oil and $4.50 Henry Hub natural gas 2) Bitumen realizations at 65% of WTI 3) Non-fuel operating costs of $12 per barrel 4) Free cash flow is after maintenance capital (average of ≈$300 million per year) and before income tax.

0

200

400

600

800

1,000

1,200

2014e 2015e 2016e 2017e 2018e 2019e 2020e 2021e 2022e 2023e 2024e 2025e

$ in

mill

ions

Free Cash Flow Outlook

Devon Oil ProductionSignificant Oil Producer in North America

0

50

100

150

200

250

EOG CHK CLR WLL PXD CXO NFX OAS XEC SD MEG ECA LPI RRC FANG

Q4 2013 Oil Production Pro Forma New Devon(1) vs. N.A. Onshore Pure-Play Peers

Slide 9NYSE: DVN www.devonenergy.com

(1) Pro Forma for Eagle Ford assets and excluding assets identified for monetization.

MBO

D

CanadaU.S.

Slide 10

Delaware BasinSignificant Resource Opportunity

Loving

Winkler

WardReeves

Lea

Eddy

Central

New Mexico

Texas

Delaware Sands80,000 net acres

Leonard Shale60,000 net acres

Bone Spring285,000 net acres

Wolfcamp>100,000 net acres

TEXAS

NEW MEXICO OKLAHOMA

Total Leasehold By Formation:>500,000 Net Acres

NYSE: DVN www.devonenergy.com Slide 11

Delaware BasinSignificant Resource Opportunity

Net AcresProducing

Wells

2014e Activity

(Wells Drilled)

Risked UndrilledLocations

80,000 78 20 700

60,000 40 1 700

285,000 233 ≈120 3,500

>100,000 12 3 UnderEvaluation

20,000 2 4 >200

>500,000 365 ≈150 >5,000

Delaware SandsDelaware Sands

Leonard ShaleLeonard Shale

Bone SpringBone Spring

WolfcampWolfcamp

Other (Yeso & Strawn)Other (Yeso & Strawn)

Formation

Total

2014e Production Outlook (MBOED)

Slide 12

Eagle Ford Production Outlook

March 2014 Current Q2 2014e 2H 2014e

65 – 70

80 – 85

64

49

Multi-Year Production Outlook (MBOED)

2014e 2015e

70 – 80 (1)

>100

(1) Represents Devon’s estimated net production from March through December.

NYSE: DVN www.devonenergy.com Slide 13

Eagle Ford – Lavaca CountyRecent Industry Success

Gonzales

DeWitt

Lavaca

Zebra Hunter 3H24-Hr IP: 2,250 BOED

Zebra Hunter 2H24-Hr IP: 1,511 BOED

Welhausen A 2H24-Hr IP: 1,767 BOED

Welhausen B 1H24-Hr IP: 1,446 BOED

Lower Eagle Ford

Upper Eagle Ford

Devon’s Lavaca County

• Net acres: 32,000

• <10% of acquisition valueassigned

• Significant upside potential

• 2014 plans: Drill >30 wells

Pavlicek Un 2H24-Hr IP: 1,319 BOED

Pavlicek Un 5H24-HR IP: 1,411 BOED

Fojtik #1H24-Hr IP: 1,209 BOED

Sustr #1H24-Hr IP: 1,054 BOED

Targac #1H24-Hr IP: 1,398 BOED

Recent Industry Drilling

Slide 14

Other Core & Emerging AssetsFirst Quarter Highlights

NYSE: DVN www.devonenergy.com

Thermal Heavy OilQ1 Gross Production: 62,000 BODQ1 Net Production: 52,000 BOD

Cana-WoodfordNet Acres: ≈300,000 Q1 Net Production: 60,000 BOED

ALBERTA

OKLAHOMA

Mississippian-WoodfordNet Trend Acres: >600,000 Q1 Net Production: 19,000 BOED

Thermal Heavy Oil

• Jackfish 1 & 2 excellent performance• Jackfish 3 plant commissioning underway• Pike approval process remains on track

Cana-Woodford

• Recent acquisition adds 50,000 net acres

• Down-hole work and completion improvementsenhancing returns

• Activity ramp-up under evaluation

Rockies Oil

• Turner, Parkman and Frontier potential• Identified drilling locations: ≈1,000

Mississippian-Woodford

• 2014 activity focused inside JV area• Overall results inside JV support type curve

expectations

Rockies OilNet Acres: 150,000 (Powder River Basin) Q1 Net Production: 20,000 BOED

WYOMING

Core

Emerging

Q & A