Table of Contents Table of Contents 2 List of Tables 5 List of Figures 6 Company Snapshot 8 Key Information 8 Company Overview 8 Devon Energy Corporation, Valuation and Financial Data 9 Devon Energy Corporation, Share Price Performance 9 Share Price Performance, Q4, 2014-Q4, 2015 9 Devon Energy Corporation, Key Valuation Metrics 10 Key Valuation Metrics, Q4, 2014-Q4, 2015 10 Devon Energy Corporation, Quarterly Results of Oil & Gas Operations Per boe Produced 11 Results of Oil & Gas Operations Per boe Produced, Q4, 2014-Q4, 2015 11 Results of Oil & Gas Operations Per boe Growth Rates, Q4, 2014-Q4, 2015 12 Devon Energy Corporation, Quarterly E&P Costs Trends 13 Upstream Capital Expenditure, Q4, 2014-Q4, 2015 13 Devon Energy Corporation, Quarterly Production Trends 14 Devon Energy Corporation, Total Oil and Gas Production 14 Total Crude Oil and Natural Gas Production Trend, Q4, 2014-Q4, 2015 14 Total Crude Oil & Natural Gas Production, By Country/Region, Q4, 2014-Q4, 2015 15 Devon Energy Corporation, Crude Oil Production 16 Total Crude Oil Production Trend, Q4, 2014-Q4, 2015 16 Crude Oil Production, By Country/Region, Q4, 2014-Q4, 2015 17 Devon Energy Corporation, Natural Gas Production 18 Total Natural Gas Production Trend, Q4, 2014-Q4, 2015 18 Natural Gas Production, By Country/Region, Q4, 2014-Q4, 2015 19 Devon Energy Corporation, Valuation and Financial Data, 2011-2015 20 Devon Energy Corporation, Share Price Performance, 2011-2015 20 Share Price Performance, 2011-2015 20 Key Valuation Metrics, 2011-2015 21 Devon Energy Corporation, Production and Reserves Trends 22 Total Oil and Gas, Reserves and Production 22 Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 22 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 24 Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 26 Crude Oil/Liquids Production and Reserve 27 Crude Oil/Liquids Production and Reserve Trend, 2011-2015 27 Crude Oil Production and Reserves By Country/Region, 2011-2015 28 Crude Oil/Liquids Reserve Changes, 2011-2015 30 Natural Gas Production and Reserve 31 Natural Gas Production and Reserve Trend, 2011-2015 31 Natural Gas Production and Reserves, By Country/Region, 2011-2015 32 Natural Gas Reserve Changes, 2011-2015 34 Total Crude Oil and Natural Gas Reserves Life Index 35 Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 35 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 36 Devon Energy Corporation, E&P Costs Trends 38 Allocation of the Upstream Capital Expenditure 38 Upstream Capital Expenditure, 2011-2015 38 Acquisition Costs By Country/Region, 2011-2015 39 Exploration and Development Costs, By Country/Region, 2011-2015 41 Oil and Gas Cost Per boe, US$/boe 43 Oil and Gas Cost Per boe, US$/boe, 2011-2015 43 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 45 Devon Energy Corporation, Reserve Replacement Ratio 47 Oil and Gas Production Replacement Ratio 47 Oil and Gas Production Replacement Ratio, 2011-2015 47 Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 49 Devon Energy Corporation, Results of Oil & Gas Operations Trend 53 Oil and Gas Revenue and Expenses 53 Oil and Gas Revenue and Expenses, 2011-2015 53 Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 54 Oil and Gas Revenue and Expenses, Per boe 59 Oil and Gas Revenue and Expenses, By boe, 2011-2015 59 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 60 Oil and Gas Performance Metrics 64 Devon Energy Corporation, Land Holdings and Well Data 65 Developed and Undeveloped Acreage 65 Gross and Net Developed and Undeveloped Acreage, 2011-2015 65 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2011-2015 66 Well Statistics 69 Producible Oil and Gas Well, 2011-2015 69 Producible Oil and Gas Well, By Country/Region, 2011-2015 70 Exploration and Development Wells Drilled, 2011-2015 75 Recent Developments 76 Devon Energy Corporation - Recent Developments 76 Apr 20, 2016: American Energy - Woodford Formalizes Name Change To White Star Petroleum With Key Executive Appointments 76 Feb 