Exhibit 99.2

Devon Energy Third-Quarter 2023

Supplemental Tables

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

1

CONSOLIDATED STATEMENTS OF EARNINGS

(in millions, except per share amounts)		2023												2022
		Quarter 3				Quarter 2				Quarter 1				Quarter 4				Quarter 3
Oil, gas and NGL sales		$	2,882			$	2,493			$	2,679			$	3,139			$	3,668
Oil, gas and NGL derivatives (1)			(194	)			(76	)			64				(53	)			248
Marketing and midstream revenues			1,148				1,037				1,080				1,213				1,516
Total revenues			3,836				3,454				3,823				4,299				5,432
Production expenses (2)			757				719				693				715				735
Exploration expenses			3				10				3				13				4
Marketing and midstream expenses			1,160				1,051				1,105				1,231				1,525
Depreciation, depletion and amortization			651				638				615				625				581
Asset dispositions			—				(41	)			—				(29	)			—
General and administrative expenses			99				92				106				122				95
Financing costs, net (3)			81				78				72				73				67
Other, net			13				10				5				(4	)			(40	)
Total expenses			2,764				2,557				2,599				2,746				2,967
Earnings before income taxes			1,072				897				1,224				1,553				2,465
Income tax expense (4)			152				199				221				349				565
Net earnings			920				698				1,003				1,204				1,900
Net earnings attributable to noncontrolling interests			10				8				8				3				7
Net earnings attributable to Devon		$	910			$	690			$	995			$	1,201			$	1,893
Net earnings per share:
Basic net earnings per share		$	1.43			$	1.08			$	1.53			$	1.84			$	2.89
Diluted net earnings per share		$	1.42			$	1.07			$	1.53			$	1.83			$	2.88
Weighted average common shares outstanding:
Basic			637				638				645				647				649
Diluted			639				639				647				649				651

2

SUPPLEMENTAL INFORMATION FOR CONSOLIDATED STATEMENTS OF EARNINGS

(1) OIL, GAS AND NGL DERIVATIVES

(in millions)		2023												2022
		Quarter 3				Quarter 2				Quarter 1				Quarter 4				Quarter 3
Derivative cash settlements		$	(11	)		$	37			$	13			$	(177	)		$	(363	)
Derivative valuation changes			(183	)			(113	)			51				124				611
Oil, gas and NGL derivatives		$	(194	)		$	(76	)		$	64			$	(53	)		$	248
(2) PRODUCTION EXPENSES
(in millions)		2023												2022
		Quarter 3				Quarter 2				Quarter 1				Quarter 4				Quarter 3
Lease operating expense		$	367			$	353			$	327			$	308			$	284
Gathering, processing & transportation			178				177				166				178				177
Production taxes			191				165				175				210				252
Property taxes			21				24				25				19				22
Production expenses		$	757			$	719			$	693			$	715			$	735
(3) FINANCING COSTS, NET
(in millions)		2023												2022
		Quarter 3				Quarter 2				Quarter 1				Quarter 4				Quarter 3
Interest based on outstanding debt		$	93			$	96			$	93			$	93			$	92
Interest income			(11	)			(15	)			(17	)			(16	)			(19	)
Other			(1	)			(3	)			(4	)			(4	)			(6	)
Financing costs, net		$	81			$	78			$	72			$	73			$	67
(4) INCOME TAX EXPENSE
(in millions)		2023												2022
		Quarter 3				Quarter 2				Quarter 1				Quarter 4				Quarter 3
Current expense		$	139			$	80			$	141			$	84			$	120
Deferred expense			13				119				80				265				445
Income tax expense		$	152			$	199			$	221			$	349			$	565

3

CONSOLIDATED BALANCE SHEETS

(in millions)		September 30, 2023				December 31, 2022
Current assets:
Cash, cash equivalents and restricted cash		$	761			$	1,454
Accounts receivable			1,853				1,767
Inventory			233				201
Other current assets			365				469
Total current assets			3,212				3,891
Oil and gas property and equipment, based on successful efforts accounting, net			17,563				16,567
Other property and equipment, net			1,468				1,539
Total property and equipment, net			19,031				18,106
Goodwill			753				753
Right-of-use assets			261				224
Investments			671				440
Other long-term assets			313				307
Total assets		$	24,241			$	23,721
Current liabilities:
Accounts payable		$	812			$	859
Revenues and royalties payable			1,434				1,506
Short-term debt			487				251
Other current liabilities			597				489
Total current liabilities			3,330				3,105
Long-term debt			5,675				6,189
Lease liabilities			290				257
Asset retirement obligations			641				511
Other long-term liabilities			850				900
Deferred income taxes			1,676				1,463
Stockholders’ equity:
Common stock			64				65
Additional paid-in capital			6,153				6,921
Retained earnings			5,535				4,297
Accumulated other comprehensive loss			(113	)			(116	)
Total stockholders’ equity attributable to Devon			11,639				11,167
Noncontrolling interests			140				129
Total equity			11,779				11,296
Total liabilities and equity		$	24,241			$	23,721
Common shares outstanding			641				653

