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Devon Energy Corp | Q2 2015 Operations Report | Dave Hager | Page 4 of 11 | November 23, 2024

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SULTS OVERVIEW & OUTLOOK Q2 2015 OPERATIONS PORT 4 The EnLink Advantage: $1.1 Billion of Value Harvested In the first half of 2015, Devon utilized its strategic investment in EnLink to further strengthen its financial position through a series of highly accretive transactions. In aggregate, the sale of the Victoria Express Pipeline, secondary offering proceeds and annual distributions from EnLink will create $1.1 billion of value for Devon in 2015 (chart below). Devon’s Newest Dropdown Candidate Devon has significant midstream dropdown value remaining including Access Pipeline in Canada and its pending acquisition of the NGPL gas pipeline. Production Outlook On Track; Additional Capital Savings Achieved The strong operational performance year-to-date positions the company to deliver oil production growth of 25% to 35% in 2015. Due to the substantial growth in oil volumes, Devon remains on track to increase top- line production by 5% to 10% in 2015. The company expects to achieve these attractive production growth targets with lower capital requirements. Devon has identified around $100 million of capital savings due to lower midstream and corporate spending plans. As a result of these additional capital savings, Devon has reduced its 2015 capital spending guidance by $350 millioncompared to its original capital guidance in February (chart below). The company has received regulatory approval and expects to close the NGPL transaction in early 2016. NGPL is a 92-mile gas pipeline that runs from North Texas to Central Oklahoma. The pipeline is strategic since it could connect the growing SCOOP, STACK and Cana plays with EnLink’s North Texas midstream assets. These strategically located pipelines are candidates for dropdown into EnLink as early as next year. Market Value ($B) ENLK (95 MM Units) $1.9 ENLC (115 MM Units) $3.1 DVN’s Ownership $5.0 Devon’s Retained Ownership As of 7/31/15 EnLink Value Harvested in 2015 VEX Dropdown Distributions Secondary Offering Value $655 MM $215 MM $270 MM $1.1 B $4,250 $4,000 $710 $610 Original Guidance Revised Guidance 2015 Capital Budget (Using Midpoints, $MM) $350MM CapEx Savings Midstream & Other E&P $4,960 $4,610