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Investor Meeting

June 2013

Investor Notices
Safe Harbor Some of the information provided in this presentation includes forward-looking statements as defined by the Securities and Exchange Commission. Words such as forecasts," "projections," "estimates," "plans," "expectations," "targets," and other comparable terminology often identify forward-looking statements. Such statements concerning future performance are subject to a variety of risks and uncertainties that could cause Devons actual results to differ materially from the forward-looking statements contained herein, including as a result of the items described under "Risk Factors" in our most recent Form 10-K and the items described under "Information Regarding Forward-Looking Estimates" in our Form 8-K filed February 20, 2013. Cautionary Note to Investors The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that meet the SEC's definitions for such terms, and price and cost sensitivities for such reserves, and prohibits disclosure of resources that do not constitute such reserves. This presentation may contain certain terms, such as resource potential and exploration target size. These estimates are by their nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of being actually realized. The SEC guidelines strictly prohibit us from including these estimates in filings with the SEC. Investors are urged to consider closely the disclosure in our Form 10-K, available from us at Devon Energy Corporation, Attn. Investor Relations, 333 West Sheridan, Oklahoma City, OK 73102-5015. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or from the SECs website at www.sec.gov.
NYSE: DVN www.devonenergy.com Slide 2

Devon Today

Proved reserves: 3.0 billion BOE


(47% liquids) Deep Basin

Horn River Jackfish Pike Ferrier Corridor

Oil Liquids-Rich Dry Gas

Q1 2013 production: 687 MBOED Production mix: 24% oil 17% NGLs 59% natural gas Significant midstream business 2013e operating profit: $450 million Enterprise value: $30 billion

Powder River Washakie

Rockies Oil

Cana Woodford Granite Wash Permian Basin Groesbeck

Mississippian Barnett Shale Haynesville/Bossier Carthage

NYSE: DVN

www.devonenergy.com

Slide 3

Progress Report
First-Quarter Highlights
Total oil production increased 14% Permian Basin oil production up 24% Jackfish oil production up 18% Positive results in emerging oil plays Recent wells in Mississippian play >1,000 BOPD Promising high rate wells in the Rockies Added attractive oil and gas hedges for 2013 and 2014 Announced $2 billion repatriation of foreign cash to U.S.

Challenges
Transition to a higher oil-weighted production profile Near-term price realizations in North America
Slide 4

Devons Strengths

Disciplined focus on per share results Deep inventory of development opportunities Strong, highly-visible oil growth Significant positions in emerging oil plays Strong balance sheet

NYSE: DVN

www.devonenergy.com

Slide 5

Financial Strength & Flexibility

Cash and short-term investments: $6.5 billion


(As of 3/31/13)

Net debt-to-cap ratio: 22% Strong investment grade ratings


Fitch: BBB+ Moodys: Baa1 S&P: BBB+

Provides flexibility to invest in high-return projects in all market cycles


Note: Includes a non-GAAP measure, see appendix for required disclosures.

NYSE: DVN

www.devonenergy.com

Slide 6

Attractively Hedged

Oil Hedges
Q2-Q4 2013: 135 MBOPD at a protected price of $95 per BBL
(80% of forecasted oil production)

2014: 31 MBOPD at a protected price of $92 per BBL

WCS Regional Oil Basis Swaps


Q2-Q4 2013: 35 MBOPD at a differential to WTI of $22 per BBL

Natural Gas Hedges


Q2-Q4 2013: 1.0 BCFD swapped at $4.18 per MCF Q2-Q4 2013: 0.7 BCFD collared at $4.19 ceiling and $3.55 floor
(2013 swaps and collars cover 75% of forecasted gas production)

2014: 0.9 BCFD at a protected price of $4.34 per MCF


NYSE: DVN www.devonenergy.com Note: The pricing points referenced above are weighted average prices. Slide 7

Capital Allocation Criteria

E&P capital projects Balancing resource capture and development Debt reduction Reduced net debt by 20% since 2003 Share repurchases Reduced net share count by 20% since 2004 Dividends Average annual increase of 24% since 2004
Note: Includes a non-GAAP measure, see appendix for required disclosures.

