Exhibit 99.3

Devon Energy Fourth-Quarter 2020

Supplemental Tables

TABLE OF CONTENTS:		PAGE:
Devon Energy
Income Statement			2
Cash Flow Statement			3
Balance Sheet			4
Production by Asset			5
Capital, Costs Incurred and Reserves Reconciliation			6
Well Activity by Asset			7
Realized Price by Asset			8
Per-Unit Cash Margin by Asset			9
Non-GAAP Core Earnings (Loss)			10
Non-GAAP Measures			11-12
WPX
Production by Asset and Capital			13
Pro Forma Key Metrics
Q4 2020 Pro Forma Financials			14

DEVON ENERGY FINANCIAL INFORMATION

CONSOLIDATED STATEMENTS OF EARNINGS (LEGACY DEVON)
(in millions, except per share amounts)		2020																2019
		Quarter 4				Quarter 3				Quarter 2				Quarter 1				Quarter 4
Oil, gas and NGL sales		$	786			$	678			$	424			$	807			$	1,035
Oil, gas and NGL derivatives (1)			(117	)			(87	)			(361	)			720				(116	)
Marketing and midstream revenues			611				476				331				560				670
Total revenues			1,280				1,067				394				2,087				1,589
Production expenses (2)			271				271				263				318				324
Exploration expenses			4				39				12				112				29
Marketing and midstream expenses			618				478				339				578				665
Depreciation, depletion and amortization			301				299				299				401				382
Asset impairments			27				—				—				2,666				—
Asset dispositions			(1	)			—				—				—				—
General and administrative expenses			82				75				79				102				119
Financing costs, net			70				66				69				65				64
Restructuring and transaction costs			17				32				—				—				11
Other, net			1				—				13				(48	)			16
Total expenses			1,390				1,260				1,074				4,194				1,610
Loss from continuing operations before income taxes			(110	)			(193	)			(680	)			(2,107	)			(21	)
Income tax benefit			(37	)			(90	)			(3	)			(417	)			(33	)
Net earnings (loss) from continuing operations			(73	)			(103	)			(677	)			(1,690	)			12
Net earnings (loss) from discontinued operations, net of taxes			(25	)			13				9				(125	)			(652	)
Net loss			(98	)			(90	)			(668	)			(1,815	)			(640	)
Net earnings attributable to noncontrolling interests			4				2				2				1				2
Net loss attributable to Devon		$	(102	)		$	(92	)		$	(670	)		$	(1,816	)		$	(642	)
Basic and Diluted earnings (loss) per share:
Continuing operations		$	(0.20	)		$	(0.29	)		$	(1.80	)		$	(4.48	)		$	0.03
Discontinued operations			(0.07	)			0.04				0.02				(0.34	)			(1.73	)
Basic net loss per share		$	(0.27	)		$	(0.25	)		$	(1.78	)		$	(4.82	)		$	(1.70	)
Weighted average common shares outstanding:
Basic			383				383				383				383				383
Diluted			383				383				383				383				385

(1) OIL, GAS AND NGL DERIVATIVES
(in millions)		2020																2019
		Quarter 4				Quarter 3				Quarter 2				Quarter 1				Quarter 4
Derivative cash settlements		$	(27	)		$	10			$	232			$	101			$	42
Derivative valuation changes			(90	)			(97	)			(593	)			619				(158	)
Oil, gas and NGL derivatives		$	(117	)		$	(87	)		$	(361	)		$	720			$	(116	)

(2) PRODUCTION EXPENSES
(in millions)		2020																2019
		Quarter 4				Quarter 3				Quarter 2				Quarter 1				Quarter 4
Lease operating expense		$	91			$	100			$	108			$	126			$	120
Gathering, processing & transportation			130				125				123				130				131
Production taxes			47				42				25				56				69
Property taxes			3				4				7				6				4
Production expenses		$	271			$	271			$	263			$	318			$	324

2

CONSOLIDATED STATEMENTS OF CASH FLOWS (LEGACY DEVON)

