戴文能源公司Devon Energy（DVN）2025年第四季度及全年财务业绩投资人演示文稿「NYSE」（英文版）（14页）.pdf

1、Q4 2025EARNINGS PRESENTATIONFebruary 17,2026NYSE:DVNDEVONENERGY.COMKEY HIGHLIGHTSOUR DISCIPLINED MODEL CREATES SIGNIFICANT VALUEAnnounced transformational merger with Coterra EnergyCreates a premier,large-cap shale operatorBuilds leading Delaware Basin position with 10 years of high-quality inventor

2、yExpect to achieve$1.0 billion of pre-tax annual synergies by year-end 2027Outperformed Q4 expectations across key value driversDelivered 390,000 barrels of oil per day,exceeding top-end of guidanceCapital investment of$883 million,4%below mid-point guidanceAchieved an 8%improvement in operating cos

3、ts year-to-dateBusiness optimization accelerates value captureAchieved 85%of$1 billion target ahead of scheduleOn track to achieve remaining targets by year-end 2026Value beyond business optimization$1 billion in value uplift delivered in 2025 with proactive asset management15%ownership stake in Fer

4、vo Energy following Series E funding roundSignificant free cash flow fuels shareholder returns$702 million of free cash flow generation and distributed$400 million to shareholdersPlan to increase quarterly dividend to$0.315 per share following merger closeExpect new share repurchase authorization of

5、 more than$5 billion following merger close1.2.3.4.5.Q4 2025 EARNINGS PRESENTATION 2(1)Subject to Board approval following the close of Devon and Coterra merger.(1)(1)TRANSFORMATIVE MERGER CREATES PREMIER SHALE OPERATORQ4 2025 EARNINGS PRESENTATION 3Large-Cap Shale PowerhouseMust-own,large-cap indep

6、endent with$60 billion pro forma enterprise valueResilience anchored by high-margin L48 portfolio&balanced commodity mixFranchise Delaware Asset Underpins over 50%of enterprise-wide production and free cash flow10 years of highly competitive inventory$1.0B of Pre-Tax SynergiesDelivers significant sy