Exhibit 99.2

Devon Energy First-Quarter 2022

Supplemental Tables

TABLE OF CONTENTS:		PAGE:
Consolidated Statements of Earnings			2
Supplemental Information for Consolidated Statements of Earnings			3
Consolidated Statements of Cash Flows			4
Consolidated Balance Sheets			5
Production			6
Capital Expenditures and Supplemental Information for Capital Expenditures			7
Realized Pricing			8
Asset Margins			9
Core Earnings			10
Return on Capital Employed and EBITDAX			11
Net Debt, Net Debt-to-EBITDAX, Free Cash Flow and Adjusted Free Cash Flow			12
Reinvestment Rate and Variable Dividend			13

1

CONSOLIDATED STATEMENTS OF EARNINGS

(in millions, except per share amounts)		2022				2021
		Quarter 1				Quarter 4				Quarter 3				Quarter 2				Quarter 1
Oil, gas and NGL sales		$	3,175			$	2,985			$	2,635			$	2,154			$	1,757
Oil, gas and NGL derivatives (1)			(683	)			22				(335	)			(703	)			(528	)
Marketing and midstream revenues			1,320				1,266				1,166				966				821
Total revenues			3,812				4,273				3,466				2,417				2,050
Production expenses (2)			618				605				555				513				458
Exploration expenses			2				5				3				3				3
Marketing and midstream expenses			1,324				1,266				1,165				965				842
Depreciation, depletion and amortization			489				577				578				536				467
Asset dispositions			(1	)			(49	)			—				(87	)			(32	)
General and administrative expenses			94				95				95				94				107
Financing costs, net (3)			85				86				86				80				77
Restructuring and transaction costs			—				28				18				23				189
Other, net			(61	)			(2	)			2				(14	)			(29	)
Total expenses			2,550				2,611				2,502				2,113				2,082
Earnings (loss) before income taxes			1,262				1,662				964				304				(32	)
Income tax expense (benefit) (4)			267				150				120				43				(248	)
Net earnings			995				1,512				844				261				216
Net earnings attributable to noncontrolling interests			6				6				6				5				3
Net earnings attributable to Devon		$	989			$	1,506			$	838			$	256			$	213
Net earnings per share:
Basic net earnings per share		$	1.48			$	2.24			$	1.24			$	0.38			$	0.33
Diluted net earnings per share		$	1.48			$	2.23			$	1.24			$	0.38			$	0.32
Weighted average common shares outstanding:
Basic			663				671				677				677				654
Diluted			665				673				679				679				656

2

SUPPLEMENTAL INFORMATION FOR CONSLIDATED STATEMENTS OF EARNINGS

(1) OIL, GAS AND NGL DERIVATIVES

(in millions)		2022				2021
		Quarter 1				Quarter 4				Quarter 3				Quarter 2				Quarter 1
Derivative cash settlements		$	(344	)		$	(493	)		$	(370	)		$	(367	)		$	(232	)
Derivative valuation changes			(339	)			515				35				(336	)			(296	)
Oil, gas and NGL derivatives		$	(683	)		$	22			$	(335	)		$	(703	)		$	(528	)

(2) PRODUCTION EXPENSES

(in millions)		2022				2021
		Quarter 1				Quarter 4				Quarter 3				Quarter 2				Quarter 1
Lease operating expense		$	224			$	235			$	215			$	210			$	199
Gathering, processing & transportation			161				173				157				147				129
Production taxes			214				197				176				143				117
Property taxes			19				—				7				13				13
Production expenses		$	618			$	605			$	555			$	513			$	458

(3) FINANCING COSTS, NET

(in millions)		2022				2021
		Quarter 1				Quarter 4				Quarter 3				Quarter 2				Quarter 1
Interest based on outstanding debt		$	92			$	92			$	93			$	98			$	105
Gain on early retirement of debt			—				—				—				(10	)			(20	)
Interest income			(1	)			—				(1	)			—				(1	)
Other			(6	)			(6	)			(6	)			(8	)			(7	)
Financing costs, net		$	85			$	86			$	86			$	80			$	77

(4) INCOME TAX EXPENSE (BENEFIT)