(in millions)		2020																2019
		Quarter 4				Quarter 3				Quarter 2				Quarter 1				Quarter 4
Cash flows from operating activities:
Net loss		$	(98	)		$	(90	)		$	(668	)		$	(1,815	)		$	(640	)
Adjustments to reconcile net loss to net cash from operating activities:
Net (earnings) loss from discontinued operations, net of income taxes			25				(13	)			(9	)			125				652
Depreciation, depletion and amortization			301				299				299				401				382
Asset impairments			27				—				—				2,666				—
Leasehold impairments			3				36				3				110				3
Accretion on discounted liabilities			8				8				8				8				8
Total (gains) losses on commodity derivatives			117				87				361				(720	)			116
Cash settlements on commodity derivatives			(27	)			10				232				101				41
Gains on asset dispositions			(1	)			—				—				—				—
Deferred income tax benefit			(17	)			—				—				(311	)			(27	)
Share-based compensation			18				31				19				20				23
Other			—				1				4				—				2
Changes in assets and liabilities, net			2				58				(99	)			(56	)			18
Net cash from operating activities - continuing operations			358				427				150				529				578
Cash flows from investing activities:
Capital expenditures			(217	)			(204	)			(307	)			(425	)			(408	)
Acquisitions of property and equipment			(3	)			—				(1	)			(4	)			(3	)
Divestitures of property and equipment			5				1				3				25				43
Net cash from investing activities - continuing operations			(215	)			(203	)			(305	)			(404	)			(368	)
Cash flows from financing activities:
Repurchases of common stock			—				—				—				(38	)			(103	)
Dividends paid on common stock			(138	)			(43	)			(42	)			(34	)			(34	)
Contributions from noncontrolling interests			9				1				6				5				116
Distributions to noncontrolling interest			(4	)			(4	)			(3	)			(3	)			—
Shares exchanged for tax withholdings and other			(1	)			—				—				(17	)			(2	)
Net cash from financing activities - continuing operations			(134	)			(46	)			(39	)			(87	)			(23	)
Net change in cash, cash equivalents and restricted cash of continuing operations			9				178				(194	)			38				187
Cash flows from discontinued operations:
Operating activities			19				45				(43	)			(131	)			(9	)
Investing activities			310				1				171				(1	)			—
Financing activities			—				—				—				—				—
Effect of exchange rate changes on cash			2				4				8				(23	)			10
Net change in cash, cash equivalents and restricted cash of discontinued operations			331				50				136				(155	)			1
Net change in cash, cash equivalents and restricted cash			340				228				(58	)			(117	)			188
Cash, cash equivalents and restricted cash at beginning of period			1,897				1,669				1,727				1,844				1,656
Cash, cash equivalents and restricted cash at end of period		$	2,237			$	1,897			$	1,669			$	1,727			$	1,844
Reconciliation of cash, cash equivalents and restricted cash:
Cash, cash equivalents and restricted cash		$	2,047			$	1,707			$	1,474			$	1,527			$	1,464
Restricted cash			190				190				195				200				380
Total cash, cash equivalents and restricted cash		$	2,237			$	1,897			$	1,669			$	1,727			$	1,844

3

CONSOLIDATED BALANCE SHEETS (LEGACY DEVON)

(in millions)		December 31, 2020				December 31, 2019
Current assets:
Cash, cash equivalents and restricted cash		$	2,237			$	1,844
Accounts receivable			601				832
Current assets associated with discontinued operations			—				896
Income tax receivable			174				47
Other current assets			248				232
Total current assets			3,260				3,851
Oil and gas property and equipment, based on successful efforts accounting, net			4,436				7,558
Other property and equipment, net			957				1,035
Total property and equipment, net			5,393				8,593
Goodwill			753				753
Right-of-use assets			223				243
Other long-term assets			283				196
Long-term assets associated with discontinued operations			—				81
Total assets		$	9,912			$	13,717
Current liabilities:
Accounts payable		$	242			$	428
Revenues and royalties payable			662				730
Current liabilities associated with discontinued operations			—				459
Other current liabilities			536				310
Total current liabilities			1,440				1,927
Long-term debt			4,298				4,294
Lease liabilities			246				244
Asset retirement obligations			358				380
Other long-term liabilities			551				426
Long-term liabilities associated with discontinued operations			—				185
Deferred income taxes			—				341
Stockholders’ equity:
Common stock			38				38
Additional paid-in capital			2,766				2,735
Retained earnings			208				3,148
Accumulated other comprehensive loss			(127	)			(119	)
Total stockholders’ equity attributable to Devon			2,885				5,802
Noncontrolling interests			134				118
Total equity			3,019				5,920
Total liabilities and equity		$	9,912			$	13,717
Common shares outstanding			382				382

4

PRODUCTION TREND (LEGACY DEVON)