16, 2016: Devon Energy To Cut 1,000 Jobs Due To Weak Oil Prices 76 Feb 16, 2016: Devon Energy Announces Pending Retirements Of Darryl Smette, EVP Of Marketing, Facilities, Pipeline & Supply Chain, And Frank Rudolph, EVP Of Human Resources 77 Feb 16, 2016: Devon Energy Reports Fourth-Quarter And Full-Year 2015 Results; Provides 2016 Capital And Production Outlook 78 Nov 03, 2015: Devon Energy Reports Third-Quarter 2015 Results 81 Oct 28, 2015: Devon Energy Eliminates 200 Jobs In Canada 83 Oct 09, 2015: U.S. Department Of Energy: Newly Released Study Highlights Significant Utica Shale Potential 84 Oct 06, 2015: FTTN: Big Money Being Spent On Enhanced Oil Recovery, Setting Stage For Market Boom 85 Aug 18, 2015: Outrigger Energy Commences Operation Of Powder River Basin Crude Oil Gathering System 85 Aug 04, 2015: Devon Energy Reports Second-Quarter 2015 Results 85 Appendix 88 Methodology 88 Coverage 88 Secondary Research 88 Primary Research 88 Data Information Sources 89 Company Source 89 SEC/Other Regulatory Filings 89 Other Sources 89 Expert Panel Validation 89 Data Definition 89 Oil and Gas Reserves 89 Units of Measure 90 About GlobalData 90 Disclosure 90 Disclaimer 90

List of Tables Table 1: Devon Energy Corporation, Key Facts 8 Table 2: Devon Energy Corporation, Share Price Performance, Q4, 2014-Q4, 2015 9 Table 3: Devon Energy Corporation, Key Valuation Metrics, Q4, 2014-Q4, 2015 10 Table 4: Devon Energy Corporation, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2014-Q4, 2015 11 Table 5: Devon Energy Corporation, Results of Oil & Gas Operations Per boe Growth Rates, %, Q4, 2014-Q4, 2015 12 Table 6: Devon Energy Corporation, Upstream Capital Expenditure, Q4, 2014-Q4, 2015 13 Table 7: Devon Energy Corporation, Total Crude Oil and Natural Gas, Production, Q4, 2014-Q4, 2015 14 Table 8: Devon Energy Corporation, Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2014-Q4, 2015 15 Table 9: Devon Energy Corporation, Total Crude Oil Production, mmbbl, Q4, 2014-Q4, 2015 16 Table 10: Devon Energy Corporation, Crude Oil Production, By Country/Region, mmbbl, Q4, 2014-Q4, 2015 17 Table 11: Devon Energy Corporation, Total Natural Gas Production, bcf, Q4, 2014-Q4, 2015 18 Table 12: Devon Energy Corporation, Natural Gas Production, By Country/Region, bcf, Q4, 2014-Q4, 2015 19 Table 13: Devon Energy Corporation, Share Price Performance, 2011-2015 20 Table 14: Devon Energy Corporation, Key Valuation Metrics, 2011-2015 21 Table 15: Devon Energy Corporation, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 23 Table 16: Devon Energy Corporation, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 25 Table 17: Devon Energy Corporation, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 26 Table 18: Devon Energy Corporation, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 27 Table 19: Devon Energy Corporation, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 29 Table 20: Devon Energy Corporation, Crude Oil Reserve Changes, mmbbl, 2011-2015 30 Table 21: Devon Energy Corporation, Natural Gas Production and Reserves Metrics, bcf, 2011-2015 31 Table 22: Devon Energy Corporation, Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 33 Table 23: Devon Energy Corporation, Natural Gas Reserve Changes, bcf, 2011-2015 34 Table 24: Devon Energy Corporation, Oil and Gas Reserves Life Index, Years, 2011-2015 35 Table 25: Devon Energy Corporation, Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 37 Table 26: Devon Energy Corporation, Upstream Capital Expenditure, US$ mil, 2011-2015 38 Table 27: Devon Energy Corporation, Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 40 Table 28: Devon Energy Corporation, Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 42 Table 29: Devon Energy Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 43 Table 30: Devon Energy Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 46 Table 31: Devon Energy Corporation, Oil and Gas Production Replacement Ratio, %, 2011-2015 47 Table 32: Devon Energy