(in millions)		2022				2021
		Quarter 1				Quarter 4				Quarter 3				Quarter 2				Quarter 1
Current expense (benefit)		$	103			$	1			$	1			$	19			$	(5	)
Deferred expense (benefit)			164				149				119				24				(243	)
Income tax expense (benefit)		$	267			$	150			$	120			$	43			$	(248	)

3

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)		2022				2021
		Quarter 1				Quarter 4				Quarter 3				Quarter 2				Quarter 1
Cash flows from operating activities:
Net earnings		$	995			$	1,512			$	844			$	261			$	216
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation, depletion and amortization			489				577				578				536				467
Leasehold impairments			1				1				1				1				1
Amortization of liabilities			(6	)			(6	)			(7	)			(7	)			(7	)
Total (gains) losses on commodity derivatives			683				(22	)			335				703				528
Cash settlements on commodity derivatives			(344	)			(493	)			(370	)			(367	)			(232	)
Gains on asset dispositions			(1	)			(49	)			—				(87	)			(32	)
Deferred income tax expense (benefit)			164				149				119				24				(243	)
Share-based compensation			20				19				19				20				41
Early retirement of debt			—				—				—				(10	)			(20	)
Other			(21	)			2				11				2				—
Changes in assets and liabilities, net			(143	)			(74	)			68				17				(127	)
Net cash from operating activities			1,837				1,616				1,598				1,093				592
Cash flows from investing activities:
Capital expenditures			(537	)			(512	)			(474	)			(504	)			(499	)
Acquisitions of property and equipment			(1	)			(3	)			(10	)			(5	)			—
Divestitures of property and equipment			26				14				1				49				15
WPX acquired cash			—				—				—				—				344
Distributions from equity method investments			8				8				9				8				10
Contributions to equity method investments			(22	)			(25	)			—				—				—
Net cash from investing activities			(526	)			(518	)			(474	)			(452	)			(130	)
Cash flows from financing activities:
Repayments of long-term debt			—				—				—				(710	)			(533	)
Early retirement of debt			—				—				—				(32	)			(27	)
Repurchases of common stock			(211	)			(589	)			—				—				—
Dividends paid on common stock			(667	)			(554	)			(329	)			(229	)			(203	)
Contributions from noncontrolling interests			—				—				1				3				—
Distributions to noncontrolling interests			(8	)			(6	)			(6	)			(5	)			(4	)
Acquisition of noncontrolling interests			—				—				—				—				(24	)
Shares exchanged for tax withholdings and other			(73	)			—				(3	)			(9	)			(33	)
Net cash from financing activities			(959	)			(1,149	)			(337	)			(982	)			(824	)
Effect of exchange rate changes on cash			2				1				(5	)			2				3
Net change in cash, cash equivalents and restricted cash			354				(50	)			782				(339	)			(359	)
Cash, cash equivalents and restricted cash at beginning of period			2,271				2,321				1,539				1,878				2,237
Cash, cash equivalents and restricted cash at end of period		$	2,625			$	2,271			$	2,321			$	1,539			$	1,878
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents		$	2,459			$	2,099			$	2,144			$	1,348			$	1,683
Restricted cash			166				172				177				191				195
Total cash, cash equivalents and restricted cash		$	2,625			$	2,271			$	2,321			$	1,539			$	1,878

4

CONSOLIDATED BALANCE SHEETS

(in millions)		March 31, 2022				December 31, 2021
Current assets:
Cash, cash equivalents and restricted cash		$	2,625			$	2,271
Accounts receivable			2,002				1,543
Other current assets			346				435
Total current assets			4,973				4,249
Oil and gas property and equipment, based on successful efforts accounting, net			13,566				13,536
Other property and equipment, net			1,508				1,472
Total property and equipment, net			15,074				15,008
Goodwill			753				753
Right-of-use assets			229				235
Investments			416				402
Other long-term assets			333				378
Total assets		$	21,778			$	21,025
Current liabilities:
Accounts payable		$	576			$	500
Revenues and royalties payable			1,672				1,456
Other current liabilities			1,506				1,131
Total current liabilities			3,754				3,087
Long-term debt			6,471				6,482
Lease liabilities			251				252
Asset retirement obligations			443				468
Other long-term liabilities			974				1,050
Deferred income taxes			450				287
Stockholders’ equity:
Common stock			66				66
Additional paid-in capital			7,371				7,636
Retained earnings			2,013				1,692
Accumulated other comprehensive loss			(131	)			(132	)
Treasury stock, at cost, 0.3 million shares in 2022			(19	)			—
Total stockholders’ equity attributable to Devon			9,300				9,262
Noncontrolling interests			135				137
Total equity			9,435				9,399
Total liabilities and equity		$	21,778			$	21,025
Common shares outstanding			661				663