		2020																2019
		Quarter 4				Quarter 3				Quarter 2				Quarter 1				Quarter 4
Oil (MBbls/d)
Delaware Basin			99				77				79				84				84
Powder River Basin			16				21				18				21				20
Eagle Ford			18				22				27				26				23
Anadarko Basin			16				19				21				24				27
Other			7				7				8				8				9
Total			156				146				153				163				163
Natural gas liquids (MBbls/d)
Delaware Basin			43				38				29				37				32
Powder River Basin			3				3				2				3				2
Eagle Ford			9				11				12				9				9
Anadarko Basin			25				30				25				30				30
Other			—				1				1				1				1
Total			80				83				69				80				74
Gas (MMcf/d)
Delaware Basin			267				239				241				244				234
Powder River Basin			22				23				20				29				28
Eagle Ford			60				73				87				86				76
Anadarko Basin			233				242				262				272				295
Other			2				3				4				3				4
Total			584				580				614				634				637
Total oil equivalent (MBoe/d)
Delaware Basin			186				155				149				162				154
Powder River Basin			22				28				24				29				27
Eagle Ford			37				46				53				50				45
Anadarko Basin			81				89				90				98				107
Other			7				8				9				9				10
Total			333				326				325				348				343

5

UPSTREAM CAPITAL EXPENDITURES (LEGACY DEVON)

(in millions)		2020																2019
		Quarter 4				Quarter 3				Quarter 2				Quarter 1				Quarter 4
Delaware Basin		$	153			$	179			$	148			$	220			$	170
Powder River Basin			22				11				39				90				89
Eagle Ford			2				1				10				70				65
Anadarko Basin			3				1				3				4				38
Other			3				3				3				7				12
Total upstream capital		$	183			$	195			$	203			$	391			$	374

COSTS INCURRED (LEGACY DEVON)		Year Ended December 31,
(in millions)		2020				2019
Property acquisition costs:
Unproved properties		$	8			$	35
Exploration costs			159				312
Development costs			820				1,499
Costs incurred		$	987			$	1,846

RESERVES RECONCILIATION (LEGACY DEVON)

		Oil (MMBbls)				Gas (Bcf)				NGL (MMBbls)				Total (MMBoe)
As of December 31, 2019:
Proved developed			198				1,344				167				589
Proved undeveloped			78				277				44				168
Total Proved			276				1,621				211				757
Revisions due to prices			(26	)			(209	)			(17	)			(78	)
Revisions other than price			18				119				17				55
Extensions and discoveries			71				188				33				135
Purchase of reserves			1				19				3				7
Production			(57	)			(221	)			(28	)			(122	)
Sale of reserves			(1	)			(5	)			(1	)			(2	)
As of December 31, 2020:
Proved developed			194				1,244				173				574
Proved undeveloped			88				268				45				178
Total Proved			282				1,512				218				752

6

GROSS OPERATED SPUDS (LEGACY DEVON)
		2020																2019
		Quarter 4				Quarter 3				Quarter 2				Quarter 1				Quarter 4
Delaware Basin			21				35				27				38				24
Powder River Basin			2				—				—				12				19
Eagle Ford			—				—				—				10				25
Anadarko Basin			—				—				—				—				—
Total			23				35				27				60				68

GROSS OPERATED WELLS TIED-IN (LEGACY DEVON)
		2020																2019
		Quarter 4				Quarter 3				Quarter 2				Quarter 1				Quarter 4
Delaware Basin			23				32				22				32				36
Powder River Basin			2				9				4				14				19
Eagle Ford			—				—				13				30				21
Anadarko Basin			—				—				—				4				9
Total			25				41				39				80				85

NET OPERATED WELLS TIED-IN (LEGACY DEVON)
		2020																2019
		Quarter 4				Quarter 3				Quarter 2				Quarter 1				Quarter 4
Delaware Basin			21				23				18				25				25
Powder River Basin			1				7				4				10				15
Eagle Ford			—				—				7				14				11
Anadarko Basin			—				—				—				3				7
Total			22				30				29				52				58

AVERAGE LATERAL LENGTH (LEGACY DEVON)

(based on wells tied-in)

2020

2019

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Quarter 4

Delaware Basin

9,800’

9,900’

9,100’

8,000’

8,000’

Powder River Basin

13,600’

9,800’

8,100’

9,100’

9,700’

Eagle Ford

—

—

5,900’

5,400’

6,600’

Anadarko Basin

—

—

—

9,800’

11,200’

Total

10,100’

9,900’

7,900’

7,300’

8,400’