NYSE: DVN

www.devonenergy.com

Slide 8

Developing the Resource Base


E&P Game Plan

Goal: Maximize return on investment Balance resource capture and resource development Current focus on high-margin oil opportunities Utilize joint ventures to recover exploration costs Maintain gas optionality

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Slide 9

E&P Capital Allocation

2013 Capital Budget


3%

Development activity Exploration activity Leasehold capture

7%

90%

$4.9 - $5.3 Billion


100% of capital allocated towards oil and liquids-rich projects
Note: Capital figures exclude capitalized G&A and interest, midstream and other corporate capital. For 2013, this NYSE: DVN www.devonenergy.com Slide 10 represents approximately $1.5 billion.

2013 Capital Program


Delivering Strong Oil Growth
Total oil production growth rate: mid-teens U.S. growth rate: 40% Concentrate capital in oil-driven development projects Accelerate drilling in Permian Basin Reduce activity in liquids-rich gas regions No dry gas drilling Utilize joint venture carries to minimize exploration costs Accelerates de-risking of Mississippian trend acreage Continue appraisal drilling in Rockies Increase Permian exploration activity
NYSE: DVN www.devonenergy.com Slide 11

Significant Oil Production Growth


North American Onshore
Production Data in MBOPD

164-174 146 123 101 90 66 75 106

2006

2007

2008

2009

2010

2011

2012

2013e

NYSE: DVN

www.devonenergy.com

Slide 12

Permian Basin Overview


Oil Opportunities
Net risked resource: 2.8 BBOE Risked locations:
TEXAS

NEW MEXICO New Mexico

OKLAHOMA

Texas

>8,000

Northwestern Shelf

Eastern Midland Basin Wolfberry Cline Shale Shelf

Net acreage: 1.3 million basin-wide Q1 2013 net production: 68 MBOED


(60% oil)

Bone Spring & Delaware Central Basin Platform

Activity targeting several play types Expect 40% oil growth in 2013 29 operated rigs

Midland

Conventional

Wolfcamp Shale Ozona Arch

2013 capital: $1.5 billion 2013 plans: Drill >300 wells


Slide 13

Diablo Platform

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Permian Basin
Bone Spring & Delaware

New Mexico

NW Shelf

Overview
Gaines Dawson

Net acreage: 210,000 Q1 2013 net production: 21 MBOED (65% oil) Low-risk, high-margin oil plays 12 operated rigs

Lea Eddy

Texas

Bone Spring & Delaware

Andrews

Martin

Doubled inventory over past year (1,300 locations) Bone Spring High impact wells (Best wells: IPs >1,000 BOED) Drilling depth: 8,000 10,500 Multi-year drilling inventory (700 2013 plans: Drill 100 wells
locations)

Midland
Loving Winkler Ector Midland

Ward

Crane

Upton

Delaware Revitalized by horizontal drilling Repeatable results (600 undrilled locations)

Reeves

Pecos

Drilling depth: 7,000 8,000 2013 plans: Drill 20 wells


Slide 14

www.devonenergy.com

Permian Basin
Central and Midland Basin Oil Opportunities
Midland-Wolfcamp Shale
New Mexico

Net acreage: 67,000 Delivering consistent economic results


Eastern Midland Basin Wolfberry Cline Shale Shelf

Texas

Northwestern Shelf

Multi-year drilling inventory (800 locations) 2013 plans: Drill >100 wells (7 operated rigs) Wolfberry Net acreage: 160,000 (2013 plans: Drill 80 wells) Predominantly vertical development program Upside: Downspacing and Wolfcamp exploitation Other Conventional Activity Legacy position enhances full-cycle returns Exploiting Central Basin Platform oil targets
(Tubb, Wichita-Albany, Strawn, Clear Fork & others)

Central Basin Platform

Midland

Conventional

Wolfcamp Shale Ozona Arch

Cline Shale Net acreage: 389,000 (2013 plans: Drill 30 wells) High-impact exploration opportunity Joint venture minimizes capital commitment

Mississippian Trend
Emerging Oil Opportunity
Kansas Oklahoma
Kay

Net risked resource: >800 MMBOE Risked locations: Net acreage: 600,000
(450,000 net acres outside of Sinopec JV)
Osage

>5,000

Grant

Operated rig count: 15


(Potential to operate >20 rigs by year-end)

Garfield Noble Pawnee

3D seismic enhancing results Recent wells >1,000 BOPD


(Not including high BTU gas)