4

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)		2023												2022
		Quarter 3				Quarter 2				Quarter 1				Quarter 4				Quarter 3
Cash flows from operating activities:
Net earnings		$	920			$	698			$	1,003			$	1,204			$	1,900
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation, depletion and amortization			651				638				615				625				581
Leasehold impairments			1				3				—				2				2
Amortization of liabilities			(2	)			(8	)			(7	)			(8	)			(8	)
Total (gains) losses on commodity derivatives			194				76				(64	)			53				(248	)
Cash settlements on commodity derivatives			(11	)			37				13				(177	)			(363	)
Gains on asset dispositions			—				(41	)			—				(29	)			—
Deferred income tax expense			13				119				80				265				445
Share-based compensation			22				25				23				23				22
Other			(2	)			(2	)			2				(1	)			8
Changes in assets and liabilities, net			(61	)			(140	)			12				(46	)			(235	)
Net cash from operating activities			1,725				1,405				1,677				1,911				2,104
Cash flows from investing activities:
Capital expenditures			(882	)			(1,079	)			(1,012	)			(804	)			(628	)
Acquisitions of property and equipment			(23	)			(18	)			(13	)			(17	)			(2,465	)
Divestitures of property and equipment			1				1				21				—				4
Distributions from investments			7				9				8				9				7
Contributions to investments and other			—				(15	)			(37	)			(17	)			(16	)
Net cash from investing activities			(897	)			(1,102	)			(1,033	)			(829	)			(3,098	)
Cash flows from financing activities:
Repayments of long-term debt			(242	)			—				—				—				—
Repurchases of common stock			—				(228	)			(517	)			(57	)			(126	)
Dividends paid on common stock			(312	)			(462	)			(596	)			(875	)			(1,007	)
Contributions from noncontrolling interests			10				8				—				—				—
Distributions to noncontrolling interests			(9	)			(13	)			(11	)			(8	)			(9	)
Shares exchanged for tax withholdings and other			—				(9	)			(87	)			—				(1	)
Net cash from financing activities			(553	)			(704	)			(1,211	)			(940	)			(1,143	)
Effect of exchange rate changes on cash			(2	)			2				—				2				(10	)
Net change in cash, cash equivalents and restricted cash			273				(399	)			(567	)			144				(2,147	)
Cash, cash equivalents and restricted cash at beginning of period			488				887				1,454				1,310				3,457
Cash, cash equivalents and restricted cash at end of period		$	761			$	488			$	887			$	1,454			$	1,310
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents		$	654			$	372			$	761			$	1,314			$	1,166
Restricted cash			107				116				126				140				144
Total cash, cash equivalents and restricted cash		$	761			$	488			$	887			$	1,454			$	1,310

5

PRODUCTION

		2023												2022
		Quarter 3				Quarter 2				Quarter 1				Quarter 4				Quarter 3
Oil (MBbls/d)
Delaware Basin			215				209				211				201				210
Eagle Ford			40				45				40				42				19
Anadarko Basin			14				15				15				15				13
Williston Basin			35				36				36				37				35
Powder River Basin			13				14				14				16				13
Other			4				4				4				5				4
Total			321				323				320				316				294
Natural gas liquids (MBbls/d)
Delaware Basin			112				105				97				101				108
Eagle Ford			15				16				15				12				9
Anadarko Basin			27				31				26				23				27
Williston Basin			9				9				8				9				8
Powder River Basin			2				2				2				3				2
Other			1				1				1				—				—
Total			166				164				149				148				154
Gas (MMcf/d)
Delaware Basin			680				636				640				626				623
Eagle Ford			78				86				82				84				63
Anadarko Basin			235				254				237				238				224
Williston Basin			58				59				54				64				71
Powder River Basin			18				18				16				21				18
Other			1				1				1				1				1
Total			1,070				1,054				1,030				1,034				1,000
Total oil equivalent (MBoe/d)
Delaware Basin			440				420				415				407				421
Eagle Ford			68				74				68				68				39
Anadarko Basin			80				89				81				77				77
Williston Basin			54				56				53				57				55
Powder River Basin			19				19				19				22				18
Other			4				4				5				5				4
Total			665				662				641				636				614