5

PRODUCTION

		2022				2021
		Quarter 1				Quarter 4				Quarter 3				Quarter 2				Quarter 1
Oil (MBbls/d)
Delaware Basin			209				213				213				191				172
Anadarko Basin			14				14				14				17				13
Williston Basin			32				36				39				46				44
Eagle Ford			17				19				20				18				16
Powder River Basin			12				14				14				16				17
Other			4				4				3				3				6
Total			288				300				303				291				268
Natural gas liquids (MBbls/d)
Delaware Basin			92				107				100				82				60
Anadarko Basin			25				27				25				26				21
Williston Basin			8				9				9				9				8
Eagle Ford			9				9				11				9				6
Powder River Basin			2				2				3				3				3
Other			—				—				—				—				1
Total			136				154				148				129				99
Gas (MMcf/d)
Delaware Basin			561				577				578				513				471
Anadarko Basin			210				222				219				225				200
Williston Basin			54				64				59				61				49
Eagle Ford			61				60				67				59				47
Powder River Basin			19				19				19				21				21
Other			1				1				1				2				3
Total			906				943				943				881				791
Total oil equivalent (MBoe/d)
Delaware Basin			394				416				409				358				310
Anadarko Basin			75				78				75				80				68
Williston Basin			48				55				58				66				61
Eagle Ford			36				38				42				37				30
Powder River Basin			18				19				20				22				23
Other			4				5				4				4				7
Total			575				611				608				567				499

6

CAPITAL EXPENDITURES

(in millions)		2022				2021
		Quarter 1				Quarter 4				Quarter 3				Quarter 2				Quarter 1
Delaware Basin		$	413			$	392			$	363			$	394			$	355
Anadarko Basin			16				19				15				11				13
Williston Basin			17				25				13				19				20
Eagle Ford			27				21				34				36				29
Powder River Basin			27				27				15				5				27
Other			1				2				2				2				3
Total upstream capital		$	501			$	486			$	442			$	467			$	447
Environmental (1)			16				—				—				—				—
Midstream			32				14				11				22				24
Other			15				21				28				20				16
Total capital		$	564			$	521			$	481			$	509			$	487

(1) Devon began tracking environmental capital separately in 2022.

SUPPLEMENTAL INFORMATION FOR CAPITAL EXPENDITURES

GROSS OPERATED SPUDS

		2022				2021
		Quarter 1				Quarter 4				Quarter 3				Quarter 2				Quarter 1
Delaware Basin			59				54				50				55				60
Anadarko Basin			13				6				9				8				8
Williston Basin			—				9				—				—				7
Eagle Ford			11				9				10				11				14
Powder River Basin			—				4				9				1				—
Total			83				82				78				75				89

GROSS OPERATED WELLS TIED-IN

		2022				2021
		Quarter 1				Quarter 4				Quarter 3				Quarter 2				Quarter 1
Delaware Basin			52				65				52				88				52
Anadarko Basin			—				12				4				6				—
Williston Basin			—				—				4				13				—
Eagle Ford			8				7				19				9				12
Powder River Basin			4				2				2				—				10
Total			64				86				81				116				74

AVERAGE LATERAL LENGTH
(based on wells tied-in)		2022				2021
		Quarter 1				Quarter 4				Quarter 3				Quarter 2				Quarter 1
Delaware Basin			8,900	'			10,100	'			9,700	'			10,000	'			10,000	'
Anadarko Basin			—				11,700	'			9,200	'			9,600	'			—
Williston Basin			—				—				9,600	'			10,000	'			—
Eagle Ford			7,500	'			7,100	'			6,300	'			5,600	'			4,400	'
Powder River Basin			10,400	'			9,600	'			10,500	'			—				9,800	'
Total			8,800	'			10,100	'			8,900	'			9,600	'			9,100	'