Results constrained by infrastructure


Payne Logan

70 wells awaiting completion 2013 plans: Drill 400 wells

Devon/Sinopec JV Acreage

page 16

Devons Thermal Oil Position


SAGD Development
Field characteristics
Jackfish 2 Jackfish

Low F&D Flat production profile Long reserve life >20 years Jackfish 1 Top-tier operating performance Q1 2013 net production: 33 MBOPD Initiated solvent and gas co-injection pilots Jackfish 2 Q1 2013 net production: 21 MBOPD Installing facilities for additional pad

Jackfish 3

Jackfish (100% WI) Pike (50% WI) Access Pipeline

Jackfish 3 Construction 60% complete Pike Up to five SAGD development phases Regulatory approval expected by year-end
www.devonenergy.com Slide 17

NYSE: DVN

Jackfish Performance 1 Performance


Comparison to Industry SAGD Projects
63 Months After Project Startup

Cumulative Steam Oil Ratio (SOR)


3.56

Production Per Well (BOPD)


890

2.70

370

Industry Average

Industry Average

Note: Industry average includes: Bolney-Celtic, Christina Lake, Firebag, Foster Creek, Great Divide, Hangingstone, Kerrobert, Leismer, Long Lake, MacKay River, MEG, Orion, Senlac, Surmont, Tangleflags, Tucker, and Wolf Lake. Source: FirstEnergy Capital and company disclosures

NYSE: DVN

www.devonenergy.com

Slide 18

Long-Term Production Outlook


Thermal Oil
Net Barrels Per Day 175,000

Net Risked Resource: 1.4 BBO


150,000

54,000

Q1 2013
NYSE: DVN www.devonenergy.com Slide 19

2020

Canadian Oil Differential Outlook

Increased refinery capacity for heavier crudes 260 MBOPD of incremental demand by 2H 2013
(Whiting)

Significant pipeline expansions Flanagan South & Seaway: 585 MBOPD by mid-2014 Keystone XL : 830 MBOPD by 2015 Energy East: Up to 850 MBOPD by 2017 Trans Mountain & Northern Gateway: 1.1 MMBOPD by 2018
(>200 MBOPD by end of 2013)

Increasing rail utilization in North America

Conclusion: Incremental demand and infrastructure additions support improved oil differentials
NYSE: DVN www.devonenergy.com Slide 20

Cana Woodford Shale


Liquids-Rich Gas Development
Net risked resource: Risked locations: Net acreage: 250,000 Low average royalty burden: 21%
Custer

Dewey

Blaine

OKLAHOMA

11.4 TCFE 5,400

TEXAS

Canadian

Q1 2013 net production: 340 MMCFED 26% growth year over year Oil & NGLs production: 23,000 BOED
(41% of total production)

Cana Plant
Washita

Expanding gas processing facility: 30 MBPD of NGL capacity Significant undrilled liquids-rich inventory 3,000 locations

Caddo

Grady

2013 plans: Drill 150 wells


Slide 21

NYSE: DVN

www.devonenergy.com

Barnett Shale
Liquids-Rich Gas Development
Net risked resource:
Wise Denton

Jack

14 TCFE 5,000

Risked locations: Net acreage: 615,000

Denton
Bridgeport Plant

Low average royalty burden: 18%


Palo Pinto Parker

DRY GAS
175,000 net acres

LIQUIDS-RICH
440,000 net acres Ft. Worth

Q1 2013 net production: 1.4 BCFED Liquids production: 55,000 BOED


(24% of total production)

Significant free cash flow


Tarrant Hood Erath
OKLAHOMA

($600 million in 2013)

Johnson

Liquids-rich drilling inventory: 2,500 locations Operated rig count: reduced to 5 in Q2 2013

Hill
TEXAS

2013 plans: Drill 150 wells


Slide 22

www.devonenergy.com

Enhanced By Midstream Operations


Key Midstream Assets
Access Pipeline (Thermal Oil) 50% WI Capacity net to Devon: Blended bitumen: 170 MBOPD* Condensate: 95 MBOPD*
*Capacity after 2014 expansion