6

CAPITAL EXPENDITURES

(in millions)		2023												2022
		Quarter 3				Quarter 2				Quarter 1				Quarter 4				Quarter 3
Delaware Basin		$	503			$	583			$	572			$	518			$	444
Eagle Ford			198				179				188				160				38
Anadarko Basin			13				67				66				59				55
Williston Basin			69				89				73				90				57
Powder River Basin			45				39				32				46				44
Other			2				1				2				1				1
Total upstream capital		$	830			$	958			$	933			$	874			$	639
Carbon capital			25				30				27				20				27
Midstream and Corporate			41				30				28				28				22
Acquisitions (1)			23				18				13				13				2,534
Total capital		$	919			$	1,036			$	1,001			$	935			$	3,222

(1) Q3 2022 includes $2,532 million related to Validus and RimRock acquisitions.

SUPPLEMENTAL INFORMATION FOR CAPITAL EXPENDITURES

GROSS OPERATED SPUDS
		2023												2022
		Quarter 3				Quarter 2				Quarter 1				Quarter 4				Quarter 3
Delaware Basin			64				65				60				60				50
Eagle Ford			28				18				23				31				7
Anadarko Basin			10				9				19				8				13
Williston Basin			7				8				6				9				10
Powder River Basin			4				3				3				4				6
Total			113				103				111				112				86
GROSS OPERATED WELLS TIED-IN
		2023												2022
		Quarter 3				Quarter 2				Quarter 1				Quarter 4				Quarter 3
Delaware Basin			59				76				42				55				59
Eagle Ford			13				29				26				28				8
Anadarko Basin			—				16				7				23				13
Williston Basin			6				8				17				5				14
Powder River Basin			3				2				5				3				9
Total			81				131				97				114				103
AVERAGE LATERAL LENGTH
(based on wells tied-in)		2023												2022
		Quarter 3				Quarter 2				Quarter 1				Quarter 4				Quarter 3
Delaware Basin			9,700’				10,100’				9,900’				9,600’				10,900’
Eagle Ford			5,000’				6,200’				6,700’				6,500’				7,800’
Anadarko Basin			—				9,100’				9,300’				8,700’				9,500’
Williston Basin			12,300’				10,000’				11,500’				9,900’				10,500’
Powder River Basin			13,300’				15,000’				10,700’				9,600’				11,800’
Total			9,300’				9,200’				9,300’				8,700’				10,500’