7

BENCHMARK PRICES
(average prices)		2020																2019
		Quarter 4				Quarter 3				Quarter 2				Quarter 1				Quarter 4
Oil ($/Bbl)—West Texas Intermediate (Cushing)		$	42.65			$	40.86			$	28.42			$	46.44			$	57.02
Natural Gas ($/Mcf)—Henry Hub		$	2.67			$	1.98			$	1.71			$	1.95			$	2.50
NGL ($/Bbl)—Mont Belvieu Blended		$	20.01			$	16.69			$	12.57			$	14.39			$	18.69
REALIZED PRICES (LEGACY DEVON)
		2020																2019
		Quarter 4				Quarter 3				Quarter 2				Quarter 1				Quarter 4
Oil (Per Bbl)
Delaware Basin		$	40.67			$	39.19			$	22.70			$	45.18			$	56.23
Powder River Basin			36.42				35.39				24.03				41.14				52.02
Eagle Ford			37.83				33.68				15.30				44.90				55.11
Anadarko Basin			40.34				37.88				19.52				45.32				55.71
Other			39.93				37.33				25.45				44.53				55.14
Realized price without hedges			39.84				37.56				21.25				44.59				55.41
Cash settlements			(1.83	)			0.65				15.25				5.14				1.48
Realized price, including cash settlements		$	38.01			$	38.21			$	36.50			$	49.73			$	56.89
Natural gas liquids (Per Bbl)
Delaware Basin		$	13.67			$	11.49			$	7.94			$	8.36			$	13.30
Powder River Basin			19.39				13.10				10.07				15.86				17.36
Eagle Ford			15.66				13.74				10.02				14.77				18.84
Anadarko Basin			15.65				12.68				9.31				10.90				17.47
Other			24.24				21.74				10.19				15.82				13.62
Realized price without hedges			14.77				12.36				8.89				10.40				15.79
Cash settlements			(0.01	)			(0.30	)			0.51				0.61				1.75
Realized price, including cash settlements		$	14.76			$	12.06			$	9.40			$	11.01			$	17.54
Gas (Per Mcf)
Delaware Basin		$	1.51			$	1.11			$	1.05			$	0.58			$	1.22
Powder River Basin			2.70				1.94				1.80				1.71				2.51
Eagle Ford			2.38				1.95				1.79				2.05				2.52
Anadarko Basin			2.29				1.66				1.31				1.45				1.81
Other			2.87				1.52				1.32				1.69				0.43
Realized price without hedges			1.96				1.48				1.29				1.21				1.70
Cash settlements			0.00				0.06				0.28				0.36				0.13
Realized price, including cash settlements		$	1.96			$	1.54			$	1.57			$	1.57			$	1.83
Total oil equivalent (Per Boe)
Delaware Basin		$	26.94			$	24.00			$	15.39			$	26.19			$	35.05
Powder River Basin			31.08				29.83				20.80				33.65				42.45
Eagle Ford			25.97				22.78				12.90				29.94				36.51
Anadarko Basin			19.79				16.81				10.98				18.14				24.28
Other			37.67				34.15				22.95				39.15				46.49
Realized price without hedges			25.63				22.60				14.37				25.43				32.82
Cash settlements			(0.86	)			0.33				7.83				3.20				1.32
Realized price, including cash settlements		$	24.77			$	22.93			$	22.20			$	28.63			$	34.14