7

REALIZED PRICING

BENCHMARK PRICES

(average prices)		2022				2021
		Quarter 1				Quarter 4				Quarter 3				Quarter 2				Quarter 1
Oil ($/Bbl) - West Texas Intermediate (Cushing)		$	94.45			$	76.91			$	70.64			$	66.04			$	57.87
Natural Gas ($/Mcf) - Henry Hub		$	4.96			$	5.84			$	4.02			$	2.83			$	2.71
NGL ($/Bbl) - Mont Belvieu Blended		$	43.99			$	40.39			$	36.85			$	28.54			$	25.81

REALIZED PRICES

		2022				2021
		Quarter 1				Quarter 4				Quarter 3				Quarter 2				Quarter 1
Oil (Per Bbl)
Delaware Basin		$	93.12			$	75.67			$	68.44			$	63.93			$	56.07
Anadarko Basin			92.70				76.07				69.11				63.51				55.86
Williston Basin			90.87				74.02				66.60				62.00				52.74
Eagle Ford			94.51				75.35				68.32				64.04				54.90
Powder River Basin			92.69				72.86				65.81				62.36				53.77
Other			94.80				76.57				75.68				72.85				55.65
Realized price without hedges			92.94				75.36				68.19				63.63				55.28
Cash settlements			(11.32	)			(13.14	)			(10.60	)			(13.29	)			(9.13	)
Realized price, including cash settlements		$	81.62			$	62.22			$	57.59			$	50.34			$	46.15
Natural gas liquids (Per Bbl)
Delaware Basin		$	38.43			$	35.56			$	31.34			$	23.81			$	26.25
Anadarko Basin			38.38				35.66				33.20				25.55				23.14
Williston Basin			20.71				24.97				19.36				14.76				18.51
Eagle Ford			39.68				38.17				32.80				25.46				24.44
Powder River Basin			52.49				47.30				40.66				35.46				30.19
Other			56.00				66.22				54.51				41.19				31.86
Realized price without hedges			37.76				35.36				31.25				23.89				25.01
Cash settlements			—				(0.54	)			(0.45	)			(0.25	)			(0.20	)
Realized price, including cash settlements		$	37.76			$	34.82			$	30.80			$	23.64			$	24.81
Gas (Per Mcf)
Delaware Basin		$	3.83			$	4.60			$	3.58			$	2.31			$	3.19
Anadarko Basin			4.00				5.37				4.05				3.15				2.49
Williston Basin			0.74				1.53				0.65				(1.60	)			(0.48	)
Eagle Ford			4.91				5.76				4.08				3.25				3.15
Powder River Basin			4.24				6.10				4.15				3.54				5.27
Other			4.09				4.11				2.60				2.74				2.57
Realized price without hedges			3.77				4.68				3.55				2.35				2.84
Cash settlements			(0.62	)			(1.42	)			(0.78	)			(0.15	)			(0.15	)
Realized price, including cash settlements		$	3.15			$	3.26			$	2.77			$	2.20			$	2.69
Total oil equivalent (Per Boe)
Delaware Basin		$	63.75			$	54.28			$	48.29			$	42.84			$	40.95
Anadarko Basin			42.08				41.39				35.62				30.34				25.35
Williston Basin			63.31				53.44				48.55				43.98				40.79
Eagle Ford			62.74				56.06				47.40				42.84				38.90
Powder River Basin			75.75				63.45				55.93				52.55				47.58
Other			89.47				73.63				70.49				65.37				50.58
Realized price without hedges			61.40				53.12				47.08				41.75				39.14
Cash settlements			(6.65	)			(8.78	)			(6.60	)			(7.11	)			(5.17	)
Realized price, including cash settlements		$	54.75			$	44.34			$	40.48			$	34.64			$	33.97

8

ASSET MARGINS

BENCHMARK PRICES

(average prices)		2022				2021
		Quarter 1				Quarter 4				Quarter 3				Quarter 2				Quarter 1
Oil ($/Bbl) - West Texas Intermediate (Cushing)		$	94.45			$	76.91			$	70.64			$	66.04			$	57.87
Natural Gas ($/Mcf) - Henry Hub		$	4.96			$	5.84			$	4.02			$	2.83			$	2.71
NGL ($/Bbl) - Mont Belvieu Blended		$	43.99			$	40.39			$	36.85			$	28.54			$	25.81