Ownership in 16,000 miles of pipeline


United States: 6,500 miles


Jackfish

Canada: 9,500 miles

Edmonton

Ownership in 62 plants

Ferrier Plant Inlet: 100 MMCFD* Liquids: 13 MBPD*


*Capacity after 2014 completion

United States: 6 plants Canada: 56 plants

Northridge Plant Inlet: 200 MMCFD Liquids: 17 MBPD

Cana Plant

Enhances margins by $2 per BOE 2013e operating profit: $450 million 2013e capital: $1 billion
NYSE: DVN Profitable

Inlet: 350 MMCFD* Liquids: 30 MBPD*


*Capacity after 2Q13 expansion

Barnett Plant
Inlet: 790 MMCFD* Liquids: 63 MBPD*
*Capacity after 2Q13 expansion

Gulf Coast Fractionators 38.75% WI Inlet: 145 MBPD

www.devonenergy.com Slide 23 midstream enhances operational effectiveness

Potential To Unlock Value

Considering several options including: Joint Ventures Asset sales Midstream MLP

NYSE: DVN

www.devonenergy.com

Slide 24

Creation of Midstream MLP

Announced June 6, 2013 MLP will initially own a minority interest in Devons U.S. midstream business Devon will own the general partner Devon will initially own a majority of the partnership units following the IPO Allows the market to establish an independent value for midstream business

NYSE: DVN

www.devonenergy.com

Slide 25

Why Own Devon?

Disciplined focus on per share results Deep inventory of development opportunities World-class SAGD position Strong Permian Basin position Premier positions in Barnett & Cana Shale plays

Strong, highly-visible oil growth Significant positions in emerging oil plays Strong balance sheet

NYSE: DVN

www.devonenergy.com

Slide 26

Thank You.

Appendix A

Strategy & Operations

Strategic Objective

Devon strives to maximize long-term value for our shareholders by growing cash flow per share, adjusted for debt.

NYSE: DVN

www.devonenergy.com

Slide 29

We Pursue Our Strategic Objective By:


Exercising capital discipline Maintaining a low-cost structure to maximize operating margins Focusing on high-return projects Improving performance through our midstream operations Preserving financial strength and flexibility
NYSE: DVN www.devonenergy.com Slide 30

Advantaged Resource Base

Low entry costs (acreage and royalties)

Large, concentrated positions

High-graded portfolio (capturing and divesting)

Strategic midstream presence in key plays

NYSE: DVN

www.devonenergy.com

Slide 31

Portfolio Management

Goal: Optimize depth, diversity, and quality of drilling inventory Harvesting mature and lower return assets
(Since 2002 divested $18 billion of assets)

New leasehold capture (Since 2009 invested >$4 billion into leasehold capture and exploration) Joint ventures / farm-ins
(Closed $4.0 billion of joint ventures in 2012)

NYSE: DVN

www.devonenergy.com

Slide 32

Joint Venture Rationale

Objective: Utilize partnerships in exploration Improves capital efficiency Accelerates de-risking and commercialization Mitigates exploration risk Flexibility to generate new prospects Preserves cash flow for development projects

NYSE: DVN

www.devonenergy.com

Slide 33

Other Natural Gas Optionality

Horn River Conventional Plays

Natural Gas Play Canada Conventional Carthage Horn River


Powder River

Net Acreage Position >4 million acres 209,000 acres 178,000 acres 170,000 acres 162,000 acres 109,000 acres 40,000 acres 37,000 acres

Washakie

Groesbeck Washakie

Arkoma Woodford

East Texas Unconventional Carthage

Powder River Arkoma Woodford East Texas Unconventional

Groesbeck

NYSE: DVN

www.devonenergy.com

Slide 34

Other Natural Gas Optionality

Natural Gas Play Canada Conventional Powder River Carthage Horn River Groesbeck Washakie Arkoma Woodford East Texas Unconventional
NYSE: DVN

Net Acreage Position >4 million acres 109,000 acres 209,000 acres 178,000 acres 170,000 acres 162,000 acres 40,000 acres 37,000 acres

Net Production Q1 2013 448 MMCFED 47 MMCFED 178 MMCFED 7 MMCFED 61 MMCFED 112 MMCFED 55 MMCFED 16 MMCFED
Slide 35

Proved Reserves 12/31/12 684 BCFE 19 BCFE 818 BCFE n/m 218 BCFE 446 BCFE 210 BCFE 54 BCFE

www.devonenergy.com

Canadian Oil Sands


Industry Overview
Fort Hills Horizon Joslyn Creek Syncrude Dover Peace River Seal Hangingstone Long Lake Surmont MEG Christina Lake Jackfish Pike MacKay River Suncor Kearl Lake