8

BENCHMARK PRICES
(average prices)		2020																2019
		Quarter 4				Quarter 3				Quarter 2				Quarter 1				Quarter 4
Oil ($/Bbl)—West Texas Intermediate (Cushing)		$	42.65			$	40.86			$	28.42			$	46.44			$	57.02
Natural Gas ($/Mcf)—Henry Hub		$	2.67			$	1.98			$	1.71			$	1.95			$	2.50
NGL ($/Bbl)—Mont Belvieu Blended		$	20.01			$	16.69			$	12.57			$	14.39			$	18.69
PER-UNIT CASH MARGIN BY ASSET (per Boe) (LEGACY DEVON)
		2020																2019
		Quarter 4				Quarter 3				Quarter 2				Quarter 1				Quarter 4
Delaware Basin
Realized price		$	26.94			$	24.00			$	15.39			$	26.19			$	35.05
Lease operating expenses			(2.38	)			(3.00	)			(3.56	)			(3.61	)			(3.36	)
Gathering, processing & transportation			(2.40	)			(2.68	)			(2.88	)			(2.71	)			(2.59	)
Production & property taxes			(2.08	)			(1.80	)			(1.14	)			(2.15	)			(2.80	)
Field-level cash margin		$	20.08			$	16.52			$	7.81			$	17.72			$	26.30
Powder River Basin
Realized price		$	31.08			$	29.83			$	20.80			$	33.65			$	42.45
Lease operating expenses			(5.47	)			(5.41	)			(6.60	)			(6.65	)			(5.00	)
Gathering, processing & transportation			(3.01	)			(2.30	)			(2.71	)			(2.32	)			(3.40	)
Production & property taxes			(3.91	)			(3.49	)			(2.40	)			(4.20	)			(5.19	)
Field-level cash margin		$	18.69			$	18.63			$	9.09			$	20.48			$	28.86
Eagle Ford
Realized price		$	25.97			$	22.78			$	12.90			$	29.94			$	36.51
Lease operating expenses			(2.79	)			(2.47	)			(2.59	)			(2.93	)			(4.52	)
Gathering, processing & transportation			(5.89	)			(4.73	)			(4.96	)			(5.96	)			(6.52	)
Production & property taxes			(0.16	)			(0.92	)			(0.85	)			(1.85	)			(1.75	)
Field-level cash margin		$	17.13			$	14.66			$	4.50			$	19.20			$	23.72
Anadarko Basin
Realized price		$	19.79			$	16.81			$	10.98			$	18.14			$	24.28
Lease operating expenses			(2.57	)			(2.16	)			(2.42	)			(2.79	)			(2.24	)
Gathering, processing & transportation			(8.39	)			(7.39	)			(6.57	)			(6.36	)			(5.98	)
Production & property taxes			(0.55	)			(0.54	)			(0.32	)			(0.77	)			(1.00	)
Field-level cash margin		$	8.28			$	6.72			$	1.67			$	8.22			$	15.06
Other
Realized price		$	37.67			$	34.15			$	22.95			$	39.15			$	46.49
Lease operating expenses			(15.35	)			(19.92	)			(17.40	)			(18.95	)			(20.04	)
Gathering, processing & transportation			(0.59	)			(0.51	)			(0.34	)			(0.31	)			(0.34	)
Production & property taxes			(3.38	)			(3.62	)			(5.11	)			(4.34	)			(3.78	)
Field-level cash margin		$	18.35			$	10.10			$	0.10			$	15.55			$	22.33
Devon—Total
Realized price		$	25.63			$	22.60			$	14.37			$	25.43			$	32.82
Lease operating expenses			(2.97	)			(3.32	)			(3.69	)			(3.96	)			(3.79	)
Gathering, processing & transportation			(4.23	)			(4.17	)			(4.16	)			(4.11	)			(4.16	)
Production & property taxes			(1.66	)			(1.52	)			(1.07	)			(1.95	)			(2.32	)
Field-level cash margin		$	16.77			$	13.59			$	5.45			$	15.41			$	22.55

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NON-GAAP FINANCIAL MEASURES

(all monetary values in millions, except per share amounts)

The earnings materials include non-GAAP financial measures. These 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. Below is additional disclosure regarding each of the non-GAAP measures used in this press release, including reconciliations to their most directly comparable GAAP measure.

CORE EARNINGS (LOSS) (LEGACY DEVON)

Devon’s reported net earnings (loss) include items of income and expense that are typically excluded by securities analysts in their published estimates of the company’s financial results. Accordingly, the company also uses the measures of core earnings (loss) and core earnings (loss) per share attributable to Devon. Devon believes these non-GAAP measures facilitate comparisons of its performance to earnings estimates published by securities analysts. Devon also believes these non-GAAP measures can facilitate comparisons of its performance between periods and to the performance of its peers. The following table summarizes the effects of these items on fourth-quarter 2020 earnings.

		Quarter Ended December 31, 2020
		Before-tax				After-tax				After Noncontrolling Interests				Per Diluted Share
Continuing Operations
Loss (GAAP)		$	(110	)		$	(73	)		$	(77	)		$	(0.20	)
Adjustments:
Asset dispositions			(1	)			—				—				(0.00	)
Asset and exploration impairments			31				29				29				0.07
Deferred tax asset valuation allowance			—				(22	)			(22	)			(0.06	)
Fair value changes in financial instruments			90				70				70				0.18
Change in tax legislation			—				(8	)			(8	)			(0.02	)
Restructuring and transaction costs			17				13				13				0.04
Core earnings (Non-GAAP)		$	27			$	9			$	5			$	0.01
Discontinued Operations
Loss (GAAP)		$	(2	)		$	(25	)		$	(25	)		$	(0.07	)
Adjustments:
Asset dispositions			3				20				20				0.05
Deferred tax asset valuation allowance			—				2				2				0.01
Fair value changes in foreign currency and other			(12	)			(9	)			(9	)			(0.02	)
Restructuring and transaction costs			9				6				6				0.02
Core loss (Non-GAAP)		$	(2	)		$	(6	)		$	(6	)		$	(0.01	)
Total
Loss (GAAP)		$	(112	)		$	(98	)		$	(102	)		$	(0.27	)
Adjustments:
Continuing Operations			137				82				82				0.21
Discontinued Operations			—				19				19				0.06
Core earnings (loss) (Non-GAAP)		$	25			$	3			$	(1	)		$	—