Corporation, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 52 Table 33: Devon Energy Corporation, Revenue and Expenses, US$ mil, 2011-2015 53 Table 34: Devon Energy Corporation, Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 57 Table 35: Devon Energy Corporation, Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 59 Table 36: Devon Energy Corporation, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 63 Table 37: Devon Energy Corporation, Oil and Gas Performance Metrics, 2011-2015 64 Table 38: Devon Energy Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 65 Table 39: Devon Energy Corporation, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2011-2015 68 Table 40: Devon Energy Corporation, Producible Oil and Gas Wells, 2011-2015 69 Table 41: Devon Energy Corporation, Producible Oil and Gas Wells, By Country/Region, 2011-2015 74 Table 42: Devon Energy Corporation, Exploratory and Developed Wells, 2011-2015 75 List of Figures Figure 1: Devon Energy Corporation, Share Price Performance, USD/Share, Q4, 2014-Q4, 2015 9 Figure 2: Devon Energy Corporation, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q4, 2014-Q4, 2015 10 Figure 3: Devon Energy Corporation, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2014-Q4, 2015 11 Figure 4: Devon Energy Corporation, Upstream Capital Expenditure, US$ mil, Q4, 2014-Q4, 2015 13 Figure 5: Devon Energy Corporation, Total Crude Oil and Natural Gas, Production, mmboe, Q4, 2014-Q4, 2015 14 Figure 6: Devon Energy Corporation, Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2014-Q4, 2015 15 Figure 7: Devon Energy Corporation, Total Crude Oil Production, mmbbl, Q4, 2014-Q4, 2015 16 Figure 8: Devon Energy Corporation, Crude Oil Production, By Country/Region, mmbbl, Q4, 2014-Q4, 2015 17 Figure 9: Devon Energy Corporation, Total Natural Gas Production, bcf, Q4, 2014-Q4, 2015 18 Figure 10: Devon Energy Corporation, Natural Gas Production, By Country/Region, bcf, Q4, 2014-Q4, 2015 19 Figure 11: Devon Energy Corporation, Share Price Performance, USD/Share, 2011-2015 20 Figure 12: Devon Energy Corporation, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 21 Figure 13: Devon Energy Corporation, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 22 Figure 14: Devon Energy Corporation, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 24 Figure 15: Devon Energy Corporation, Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 24 Figure 16: Devon Energy Corporation, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 26 Figure 17: Devon Energy Corporation, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 27 Figure 18: Devon Energy Corporation, Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 28 Figure 19: Devon Energy Corporation, Oil Production, By Country/Region, mmbbl, 2011-2015 28 Figure 20: Devon Energy Corporation, Crude Oil Reserve Changes, mmbbl, 2015 30 Figure 21: Devon Energy Corporation, Natural Gas Production and Reserves Metrics, bcf, 2011-2015 31 Figure 22: Devon Energy Corporation, Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 32 Figure 23: Devon Energy Corporation, Gas Production, By Country/Region, bcf, 2011-2015 32 Figure 24: Devon Energy Corporation, Natural Gas Reserve Changes, bcf, 2015 34 Figure 25: Devon Energy Corporation, Oil and Gas Reserves Life Index, Years, 2011-2015 35 Figure 26: Devon Energy Corporation, Gas Reserve Life Index, By Country/Region, Years, 2011-2015 36 Figure 27: Devon Energy Corporation, Oil & Gas Reserve Life Index, By Country/Region, Years, 2011-2015 36 Figure 28: Devon Energy Corporation, Oil Reserve Life Index, By Country/Region, Years, 2011-2015 37 Figure 29: Devon Energy Corporation, Upstream Capital Expenditure, US$ mil, 2011-2015 38 Figure 30: Devon Energy Corporation, Proved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 39 Figure 31: Devon Energy Corporation, Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 39 Figure 32: Devon Energy Corporation, Development Costs, By Country/Region, US$ mil, 2011-2015 41 