Devon Energy Corp at JPMorgan Energy, Power & Renewables Conference Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Arun Jayaram - JPMorgan Chase & Co - Analyst : <_ALACRA_META_ABSTRACT>Clay, before talking more about the micro, I was wondering if you could talk a little bit about the macro picture, maybe start with a few introductory comments.

Question: Arun Jayaram - JPMorgan Chase & Co - Analyst : Clay, one of the industry talking points at 1Q was this notion that we may have reached a peak shale output on the oil side in the US just given inventory exhaustion, declining well productivity, and just broader industry decline rates. Firstly, do you think that we've hit peak shale in the US? And what do you think the bigger picture implications are for the global macro for oil and Devon in particular? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 24, 2025 / 2:20PM, DVN.N - Devon Energy Corp at JPMorgan Energy, Power & Renewables Conference

Question: Arun Jayaram - JPMorgan Chase & Co - Analyst : Clay, post 1Q, just given some of the tariff impacts and some of the global macro uncertainty, a number of your peers decided to cut activity or moderate activity. Devon made the decision to stick with its activity plans. You did talk about cutting about $100 million of capital. Why was that the right decision for Devon? And we do note that commodity prices have improved since that time period.

Question: Arun Jayaram - JPMorgan Chase & Co - Analyst : Yeah. What about natural gas? Devon also has a significant supply base of natural gas. Can you talk about some of your assets that could be -- that are leveraged to natural gas and how does the company look to take advantage of what looks to be a pretty robust macro setting through the end of the decade for nat gas?

Question: Arun Jayaram - JPMorgan Chase & Co - Analyst : Great. How do you characterize the current A&D environment for E&P assets? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 24, 2025 / 2:20PM, DVN.N - Devon Energy Corp at JPMorgan Energy, Power & Renewables Conference

Question: Arun Jayaram - JPMorgan Chase & Co - Analyst : Let's switch gears and talk a little bit about the business optimization plan. Can you provide some of the key nuts and bolts of the program, including your cost and margin improvement targets for this year and next year?

Question: Arun Jayaram - JPMorgan Chase & Co - Analyst : Great. So there's four major buckets. You've got capital efficiency, $300 million; production optimization, $250 million; commercial opportunities, $300 million; and corporate costs, $150 million. Can you just maybe provide a brief overview of some of the opportunities that you see to really improve your free cash flow profile?

Question: Arun Jayaram - JPMorgan Chase & Co - Analyst : Yeah. Maybe the last question on this topic is, what have you achieved thus far of that $1 billion target? $100 million, I think, a CapEx is something that you've already mentioned, but what is already that you've achieved?

Question: Arun Jayaram - JPMorgan Chase & Co - Analyst : Let's shift gears, talk a little bit about the portfolio and operations. You guys started the year strong. You had a good 1Q. You bumped your production, CapEx.

Question: Arun Jayaram - JPMorgan Chase & Co - Analyst : Can you talk about -- so good capital efficiency. What are your thoughts on sustaining that strong operational performance in 1Q over the balance of the year?

Question: Arun Jayaram - JPMorgan Chase & Co - Analyst : Great. I want to quickly talk a little bit about efficiency gains, 7% year over year in the Delaware on drilling, 12% on completions. How much more is there to go?

Question: Arun Jayaram - JPMorgan Chase & Co - Analyst : Clay, we're out of time. I had a bunch of more questions, but we'll have to get to these at another time. I really appreciate your time today.