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EBITDAX (LEGACY DEVON)

Devon believes EBITDAX provides information useful in assessing operating and financial performance across periods. Devon computes EBITDAX as net earnings from continuing operations before income tax expense; financing costs, net; exploration expenses; depreciation, depletion and amortization; asset impairments; asset disposition gains and losses; non-cash share-based compensation; non-cash valuation changes for derivatives and financial instruments; restructuring and transaction costs; accretion on discounted liabilities; and other items not related to normal operations. EBITDAX as defined by Devon may not be comparable to similarly titled measures used by other companies and should be considered in conjunction with net earnings from continuing operations.

		Q4 ‘20				Q3 ‘20				Q2 ‘20				Q1 ‘20				TTM				Q4’19
Net loss (GAAP)		$	(98	)		$	(90	)		$	(668	)		$	(1,815	)		$	(2,671	)		$	(640	)
Net earnings (loss) from discontinued operations, net of tax			25				(13	)			(9	)			125				128				652
Financing costs, net			70				66				69				65				270				64
Income tax benefit			(37	)			(90	)			(3	)			(417	)			(547	)			(33	)
Exploration expenses			4				39				12				112				167				29
Depreciation, depletion and amortization			301				299				299				401				1,300				382
Asset impairments			27				—				—				2,666				2,693				—
Asset dispositions			(1	)			—				—				—				(1	)			—
Share-based compensation			18				19				19				20				76				19
Derivative and financial instrument non-cash valuation changes			90				97				593				(619	)			161				159
Restructuring and transaction costs			17				32				—				—				49				11
Accretion on discounted liabilities and other			1				—				13				(48	)			(34	)			14
EBITDAX (Non-GAAP)		$	417			$	359			$	325			$	490			$	1,591			$	657

NET DEBT (LEGACY DEVON)

Devon defines net debt as debt less cash, cash equivalents and cash restricted. Devon believes that netting these sources of cash against debt provides a clearer picture of the future demands on cash from Devon to repay debt.

		December 31, 2020
Total debt (GAAP)		$	4,298
Less:
Cash, cash equivalents and restricted cash			(2,237	)
Net debt (Non-GAAP)		$	2,061

NET DEBT-TO-EBITDAX (LEGACY DEVON)

Devon defines net debt-to-EBITDAX as net debt divided by trailing twelve months EBITDAX.

		December 31, 2020
Net debt (Non-GAAP)		$	2,061
EBITDAX (trailing 12 months) (Non-GAAP)		$	1,591
Net debt-to-EBITDAX (Non-GAAP)			1.3

FREE CASH FLOW (LEGACY DEVON)

Devon defines free cash flow as total operating cash flow less capital expenditures. Devon believes that free cash flow provides a useful measure of available cash generated by operating activities for other investing and financing activities.

		Quarter Ended December, 2020
Total operating cash flow (GAAP)		$	358
Less capital expenditures:
Capital expenditures			(217	)
Free cash flow (Non-GAAP)		$	141

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The pro forma metrics have been prepared to reflect Devon and WPX for the completion of the merger. The numbers have been developed from Devon’s Annual Report on Form 10-K for the year ended December 31, 2020 and from WPX’s audited consolidated financial statements for the year ended December 31, 2020 as filed within Devon’s Current Report on Form 8-KA, both expected to be filed on February 17, 2021.

PRO FORMA NET DEBT

		Q4 2020
(in millions)		Pro Forma				Devon				WPX
Total debt		$	7,862			$	4,298			$	3,564
Cash, cash equivalents & restricted cash			(2,593	)			(2,237	)			(356	)
Net debt		$	5,269			$	2,061			$	3,208

PRO FORMA FREE CASH FLOW

		Q4 2020
(in millions)		Pro Forma				Devon				WPX
Operating cash flow		$	773			$	358			$	415
Cash capital expenditures			(510	)			(217	)			(293	)
Free cash flow		$	263			$	141			$	122

VARIABLE DIVIDEND CALCULATION

Devon may pay a variable dividend up to 50 percent of its excess cash flow. Each quarter’s excess cash flow is computed as operating cash flow less capital expenditures and the fixed dividend.