7

REALIZED PRICING

BENCHMARK PRICES

(average prices)		2023												2022
		Quarter 3				Quarter 2				Quarter 1				Quarter 4				Quarter 3
Oil ($/Bbl) - West Texas Intermediate (Cushing)		$	82.06			$	73.76			$	76.17			$	82.53			$	91.87
Natural Gas ($/Mcf) - Henry Hub		$	2.54			$	2.09			$	3.44			$	6.26			$	8.20
NGL ($/Bbl) - Mont Belvieu Blended		$	26.62			$	23.99			$	29.48			$	30.46			$	39.67
REALIZED PRICES
		2023												2022
		Quarter 3				Quarter 2				Quarter 1				Quarter 4				Quarter 3
Oil (Per Bbl)
Delaware Basin		$	80.72			$	71.86			$	74.43			$	82.48			$	93.60
Eagle Ford			80.85				72.36				74.06				83.23				91.53
Anadarko Basin			79.86				71.52				74.14				82.57				91.42
Williston Basin			79.50				70.80				74.09				81.05				91.30
Powder River Basin			78.51				70.75				74.30				81.29				91.33
Realized price without hedges			80.48				71.74				74.32				82.31				92.98
Cash settlements			(0.67	)			—				(0.10	)			(4.87	)			(8.60	)
Realized price, including cash settlements		$	79.81			$	71.74			$	74.22			$	77.44			$	84.38
Natural gas liquids (Per Bbl)
Delaware Basin		$	20.76			$	18.07			$	23.72			$	23.68			$	34.37
Eagle Ford			23.70				20.22				26.18				29.06				35.55
Anadarko Basin			23.37				19.42				27.88				29.58				35.52
Williston Basin			4.09				2.52				8.97				7.97				25.41
Powder River Basin			29.63				24.52				35.72				34.91				44.85
Realized price without hedges			20.72				17.79				24.12				24.32				34.44
Cash settlements			—				—				—				—				—
Realized price, including cash settlements		$	20.72			$	17.79			$	24.12			$	24.32			$	34.44
Gas (Per Mcf)
Delaware Basin		$	1.94			$	1.18			$	1.90			$	4.30			$	7.06
Eagle Ford			2.31				1.80				2.99				5.02				7.53
Anadarko Basin			2.17				1.72				3.14				5.37				8.89
Williston Basin			N/M				N/M				1.57				0.44				3.23
Powder River Basin			2.53				2.41				4.25				5.57				8.23
Realized price without hedges			1.92				1.27				2.29				4.39				7.25
Cash settlements			0.09				0.39				0.18				(0.38	)			(1.42	)
Realized price, including cash settlements		$	2.01			$	1.66			$	2.47			$	4.01			$	5.83
Total oil equivalent (Per Boe)
Delaware Basin		$	47.68			$	42.05			$	46.35			$	53.34			$	65.80
Eagle Ford			55.71				49.69				52.81				62.92				65.49
Anadarko Basin			27.88				24.04				32.16				41.25				53.72
Williston Basin			52.64				45.94				52.94				54.51				66.65
Powder River Basin			62.21				56.33				63.01				67.59				78.58
Realized price without hedges			47.10				41.39				46.44				53.66				64.89
Cash settlements			(0.18	)			0.61				0.22				(3.04	)			(6.41	)
Realized price, including cash settlements		$	46.92			$	42.00			$	46.66			$	50.62			$	58.48

8

ASSET MARGINS

BENCHMARK PRICES
(average prices)		2023												2022
		Quarter 3				Quarter 2				Quarter 1				Quarter 4				Quarter 3
Oil ($/Bbl) - West Texas Intermediate (Cushing)		$	82.06			$	73.76			$	76.17			$	82.53			$	91.87
Natural Gas ($/Mcf) - Henry Hub		$	2.54			$	2.09			$	3.44			$	6.26			$	8.20
NGL ($/Bbl) - Mont Belvieu Blended		$	26.62			$	23.99			$	29.48			$	30.46			$	39.67
PER-UNIT CASH MARGIN BY ASSET (per Boe)
		2023												2022
		Quarter 3				Quarter 2				Quarter 1				Quarter 4				Quarter 3
Delaware Basin
Realized price		$	47.68			$	42.05			$	46.35			$	53.34			$	65.80
Lease operating expenses			(5.03	)			(4.96	)			(4.58	)			(4.55	)			(4.39	)
Gathering, processing & transportation			(2.63	)			(2.63	)			(2.63	)			(2.52	)			(2.40	)
Production & property taxes			(3.48	)			(3.18	)			(3.43	)			(3.89	)			(4.81	)
Field-level cash margin		$	36.54			$	31.28			$	35.71			$	42.38			$	54.20
Eagle Ford
Realized price		$	55.71			$	49.69			$	52.81			$	62.92			$	65.49
Lease operating expenses			(7.52	)			(6.18	)			(6.32	)			(5.63	)			(4.94	)
Gathering, processing & transportation			(1.63	)			(1.67	)			(1.49	)			(3.08	)			(4.94	)
Production & property taxes			(3.18	)			(2.97	)			(3.25	)			(2.97	)			(3.79	)
Field-level cash margin		$	43.38			$	38.87			$	41.75			$	51.24			$	51.82
Anadarko Basin
Realized price		$	27.88			$	24.04			$	32.16			$	41.25			$	53.72
Lease operating expenses			(3.43	)			(3.13	)			(3.41	)			(3.59	)			(3.46	)
Gathering, processing & transportation			(6.11	)			(5.97	)			(5.93	)			(6.84	)			(6.91	)
Production & property taxes			(1.36	)			(1.22	)			(1.73	)			(2.29	)			(3.26	)
Field-level cash margin		$	16.98			$	13.72			$	21.09			$	28.53			$	40.09
Williston Basin
Realized price		$	52.64			$	45.94			$	52.94			$	54.51			$	66.65
Lease operating expenses			(13.04	)			(13.43	)			(13.25	)			(9.93	)			(9.97	)
Gathering, processing & transportation			(2.31	)			(2.29	)			(2.19	)			(1.92	)			(2.40	)
Production & property taxes			(5.13	)			(4.68	)			(4.85	)			(5.64	)			(6.33	)
Field-level cash margin		$	32.16			$	25.54			$	32.65			$	37.02			$	47.95
Powder River Basin
Realized price		$	62.21			$	56.33			$	63.01			$	67.59			$	78.58
Lease operating expenses			(8.45	)			(10.03	)			(11.07	)			(7.15	)			(7.03	)
Gathering, processing & transportation			(3.02	)			(2.97	)			(2.73	)			(2.98	)			(3.24	)
Production & property taxes			(7.45	)			(6.79	)			(7.78	)			(8.13	)			(9.50	)
Field-level cash margin		$	43.29			$	36.54			$	41.43			$	49.33			$	58.81
Devon - Total
Realized price		$	47.10			$	41.39			$	46.44			$	53.66			$	64.89
Lease operating expenses			(6.00	)			(5.86	)			(5.67	)			(5.26	)			(5.02	)
Gathering, processing & transportation			(2.91	)			(2.94	)			(2.88	)			(3.05	)			(3.13	)
Production & property taxes			(3.46	)			(3.14	)			(3.47	)			(3.91	)			(4.84	)
Field-level cash margin		$	34.73			$	29.45			$	34.42			$	41.44			$	51.90