Northern Lights Muskeg River Albian Firebag Jackpine

Project Type
In-Situ Projects Mining Projects

Oil Sands Region


Athabasca Peace River Cold Lake

White Sands Kirby Foster Creek Wolf Lake/Primrose Tucker Lake

Cold Lake Hilda Lake

NYSE: DVN

www.devonenergy.com

Slide 36

Pike Project Overview

Pike leasehold
Jackfish

Pike 1A, 1B & 1C Focus Area

50% operated working interest Similar reservoir characteristics to Jackfish Up to five 35 MBOPD SAGD development phases

Pike Project Area

Potential Pike 1 development Single plant pad Up to three 35 MBOPD projects


Pike acreage (50% WI) Seismic shoot >15m (50ft) continuous bitumen pay Access Pipeline (50% Ownership)

Developed concurrently Regulatory approval expected by year-end


Slide 37

NYSE: DVN

www.devonenergy.com

SAGD Upside
Solvents

Potential Benefits Increases production rates per well and plant production capacity Lower steam-oil ratios
(15% - 50% decrease)

Reduces plant emissions Risks Access to solvent Solvent recovery Status Update 1st pilot program: Initiated in Q1 2013

NYSE: DVN

www.devonenergy.com

Slide 38

Small-Scale SAGD

Reusable SAGD facilities designed to exploit smaller accumulations of bitumen (4 prospects identified) Targeted resource: 35-70 MMBO per project Peak production rates up to 10 MBOPD per project Less upfront capital commitments
(30% of the capital required for traditional SAGD projects)

Earlier return on capital


(1st oil sale 25 months after sanctioning)

NYSE: DVN

www.devonenergy.com

Slide 39

Heavy Oil Midstream Infrastructure


Access Pipeline
JACKFISH & PIKE

200 mile dual pipeline from Edmonton to Devons thermal acreage Devon ownership: 50% Capacity net to Devon Blended bitumen: 105 MBOPD
(170 MBOPD after expansion in 2014)

Sturgeon Terminal

Condensate: 45 MBPD
(95 MBPD after expansion in 2014)

EDMONTON

Access to Edmonton condensate, synthetic crude and light oil markets HARDISTY Flexibility enhances economics

Access Bitumen Blend Pipeline Access Diluent Pipeline Oil Pipelines

Express P/L
To U.S. Rockies www.devonenergy.com Slide 40

NYSE: DVN

Lloydminster
Oil Development
Iron River

Net risked resource: Risked locations:

60 MMBOE >1,000

Manatokan

Net acreage: 700,000 Low-risk development Strong operating margins

End Lake

Lloydminster

Q1 2013 net production: 30 MBOED 2013 plans: 150 wells

Alberta
Lloydminster

B. C.

Sask.

NYSE: DVN

www.devonenergy.com

Slide 41

Ferrier
Emerging Liquids Opportunity
Net acreage: 240,000 Multiple target formations:
(Cardium oil, Viking, Glauconite, & Lower Cretaceous)

Phase 1 development: >200 drilling locations >1 MMBOE risked resource Liquids 50% of expected production

Constructing gas processing facility


Ferrier Plant

B. C. Alberta
Ferrier Corridor

Inlet capacity: 100 MMcfd Liquids: 13,000 Bbl/d Expected completion: Mid-2014

Sask.

2013 plans: Drill 15 wells


Phase 1 development area www.devonenergy.com Slide 42

NYSE: DVN

Granite Wash
Oil & Liquids-Rich Development
Net risked resource: Risked locations: Net acreage: 66,000 Legacy land position held by production
Hemphill

200 MMBOE 350 net wells

Low average royalty burden: 19% Q1 2013 net production: 16 MBOED


Wheeler

Liquids drive superior economics 4 operated rigs

Granite Wash

OKLAHOMA Oklahoma City

2013 plans: Drill 50 wells

TEXAS

NYSE: DVN

www.devonenergy.com

Slide 43

Joint Venture Transactions


Oil & Liquids Exploration

Sinopec Joint Venture $2.5 billion transaction


($900 million cash and $1.6 billion drilling carry)