		Q4 2020
(in millions)		Pro Forma
Operating cash flow (GAAP)		$	773
Changes in assets and liabilities, net			22
Cash from operations before balance sheet changes (Non-GAAP)		$	795
Capital expenditures (Accrued)			(486	)
Adjusted free cash flow (Non-GAAP)			309
Fixed quarterly dividend ($0.11/share)			(42	)
Excess free cash flow			267
48% pay out (Board Discretion: Up to 50%)			48	%
Total variable dividend		$	128

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LEGACY WPX PRODUCTION AND CAPITAL

PRODUCTION TREND (LEGACY WPX)

		2020																2019
		Quarter 4				Quarter 3				Quarter 2				Quarter 1				Quarter 4
Oil (MBbls/d)
Delaware Basin			84				71				77				60				48
Williston Basin			65				51				47				62				64
Total			149				122				124				122				112
Natural gas liquids (MBbls/d)
Delaware Basin			35				32				27				25				22
Williston Basin			11				9				8				9				8
Total			46				40				35				34				30
Gas (MMcf/d)
Delaware Basin			271				219				239				195				174
Williston Basin			66				51				48				49				50
Total			337				270				287				244				223
Total oil equivalent (MBoe/d)
Delaware Basin			164				139				144				117				99
Williston Basin			87				69				63				79				80
Total			251				208				207				197				179

UPSTREAM CAPITAL EXPENDITURES (LEGACY WPX)

		2020																2019
(in millions)		Quarter 4				Quarter 3				Quarter 2				Quarter 1				Quarter 4
Delaware Basin		$	247			$	186			$	143			$	191			$	157
Williston Basin			36				60				34				115				110
Total Upstream Capital		$	283			$	246			$	177			$	305			$	267

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PRO FORMA KEY METRICS—Q4 2020

PRODUCTION

		Q4 2020
		Pro Forma				Devon				WPX
Oil (MBbls/d)			305				156				149
Natural gas liquids (MBbls/d)			126				80				46
Gas (MMcf/d)			921				584				337
Total oil equivalent (Mboe/d)			584				333				251

OTHER KEY METRICS

		Q4 2020
($ millions, except Boe)		Pro Forma				Devon				WPX
Oil, gas and NGL sales		$	1,421			$	786			$	635
LOE & GP&T per BOE		$	7.57			$	7.21			$	8.05
General & administrative expenses		$	144			$	82			$	62
Net financing costs		$	119			$	71			$	48
Operating cash flow		$	773			$	358			$	415
Total cash capital		$	510			$	217			$	293
Free cash flow		$	263			$	141			$	122
Cash, cash equivalents & restricted cash		$	2,593			$	2,237			$	356
Total debt		$	7,862			$	4,298			$	3,564
Proved reserves (MMBoe)			1,434				752				682

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GUIDANCE

2021 OUTLOOK

Note: Devon intends to provide detailed first-quarter 2021 guidance once the company can properly access the impact of the extreme winter weather on its field operations. Devon has incorporated weather-related downtime in its 2021 outlook and does not expect the severe winter weather to materially impact its full-year guidance ranges.

PRODUCTION GUIDANCE⁽¹⁾

		Full Year(1)
		Low				High
Oil (MBbls/d)			280				300
Natural gas liquids (MBbls/d)			120				130
Gas (MMcf/d)			860				900
Total oil equivalent (MBoe/d)			543				580

(1) Due to the timing of the WPX merger closing, all reported 2021 amounts will not include legacy WPX until January 7, 2021.

CAPITAL EXPENDITURES GUIDANCE

		Full Year
(in millions)		Low				High
Upstream capital		$	1,600			$	1,800
Midstream capital			80				100
Other capital			40				80
Total capital		$	1,720			$	1,980

Note: The company’s capital program is designed to have the highest capital spend occurring in the first quarter due to the timing of drilling and completion activity across the company’s asset portfolio (~30% of full-year budget). After heightened activity in the first-quarter, capital is expected to normalize to lower investment levels throughout the remainder of 2021.

PRICE REALIZATIONS GUIDANCE

		Full Year
		Low				High
Oil - % of WTI			90	%			100	%
NGL - % of WTI			25	%			35	%
Natural gas - % of Henry Hub			70	%			80	%

1

OTHER GUIDANCE ITEMS

		Full Year
($ millions, except Boe and %)		Low				High
Marketing & midstream operating profit		$	(50	)		$	(40	)
LOE & GP&T per BOE		$	7.50			$	7.70
Production & property taxes as % of upstream sales			7.0	%			8.0	%
Exploration expenses		$	10			$	20
Depreciation, depletion and amortization		$	1,900			$	2,000
General & administrative expenses(2)		$	400			$	420
Restructuring & transaction expenses(3)		$	160			$	200
Cash financing costs, net		$	420			$	440
Other expenses		$	20			$	30
Current income tax rate from continuing operations			0	%			0	%
Deferred income tax rate from continuing operations			20	%			30	%
Total income tax rate from continuing operations			20	%			30	%

(2) Devon anticipates approximately $110 million to $120 million of the G&A expenses to be incurred in the first quarter of 2021.