PER-UNIT CASH MARGIN BY ASSET (per Boe)
		2022				2021
		Quarter 1				Quarter 4				Quarter 3				Quarter 2				Quarter 1
Delaware Basin
Realized price		$	63.75			$	54.28			$	48.29			$	42.84			$	40.95
Lease operating expenses			(3.79	)			(4.02	)			(3.52	)			(3.91	)			(3.97	)
Gathering, processing & transportation			(2.32	)			(2.27	)			(2.18	)			(2.06	)			(1.96	)
Production & property taxes			(4.65	)			(3.40	)			(3.31	)			(3.08	)			(2.95	)
Field-level cash margin		$	52.99			$	44.59			$	39.28			$	33.79			$	32.07
Anadarko Basin
Realized price		$	42.08			$	41.39			$	35.62			$	30.34			$	25.35
Lease operating expenses			(2.75	)			(2.70	)			(2.58	)			(2.96	)			(3.82	)
Gathering, processing & transportation			(6.67	)			(6.60	)			(6.14	)			(6.06	)			(6.31	)
Production & property taxes			(2.35	)			(2.44	)			(1.70	)			(1.46	)			(1.21	)
Field-level cash margin		$	30.31			$	29.65			$	25.20			$	19.86			$	14.01
Williston Basin
Realized price		$	63.31			$	53.44			$	48.55			$	43.98			$	40.79
Lease operating expenses			(7.67	)			(5.76	)			(5.83	)			(4.87	)			(5.13	)
Gathering, processing & transportation			(2.32	)			(2.09	)			(2.13	)			(1.86	)			(2.14	)
Production & property taxes			(5.67	)			(4.64	)			(4.47	)			(4.27	)			(3.82	)
Field-level cash margin		$	47.65			$	40.95			$	36.12			$	32.98			$	29.70
Eagle Ford
Realized price		$	62.74			$	56.06			$	47.40			$	42.84			$	38.90
Lease operating expenses			(4.63	)			(3.78	)			(3.43	)			(3.47	)			(3.89	)
Gathering, processing & transportation			(5.67	)			(6.65	)			(4.17	)			(5.56	)			(6.73	)
Production & property taxes			(3.52	)			(2.93	)			(1.99	)			(1.93	)			(1.71	)
Field-level cash margin		$	48.92			$	42.70			$	37.81			$	31.88			$	26.57
Powder River Basin
Realized price		$	75.75			$	63.45			$	55.93			$	52.55			$	47.58
Lease operating expenses			(9.01	)			(7.49	)			(8.09	)			(6.65	)			(7.45	)
Gathering, processing & transportation			(3.19	)			(2.86	)			(2.93	)			(3.02	)			(2.66	)
Production & property taxes			(9.23	)			(7.49	)			(6.73	)			(6.10	)			(5.48	)
Field-level cash margin		$	54.32			$	45.61			$	38.18			$	36.78			$	31.99
Other
Realized price		$	89.47			$	73.63			$	70.49			$	65.37			$	50.58
Lease operating expenses			(21.34	)			(13.34	)			(16.42	)			(16.69	)			(17.15	)
Gathering, processing & transportation			(0.24	)			(0.31	)			(0.35	)			(0.58	)			(0.62	)
Production & property taxes			(5.93	)			(4.84	)			(4.19	)			(5.25	)			(4.60	)
Field-level cash margin		$	61.96			$	55.14			$	49.53			$	42.85			$	28.21
Devon - Total
Realized price		$	61.40			$	53.12			$	47.08			$	41.75			$	39.14
Lease operating expenses			(4.33	)			(4.18	)			(3.85	)			(4.06	)			(4.44	)
Gathering, processing & transportation			(3.11	)			(3.08	)			(2.81	)			(2.85	)			(2.87	)
Production & property taxes			(4.51	)			(3.49	)			(3.25	)			(3.05	)			(2.88	)
Field-level cash margin		$	49.45			$	42.37			$	37.17			$	31.79			$	28.95

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NON-GAAP MEASURES

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

Devon’s 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 the earnings materials, including reconciliations to their most directly comparable GAAP measure.