Figure 33: Devon Energy Corporation, Exploration Costs, By Country/Region, US$ mil, 2011-2015 41 Figure 34: Devon Energy Corporation, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 43 Figure 35: Devon Energy Corporation, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 45 Figure 36: Devon Energy Corporation, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 45 Figure 37: Devon Energy Corporation, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 46 Figure 38: Devon Energy Corporation, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 47 Figure 39: Devon Energy Corporation, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 49 Figure 40: Devon Energy Corporation, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 49 Figure 41: Devon Energy Corporation, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 50 Figure 42: Devon Energy Corporation, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 50 Figure 43: Devon Energy Corporation, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 51 Figure 44: Devon Energy Corporation, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 51 Figure 45: Devon Energy Corporation, Revenue and Expenses, US$ mil, 2011-2015 53 Figure 46: Devon Energy Corporation, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 54 Figure 47: Devon Energy Corporation, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 54 Figure 48: Devon Energy Corporation, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 55 Figure 49: Devon Energy Corporation, Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 55 Figure 50: Devon Energy Corporation, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 56 Figure 51: Devon Energy Corporation, Production Costs, By Country/Region, US$ mil, 2011-2015 56 Figure 52: Devon Energy Corporation, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 57 Figure 53: Devon Energy Corporation, Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 59 Figure 54: Devon Energy Corporation, Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2011-2015 60 Figure 55: Devon Energy Corporation, Lifting Cost per boe, By Country/Region, US$/boe, 2011-2015 60 Figure 56: Devon Energy Corporation, Annual Net Income per boe, By Country/Region, US$/boe, 2011-2015 61 Figure 57: Devon Energy Corporation, Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2011-2015 61 Figure 58: Devon Energy Corporation, Total DD&A per boe, By Country/Region, US$/boe, 2011-2015 62 Figure 59: Devon Energy Corporation, Total Revenue per boe, By Country/Region, US$/boe, 2011-2015 62 Figure 60: Devon Energy Corporation, Oil and Gas Performance Metrics, 2011-2015 64 Figure 61: Devon Energy Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 65 Figure 62: Devon Energy Corporation, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2011-2015 66 Figure 63: Devon Energy Corporation, Total Net Undeveloped Acreage, By Country/Region, Acres, 2011-2015 66 Figure 64: Devon Energy Corporation, Total Gross Developed Acreage, By Country/Region, Acres, 2011-2015 67 Figure 65: Devon Energy Corporation, Total Net Developed Acreage, By Country/Region, Acres, 2011-2015 67 Figure 66: Devon Energy Corporation, Producible Oil and Gas Wells, 2011-2015 69 Figure 67: Devon Energy Corporation, Gross Productive Gas Wells, By Country/Region, Number, 2011-2015 70 Figure 68: Devon Energy Corporation, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 70 Figure 69: Devon Energy Corporation, Gross Productive Oil Wells, By Country/Region, Number, 2011-2015 71 Figure 70: Devon Energy Corporation, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2011-2015 71 Figure 71: Devon Energy Corporation, Net Productive Gas Wells, By Country/Region, Number, 2011-2015 72 Figure 72: Devon Energy Corporation, Net Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 72 Figure 73: Devon Energy Corporation, Net Productive Oil Wells, By Country/Region, Number, 2011-2015 73 Figure 74: Devon Energy Corporation, Exploratory and Developed Wells, 2011-2015 75