9

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 and core earnings 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 third- quarter 2023 earnings.

		Quarter Ended September 30, 2023
		Before-tax				After-tax				After NCI				Per Diluted Share
Total
Earnings (GAAP)		$	1,072			$	920			$	910			$	1.42
Adjustments:
Deferred tax asset valuation allowance			—				3				3				—
Fair value changes in financial instruments			186				145				145				0.23
Core earnings (Non-GAAP)		$	1,258			$	1,068			$	1,058			$	1.65

EBITDAX

Devon believes EBITDAX provides information useful in assessing operating and financial performance across periods. Devon computes EBITDAX as net earnings before financing costs, net; income tax expense; exploration expenses; depreciation, depletion and amortization; asset disposition gains and losses; non-cash share-based compensation; non-cash valuation changes for derivatives and financial instruments; 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.

		Q3 ‘23				Q2 ‘23				Q1 ‘23				Q4 ‘22				TTM				Q3 ‘22
Net earnings (GAAP)		$	920			$	698			$	1,003			$	1,204			$	3,825			$	1,900
Financing costs, net			81				78				72				73				304				67
Income tax expense			152				199				221				349				921				565
Exploration expenses			3				10				3				13				29				4
Depreciation, depletion and amortization			651				638				615				625				2,529				581
Asset dispositions			—				(41	)			—				(29	)			(70	)			—
Share-based compensation			22				25				23				23				93				22
Derivative & financial instrument non-cash val. changes			183				113				(51	)			(122	)			123				(613	)
Accretion on discounted liabilities and other			13				10				5				(6	)			22				(38	)
EBITDAX (Non-GAAP)		$	2,025			$	1,730			$	1,891			$	2,130			$	7,776			$	2,488

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NET DEBT

Devon defines net debt as debt (includes short-term and long-term debt) less cash, cash equivalents and restricted cash. 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.

		Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022
Total debt (GAAP)		$	6,162			$	6,413			$	6,422			$	6,440			$	6,451
Less:
Cash, cash equivalents and restricted cash			(761	)			(488	)			(887	)			(1,454	)			(1,310	)
Net debt (Non-GAAP)		$	5,401			$	5,925			$	5,535			$	4,986			$	5,141

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.

		Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022
Net debt (Non-GAAP)		$	5,401			$	5,925			$	5,535			$	4,986			$	5,141
EBITDAX (Non-GAAP) (1)		$	7,776			$	8,239			$	9,342			$	9,586			$	9,267
Net debt-to-EBITDAX (Non-GAAP)			0.7				0.7				0.6				0.5				0.6

(1) EBITDAX is an annualized measure using a trailing twelve-month calculation.