The earnings materials may include forward-looking non-GAAP measures. The company is unable to provide reconciliations of these forward-looking non-GAAP measures, because components of the calculations are inherently unpredictable, such as changes to current assets and liabilities, the timing of changes in capital accruals, unknown future events and estimating certain future GAAP measures. The inability to reliably quantify certain components of the calculation would significantly affect the usefulness and accuracy of a reconciliation.

CORE EARNINGS

Devon’s reported net earnings 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 first-quarter 2022 earnings.

		Quarter Ended March 31, 2022
		Before-tax				After-tax				After Noncontrolling Interests				Per Diluted Share
Total
Earnings (GAAP)		$	1,262			$	995			$	989			$	1.48
Adjustments:
Asset dispositions			(1	)			—				—				—
Deferred tax asset valuation allowance			—				6				6				0.01
Fair value changes in financial instruments			338				260				260				0.39
Core earnings (Non-GAAP)		$	1,599			$	1,261			$	1,255			$	1.88

* The tax impact for the adjustments to core earnings in the table above are all deferred.

		Quarter Ended December 31, 2021
		Before-tax				After-tax				After Noncontrolling Interests				Per Diluted Share
Total
Earnings (GAAP)		$	1,662			$	1,512			$	1,506			$	2.23
Adjustments:
Asset dispositions			(49	)			(38	)			(38	)			(0.06	)
Asset and exploration impairments			3				3				3				—
Deferred tax asset valuation allowance			—				(160	)			(160	)			(0.23	)
Change in tax legislation			—				(2	)			(2	)			—
Fair value changes in financial instruments			(515	)			(397	)			(397	)			(0.59	)
Restructuring and transaction costs			28				23				23				0.04
Core earnings (Non-GAAP)		$	1,129			$	941			$	935			$	1.39

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RETURN ON CAPITAL EMPLOYED

Devon defines return on capital employed as pre-interest core earnings divided by average capital employed. Devon believes return on capital employed provides a useful measure of how efficiently the company is using its capital to generate profits. Average capital employed is the average of the capital employed as of the beginning and ending of the relevant period, with capital employed calculated as debt plus stockholders’ equity attributable to Devon less cash and cash equivalents. The table below provides Devon’s return on capital employed for the most recent fiscal year. Because we completed our merger with WPX on January 7, 2021, we have adjusted the beginning capital employed amount to include the associated merger consideration amounts.

		Year Ended
		December 31, 2021
Earnings (GAAP)		$	2,813
Non-GAAP adjustments			(439	)
Core earnings (Non-GAAP)			2,374
Net financing costs (GAAP)			329
Less gain on early retirement of debt			30
Adjusted net financing costs (Non-GAAP)			359
Less tax impact (21%)			(77	)
After-tax net financing costs (Non-GAAP)			282
Pre-interest core earnings (Non-GAAP)		$	2,656
Beginning balance:
Devon legacy		$	4,298
Assumed in merger			3,562
Gross debt			7,860
Devon legacy			2,885
Equity consideration in merger			5,432
Stockholders’ equity			8,317
Devon legacy			(2,237	)
Acquired in merger			(344	)
Less cash			(2,581	)
Beginning capital employed		$	13,596
Ending balance:
Gross debt		$	6,482
Stockholders’ equity			9,262
Less cash			(2,271	)
Ending capital employed		$	13,473
Average capital employed		$	13,535
ROCE			20	%

EBITDAX

Devon believes EBITDAX provides information useful in assessing operating and financial performance across periods. Devon computes EBITDAX as net earnings 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.