Sinopec receives 33% of Devons interest Net acreage in joint venture: 1.5 million
Rockies Oil Michigan Utica Ohio

Devon serves as operator Sumitomo Joint Venture $1.4 billion transaction


($400 million cash and $1.0 billion drilling carry)

Mississippian Cline Shale & Wolfcamp Shale

Tuscaloosa Shale

Sumitomo receives 30% of Devons interest Net acreage in joint venture: 650,000 Devon serves as operator

Sinopec joint venture assets Sumitomo joint venture assets NYSE: DVN www.devonenergy.com

Slide 44

Appendix B

Financial

Debt Maturity Schedule


As of March 31, 2013
Due Date Commercial Paper January 2014 July 2016 May 2017 July 2018 January 2019 July 2021 May 2022 2023+ Total Debt Cash and Short-Term Investments Net Debt
NYSE: DVN www.devonenergy.com

Interest Rate 0.4% 5.6% 2.4% 1.9% 8.3% 6.3% 4.0% 3.3% 4.8% - 8.0%

$ In Millions $3,697 $500 $500 $750 $125 $700 $500 $1,000 $4,380 $12,152 $6,501 $5,651
Slide 46

Natural Gas Hedges

Q2-Q4 2013 750 MMCFD collared: $3.55 floor and $4.19 ceiling 988 MMCFD swapped at $4.09 FY 2014 140 MMCFD collared: $4.00 floor and $4.62 ceiling 763 MMCFD swapped at $4.40 500 MMCFD of call options sold at $5.00

Note: The pricing points referenced above are weighted average prices. NYSE: DVN www.devonenergy.com

Slide 47

Oil Hedges

Q2-Q4 2013 65 MBOPD collared: $90 floor and $112 ceiling 70 MBOPD swapped at $100 35 MBOPD swapped at a differential to WTI of $22 (WCS regional basis swaps) 10 MBOPD of call options sold at $120 FY 2014 10 MBOPD collared: $87 floor and $103 ceiling 21 MBOPD swapped at $95 41 MBOPD of call options sold at $116.30

Note: The pricing points referenced above are weighted average prices. NYSE: DVN www.devonenergy.com

Slide 48

2013 Operating Cash Flow Estimates


$ In Billions

Henry Hub Price $3.25 $3.75 $4.25

WTI-Cushing Price $80.00 $90.00 $100.00 $5.0 $5.0 $5.1 $5.0 $5.1 $5.2 $5.3 $5.4 $5.5

Note: Operating cash flow assumes the mid-point of Devons full-year guidance for production, price differentials, and costs. For more details on Devons guidance see the form 8-K filed on February 20, 2013.

NYSE: DVN

www.devonenergy.com

Slide 49

Sources and Uses of Cash


Before Share Buybacks and Dividends
$ In Billions

2009 Operating Cash Flow Asset Sales / JV Proceeds Capital Expenditures 4.8 0.0 (5.4)

2010 5.5 7.0 (7.0)

2011 6.2 3.4 (7.6)

2012 5.0 1.5 (8.2)

2009-2012 Total 21.5 11.9 (28.2)

Net Cash Effect

(0.6)

5.5

2.0

(1.7)

5.2

NYSE: DVN

www.devonenergy.com

Slide 50

Appendix C

Supply & Demand

Canadian Crude Oil


Supply and System Capacity
8.0 7.0 6.0 5.0 MMBOD 4.0 3.0 2.0 1.0 0.0 2011 Oil Supply Rail Keystone XL Energy East
Source: Producers NYSE: DVN Canadian Association of Petroleum www.devonenergy.com

2012

2013e

2014e

2015e

2016e

2017e

2018e

Current Export & Local Demand Capacity Flanagan South Trans Mountain Expansion Northern Gateway

Slide 52

Canadian Oil
Pipeline Capacity Additions
Flanagan South: Chicago to USGC Capacity: 0.6 MMBOPD
Kitimat Edmonton Hardisty Canaport

Estimated in service by mid-2014 Keystone XL: Hardisty to USGC Capacity: 0.8 MMBOPD Estimated in service by 2015 Trans Mountain: Edmonton to Vancouver Incremental capacity: 0.6 MMBOPD Estimated in service by 2017 Energy East: Hardisty to Canaport Capacity: Up to 0.9 MMBOPD Estimated in service by mid-2017
U.S. Gulf Coast (USGC)