(3) Devon anticipates approximately $125 million to $145 million of the restructuring expenses to be incurred in the first quarter of 2021 (~80% is cash). One-time cash restructuring charges will be added back to cash flow from operations in the calculation of the variable dividend payout.

CONTINGENT PAYMENTS FOR BARNETT SHALE DIVERSITURE (4-year period beginning in 2021)

WTI Threshold				WTI Annual Earnout Amount				Henry Hub Threshold				Henry Hub Annual Earnout         Amount
$	50.00			$	10,000,000			$	2.75			$	20,000,000
$	55.00			$	12,500,000			$	3.00			$	25,000,000
$	60.00			$	15,000,000			$	3.25			$	35,000,000
$	65.00			$	20,000,000			$	3.50			$	45,000,000

2021 HEDGING POSITIONS

Oil Commodity Hedges

		Price Swaps								Price Collars
Period		Volume (Bbls/d)				Weighted Average Price ($/Bbl)				Volume (Bbls/d)				Weighted Average Floor Price ($/Bbl)				Weighted Average Ceiling Price ($/Bbl)
Q1 2021			127,500			$	39.52				20,000			$	49.20			$	59.20
Q2 2021			131,500			$	39.71				21,000			$	42.46			$	52.46
Q3 2021			57,500			$	41.68				52,250			$	39.56			$	49.56
Q4 2021			56,500			$	41.44				47,250			$	38.60			$	48.60

		Price Swaptions								Price Call Options
Period		Volume (Bbls/d)				Weighted Average Price ($/Bbl)				Volume (Bbls/d)				Weighted Average Price ($/Bbl)
Q1 2021						$					5,000			$	39.50
Q2 2021						$					5,000			$	39.50
Q3 2021			10,000			$	40.12				5,000			$	39.50
Q4 2021			10,000			$	40.12				5,000			$	39.50

2

Oil Basis Swaps

Period		Index		Volume (Bbls/d)				Weighted Average Differential to WTI ($/Bbl)
Q1-Q4 2021		Midland Sweet			22,000			$	0.84
Q1-Q4 2021		BRENT/WTI Spread			1,000			$	(8.00	)

Natural Gas Commodity Hedges - Henry Hub

		Price Swaps								Price Collars
Period		Volume (MMBtu/d)				Weighted Average Price ($/MMBtu)				Volume (MMBtu/d)				Weighted Average Floor Price ($/MMBtu)				Weighted Average Ceiling Price ($/MMBtu)
Q1 2021			279,000			$	2.64				203,000			$	2.43			$	2.93
Q2 2021			279,000			$	2.64				228,000			$	2.43			$	2.93
Q3 2021			279,000			$	2.64				228,000			$	2.43			$	2.93
Q4 2021			254,000			$	2.63				133,000			$	2.55			$	3.05

		Price Call Options
Period		Volume (Bbls/d)				Weighted Average Price ($/Bbl)
Q1 2021			50,000			$2.68
Q2 2021			50,000			$2.68
Q3 2021			50,000			$2.68
Q4 2021			50,000			$2.68

Natural Gas Basis Swaps

Period		Index		Volume (MMBtu/d)				Weighted Average Differential to Henry Hub ($/MMBtu)
Q1-Q4 2021		El Paso Natural Gas			35,000			$	(0.92	)
Q1-Q4 2021		WAHA			80,000			$	(0.65	)

NGL Commodity Hedges

				Price Swaps
Period		Product		Volume (Bbls/d)				Weighted Average Price ($/Bbl)
Q1-Q4 2021		Natural Gasoline			915			$	47.57
Q1-Q4 2021		Natural Butane			915			$	31.40
Q1-Q4 2021		Propane			915			$	27.88

Devon’s oil derivatives settle against the average of the prompt month NYMEX West Texas Intermediate futures price. Devon’s natural gas derivatives settle against the Inside FERC first of the month Henry Hub index. Devon’s NGL derivatives settle against the average of the prompt month OPIS Mont Belvieu, Texas index. Commodity hedge positions are shown as of February 12, 2021.

3