		Q1 ‘22				Q4 ‘21				Q3 ‘21				Q2 ‘21				TTM				Q1 ‘21
Net earnings (GAAP)		$	995			$	1,512			$	844			$	261			$	3,612			$	216
Financing costs, net			85				86				86				80				337				77
Income tax expense (benefit)			267				150				120				43				580				(248	)
Exploration expenses			2				5				3				3				13				3
Depreciation, depletion and amortization			489				577				578				536				2,180				467
Asset dispositions			(1	)			(49	)			—				(87	)			(137	)			(32	)
Share-based compensation			20				19				18				20				77				20
Derivative and financial instrument non-cash valuation changes			339				(515	)			(35	)			336				125				296
Restructuring and transaction costs			—				28				18				23				69				189
Accretion on discounted liabilities and other			(61	)			(2	)			2				(14	)			(75	)			(29	)
EBITDAX (Non-GAAP)		$	2,135			$	1,811			$	1,634			$	1,201			$	6,781			$	959
Annualized EBITDAX for first-quarter 2021 (Non-GAAP)																						$	3,836

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NET DEBT

Devon defines net debt as debt less cash, cash equivalents and cash restricted for discontinued operations. 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.

		Mar. 31, 2022				Dec. 31, 2021				Sep. 30, 2021				Jun. 30, 2021				Mar. 31, 2021
Total debt (GAAP)		$	6,471			$	6,482			$	6,492			$	6,502			$	7,268
Less:
Cash, cash equivalents and restricted cash			(2,625	)			(2,271	)			(2,321	)			(1,539	)			(1,878	)
Net debt (Non-GAAP)		$	3,846			$	4,211			$	4,171			$	4,963			$	5,390

NET DEBT-TO-EBITDAX

Devon defines net debt-to-EBITDAX as net debt divided by an annualized EBITDAX measure. Devon believes this ratio provides information useful to investors in assessing the company’s credit position and debt leverage.    

		March 31, 2022				December 31, 2021				March 31, 2021
Net debt (Non-GAAP)		$	3,846			$	4,211			$	5,390
EBITDAX (Non-GAAP) (1)		$	6,781			$	5,605			$	3,836
Net debt-to-EBITDAX (Non-GAAP)			0.6				0.8				1.4

(1) The first quarter 2022 EBITDAX is an annualized measure using a trailing twelve month calculation. The first quarter 2021 EBITDAX is an annualized measure. See the EBITDAX table on the previous page for details. Due to the merger with WPX closing in the first quarter of 2021, Devon has shown Q1 2021 EBITDAX annualized divided by net debt to show a more meaningful net debt-to-EBITDAX measure.

FREE CASH FLOW AND ADJUSTED FREE CASH FLOW

Devon defines free cash flow as total operating cash flow less capital expenditures, and Devon defines adjusted free cash flow as free cash flow less cash restructuring and transaction costs. Devon believes that free cash flow and adjusted free cash flow provide a useful measure of available cash generated by operating activities for other investing and financing activities.

		Quarter Ended Mar. 31, 2022				Quarter Ended Dec. 31, 2021				Quarter Ended Sep. 30, 2021				Quarter Ended Jun. 30, 2021				Quarter Ended Mar. 31, 2021
Total operating cash flow (GAAP)		$	1,837			$	1,616			$	1,598			$	1,093			$	592
Less capital expenditures:
Capital expenditures			(537	)			(512	)			(474	)			(504	)			(499	)
Free cash flow (Non-GAAP)			1,300				1,104				1,124				589				93
Cash restructuring and transaction costs (Non-GAAP)			—				28				14				23				167
Adjusted free cash flow (Non-GAAP)		$	1,300			$	1,132			$	1,138			$	612			$	260

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REINVESTMENT RATE

Devon defines reinvestment rate as accrued capital expenditures divided by operating cash flow. Devon believes this measure provides useful information to our investors as an indicator of the capital demands of our business relative to the cash flow generated from normal business operations.

		Quarter Ended March 31, 2022				Quarter Ended December 31, 2021
Capital expenditures (accrued)		$	564			$	521
Operating cash flow		$	1,837			$	1,616
Reinvestment rate (Non-GAAP)			31	%			32	%

VARIABLE DIVIDEND

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

		Quarter Ended March 31, 2022
Operating cash flow (GAAP)		$	1,837
Changes in assets and liabilities, net			143
Cash from operations before balance sheet changes (Non-GAAP)			1,980
Ukraine charitable pledge			20
Adjusted cash flow (Non-GAAP)			2,000
Capital expenditures (Accrued)			(564	)
Adjusted free cash flow (Non-GAAP)			1,436
Fixed quarterly dividend ($0.16/share)			(109	)
Excess free cash flow (Non-GAAP)			1,327
~50% Pay out (Board Discretion: Up to 50%)			50	%
~50% of excess free cash flow			663
Contingent proceeds (Barnett and Wind River)			69
Total variable dividend		$	732