Vancouver

Chicago

Cushing

Northern Gateway: Edmonton to Kitimat Capacity: 0.5 MMBOPD Estimated in service by 2018
Slide 53

NYSE: DVN

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Heavy Oil Blend


Rail Transport Fees

Potential Rail Costs Oil Sands Trucking & Loading Rail Car Rental Transport Fee West Coast Refining East Coast Refining Offloading Fee

$ Per Bbl $7.00 $5.00 Variable (Mileage Based) $3.00

Gulf Coast Refining

Heavy Oil
Refinery Expansions

Operator BP Northwest Upgrading

Location Whiting, Indiana Edmonton, Alberta

In Service Date 2H 2013 2016

Capacity Increase (BOPD) 260,000 80,000 340,000

Total Capacity Increase from 2013 to 2016

NYSE: DVN

www.devonenergy.com

Slide 55

North America Natural Gas


Demand Growth By Sector 2013-2017

80 1.7 3.0 75 BCFD 2.0 0.8 78

70 70

65

2013 Baseline

Industrial

Res/Com

Power

LNG Exports

2017e

Source: and company data NYSE: DVN Wood Mackenzie, EIA, Bentek, www.devonenergy.com

Slide 56

North America Natural Gas


Cumulative Coal Retirement Demand Forecast

Forecasted Retirement Demand


6

Potential Demand

3.2 BCFD 4 2.9

2 0.8 0.5 2013e 0.7 2014e 1.0 2015e 2016e 2017e 2.6 3.0

Source: Platts, and company data NYSE: DVN Wood Mackenzie, CRA, NYMEX, www.devonenergy.com

Slide 57

North America Natural Gas


Annual Industrial Demand

22 21 20 19 BCFD 18 17 16 15

2008

2009

2010

2011

2012

2013e

2014e

2015e

2016e

2017e

Source: Wood Mackenzie, EIA, and company data

NYSE: DVN

www.devonenergy.com

Slide 58

North America Natural Gas


U.S. LNG Projects
Capacity (BCFD)
2.3 1.4 1.7 1.0 1.2 1.3 0.5

Facility
Sabine Pass Freeport LNG Cameron Cove Point Jordan Cove Oregon LNG Lavaca Bay LNG

Developer(s)
Cheniere Freeport LNG Sempra Energy Dominion Fort Chicago LNG Development Co Excelerate

Location
Cameron, LA Freeport, TX Hackberry, LA Lusby, MD Coos Bay, OR Astoria, OR Floating LNG, Corpus Christi, TX Lake Charles, LA Corpus Christi, TX Brownsville, TX Port Arthur, TX

StartUp Date
4Q 2015 2016 2017 2017 2017 2017 2017

Approval DOE Exports


Approved Approved Pending Pending Pending Pending Pending

Approval FERC
Approved Filed Filed -----

Final Investment Decision (FID)


July 2012 -------

Lake Charles Corpus Christi Gulf Coast LNG Golden Pass Others

Energy Transfer / BG Cheniere Freeport LNG ExxonMobil, Qatar Pet

2.0 1.2 1.4 2.0 4.0 to 5.5

2018 2018 2018 N/A N/A

Pending Not Filed Pending Pending --

-Filed ----

------

U.S. TOTAL NYSE: DVN

20 to 21.5

www.devonenergy.com

North America Natural Gas


Canada LNG Projects
NEB Export License
Approved Approved -Approved Filed --

Facility
Douglas Channel Energy Kitimat LNG Goldboro LNG LNG Canada Pacific Northwest LNG BG Group LNG

Developer(s)
LNG Partners, Haisla Nation Apache, Chevron Pieridae Energy Shell, Mitsubishi, KOGAS, PetroChina Petronas, Japex BG Group

Location
Floating LNG, Kitimat, B.C. Kitimat, B.C. Nova Scotia Kitimat, B.C. Prince Rupert, B.C. Prince Rupert, B.C. CANADA TOTAL

Capacity (BCFD)
0.1 0.7 1.3 1.6 1.6 3.9* 9.2

Start-Up Date
2015 2018 2018 2019 2019 2020

* Announced pipeline capacity of 4.2 Bcf/d. Liquefaction estimated based on pipe capacity.

NYSE: DVN

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