FREE CASH FLOW

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

		Quarter Ended Sep. 30, 2023				Quarter Ended Jun. 30, 2023				Quarter Ended Mar. 31, 2023				Quarter Ended Dec. 31, 2022				Quarter Ended Sep. 30, 2022
Total operating cash flow (GAAP)		$	1,725			$	1,405			$	1,677			$	1,911			$	2,104
Less capital expenditures:			(882	)			(1,079	)			(1,012	)			(804	)			(628	)
Free cash flow (Non-GAAP)		$	843			$	326			$	665			$	1,107			$	1,476

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REINVESTMENT RATE

Devon defines reinvestment rate as accrued capital expenditures (excluding acquisitions) 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 Sep. 30, 2023				Quarter Ended Jun. 30, 2023				Quarter Ended Mar. 31, 2023
Capital expenditures (excludes acquisitions)		$	896			$	1,018			$	988
Operating cash flow		$	1,725			$	1,405			$	1,677
Reinvestment rate (Non-GAAP)			52	%			72	%			59	%

VARIABLE DIVIDEND

Devon may pay a variable dividend of 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 Sep. 30, 2023
Operating cash flow (GAAP)		$	1,725
Changes in assets and liabilities, net			61
Adjusted cash flow (Non-GAAP)			1,786
Capital expenditures (Accrued)			(919	)
Adjusted free cash flow (Non-GAAP)			867
Fixed quarterly dividend			(127	)
Excess free cash flow (Non-GAAP)		$	740
~50% Pay out (Board Discretion: Up to 50%)			50	%
Total variable dividend		$	365

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FOURTH-QUARTER 2023 GUIDANCE

PRODUCTION GUIDANCE

		Quarter 4
		Low				High
Oil (MBbls/d)			312				318
Natural gas liquids (MBbls/d)			160				166
Gas (MMcf/d)			1,010				1,055
Total oil equivalent (MBoe/d)			640				660

CAPITAL EXPENDITURES GUIDANCE

		Quarter 4
(in millions)		Low				High
Upstream capital		$	820			$	860
Carbon capital			20				30
Midstream & other capital			30				40
Total capital		$	870			$	930

PRICE REALIZATIONS GUIDANCE

		Quarter 4
		Low				High
Oil - % of WTI			96	%			100	%
NGL - % of WTI			20	%			30	%
Natural gas - % of Henry Hub			60	%			70	%

OTHER GUIDANCE ITEMS

		Quarter 4
($ millions, except Boe and %)		Low				High
Marketing & midstream operating profit		$	(15	)		$	(5	)
LOE & GP&T per BOE		$	9.15			$	9.35
Production & property taxes as % of upstream sales			7.0	%			8.0	%
Exploration expenses		$	—			$	5
Depreciation, depletion and amortization		$	620			$	660
General & administrative expenses		$	100			$	110
Financing costs, net		$	70			$	80
Other expenses		$	—			$	5

INCOME TAX GUIDANCE

		Quarter 4
(% of pre-tax earnings)		Low				High
Current income tax rate			11	%			13	%
Deferred income tax rate			9	%			11	%
Total income tax rate			~22%

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CONTINGENT PAYMENTS FOR BARNETT SHALE DIVESTITURE (2 more years through 2024)

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

2023 & 2024 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)
Q4 2023		23,000		$	73.38			81,000		$	69.63			$	94.29
Q1-Q4 2024		27,486		$	77.74			60,238		$	65.71			$	84.89

Oil Basis Swaps

Period		Index		Volume (Bbls/d)				Weighted Average Differential to WTI ($/Bbl)
Q4 2023		Midland Sweet			66,500			$	1.11
Q1-Q4 2024		Midland Sweet			62,500			$	1.17
Q1-Q4 2024		NYMEX Roll			26,000			$	0.82

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)
Q4 2023		161,000		$	3.36			147,000		$	3.67			$	7.62
Q1-Q4 2024		152,426		$	3.37			40,527		$	3.78			$	7.05

Natural Gas Basis Swaps

Period		Index		Volume (MMBtu/d)		Weighted Average Differential to Henry Hub ($/MMBtu)
Q4 2023		WAHA		70,000		$	(0.51	)
Q4 2023		El Paso Permian		145,000		$	(1.58	)
Q4 2023		Houston Ship Channel		70,000		$	(0.19	)
Q1-Q4 2024		WAHA		44,973		$	(0.58	)
Q1-Q4 2024		El Paso Permian		34,863		$	(0.91	)
Q1-Q4 2024		Houston Ship Channel		110,000		$	(0.24	)

NGL Commodity Hedges

				Price Swaps
Period		Product		Volume (Bbls/d)				Weighted Average Price ($/Bbl)
Q1-Q4 2024		Natural Gasoline			3,000			$	69.11
Q1-Q4 2024		Normal Butane			3,350			$	37.58
Q1-Q4 2024		Propane			3,000			$	32.20

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 NYMEX 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 October 31, 2023.

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