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SECOND-QUARTER AND FULL-YEAR 2022 GUIDANCE

PRODUCTION GUIDANCE

		Quarter 2								Full Year
		Low				High				Low				High
Oil (MBbls/d)			289				296				285				295
Natural gas liquids (MBbls/d)			146				151				138				148
Gas (MMcf/d)			900				940				880				940
Total oil equivalent (MBoe/d)			585				604				570				600

CAPITAL EXPENDITURES GUIDANCE

		Quarter 2								Full Year
(in millions)		Low				High				Low				High
Upstream capital		$	520			$	560			$	1,900			$	2,200
Environmental capital			20				30				80				120
Midstream & other capital			30				50				80				120
Total capital		$	570			$	640			$	2,060			$	2,440

PRICE REALIZATIONS GUIDANCE

		Quarter 2								Full Year
		Low				High				Low				High
Oil - % of WTI			92	%			100	%			92	%			100	%
NGL - % of WTI			35	%			45	%			35	%			45	%
Natural gas - % of Henry Hub			75	%			85	%			80	%			90	%

OTHER GUIDANCE ITEMS

		Quarter 2								Full Year
($ millions, except Boe and %)		Low				High				Low				High
Marketing & midstream operating profit		$	(10	)		$	—			$	(25	)		$	(15	)
LOE & GP&T per BOE		$	7.30			$	7.60			$	7.25			$	7.75
Production & property taxes as % of upstream sales			7.0	%			8.0	%			7.0	%			8.0	%
Exploration expenses		$	—			$	5			$	5			$	15
Depreciation, depletion and amortization		$	500			$	550			$	2,050			$	2,150
General & administrative expenses		$	80			$	85			$	330			$	350
Net financing costs, net		$	80			$	90			$	335			$	345
Other expenses		$	—			$	10			$	(50	)		$	(30	)

INCOME TAX GUIDANCE

(% of pre-tax earnings)		Quarter 2				Full Year
Current income tax rate(1)			9	%			9	%
Deferred income tax rate			13	%			13	%
Total income tax rate			22	%			22	%

  (1) Assumes $95 WTI and $6 Henry Hub pricing for full-year 2022.

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CONTINGENT PAYMENTS FOR BARNETT SHALE DIVESTITURE (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

2022 & 2023 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)
Q2 2022			35,800			$	44.29				40,000			$	51.13			$	68.86
Q3 2022			35,000			$	44.61				42,500			$	56.11			$	73.82
Q4 2022			35,000			$	44.61				30,500			$	60.53			$	84.02
Q1-Q4 2023			—			$	—				6,200			$	61.32			$	97.65

Oil Basis Swaps

Period		Index		Volume (Bbls/d)				Weighted Average Differential to WTI ($/Bbl)
Q2-Q4 2022		BRENT/WTI Spread			1,000			$	(7.75	)
Q2-Q4 2022		NYMEX Roll			29,000			$	0.45
Q1-Q4 2023		Midland Sweet			3,000			$	0.73

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)
Q2 2022			110,000			$	2.79				253,000			$	2.92			$	4.10
Q3 2022			110,000			$	2.79				221,000			$	2.98			$	4.35
Q4 2022			120,000			$	3.15				165,000			$	3.16			$	4.82
Q1-Q4 2023			7,425			$	4.81				63,901			$	3.43			$	5.86

Natural Gas Basis Swaps

Period		Index		Volume (MMBtu/d)				Weighted Average Differential to Henry Hub ($/MMBtu)
Q2-Q4 2022		WAHA			70,000			$	(0.57	)
Q2-Q4 2022		El Paso Permian			40,000			$	(0.82	)
Q2-Q4 2022		Houston Ship Channel			18,909			$	(0.16	)
Q1-Q4 2023		WAHA			70,000			$	(0.51	)
Q1-Q4 2023		El Paso Permian			85,000			$	(1.47	)
Q1-Q4 2023		Houston Ship Channel			30,000			$	(0.15	)

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 end of the month Henry Hub index. Commodity hedge positions are shown as of April 28, 2022.

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