Exhibit 99.3

Devon Energy First-Quarter 2020

Supplemental Tables

TABLE OF CONTENTS:	PAGE:
Income Statement	2
Cash Flow Statement	3
Balance Sheet	4
Production by Asset	5
Capital and Well Activity by Asset	6
Realized Price by Asset	7
Per-Unit Cash Margin by Asset	8
Non-GAAP Core Earnings	9
Non-GAAP EBITDAX, Net Debt, Net Debt-to-EBITDAX and Free Cash Flow	10

 

CONSOLIDATED STATEMENTS OF EARNINGS
(in millions, except per share amounts)	2020			2019
	Quarter 1			Quarter 4			Quarter 3			Quarter 2			Quarter 1
Upstream revenues (1)	$	1,527		$	919		$	1,046		$	1,076		$	314
Marketing and midstream revenues		560			670			700			730			765
Total revenues		2,087			1,589			1,746			1,806			1,079
Production expenses (2)		318			324			294			296			283
Exploration expenses		112			29			18			7			4
Marketing and midstream expenses		578			665			684			713			750
Depreciation, depletion and amortization		401			382			381			374			360
Asset impairments		2,666			-			-			-			-
Asset dispositions		-			-			(1	)		(2	)		(45	)
General and administrative expenses		102			119			107			114			135
Financing costs, net		65			64			60			66			60
Restructuring and transaction costs		-			11			10			12			51
Other expenses		(48	)		16			3			7			(22	)
Total expenses		4,194			1,610			1,556			1,587			1,576
Earnings (loss) from continuing operations before income taxes		(2,107	)		(21	)		190			219			(497	)
Income tax expense (benefit)		(417	)		(33	)		54			68			(119	)
Net earnings (loss) from continuing operations		(1,690	)		12			136			151			(378	)
Net earnings (loss) from discontinued operations, net of taxes		(125	)		(652	)		(27	)		344			61
Net earnings (loss)		(1,815	)		(640	)		109			495			(317	)
Net earnings attributable to noncontrolling interests		1			2			—			—			—
Net earnings (loss) attributable to Devon	$	(1,816	)	$	(642	)	$	109		$	495		$	(317	)
Basic net earnings (loss) per share:
Continuing operations	$	(4.48	)	$	0.03		$	0.34		$	0.37		$	(0.89	)
Discontinued operations		(0.34	)		(1.73	)		(0.07	)		0.83			0.15
Basic net earnings (loss) per share	$	(4.82	)	$	(1.70	)	$	0.27		$	1.20		$	(0.74	)
Diluted net earnings (loss) per share:
Continuing operations	$	(4.48	)	$	0.03		$	0.34		$	0.37		$	(0.89	)
Discontinued operations		(0.34	)		(1.73	)		(0.07	)		0.82			0.15
Diluted net earnings (loss) per share	$	(4.82	)	$	(1.70	)	$	0.27		$	1.19		$	(0.74	)
Weighted average common shares outstanding:
Basic		383			383			397			415			434
Diluted		383			385			399			417			434

(1) UPSTREAM REVENUES
(in millions)	2020		2019
	Quarter 1		Quarter 4			Quarter 3		Quarter 2		Quarter 1
Oil, gas and NGL sales	$	807	$	1,035		$	919	$	936	$	919
Derivative cash settlements		101		42			71		23		34
Derivative valuation changes		619		(158	)		56		117		(639	)
Upstream revenues	$	1,527	$	919		$	1,046	$	1,076	$	314

(2) PRODUCTION EXPENSES
(in millions)	2020		2019
	Quarter 1		Quarter 4		Quarter 3		Quarter 2		Quarter 1
Lease operating expense	$	126	$	120	$	118	$	114	$	110
Gathering, processing & transportation		130		131		112		111		109
Production taxes		56		69		58		64		60
Property taxes		6		4		6		7		4
Production expenses	$	318	$	324	$	294	$	296	$	283

2

CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)	2020			2019
	Quarter 1			Quarter 4			Quarter 3			Quarter 2			Quarter 1
Cash flows from operating activities:
Net earnings (loss)	$	(1,815	)	$	(640	)	$	109		$	495		$	(317	)
Adjustments to reconcile net earnings (loss) to net cash from operating    activities:
Net (earnings) loss from discontinued operations, net of income taxes		125			652			27			(344	)		(61	)
Depreciation, depletion and amortization		401			382			381			374			360
Asset impairments		2,666			—			—			—			—
Leasehold impairments		110			3			13			1			1
Accretion on discounted liabilities		8			8			8			8			9
Total (gains) losses on commodity derivatives		(720	)		116			(127	)		(140	)		605
Cash settlements on commodity derivatives		101			41			71			23			31
Gains on asset dispositions		—			—			(1	)		(2	)		(45	)
Deferred income tax expense (benefit)		(311	)		(27	)		52			65			(115	)
Share-based compensation		20			24			24			23			44
Other		—			2			2			4			(14	)
Changes in assets and liabilities, net		(56	)		18			36			(75	)		(61	)
Net cash from operating activities - continuing operations		529			579			595			432			437
Cash flows from investing activities:
Capital expenditures		(425	)		(408	)		(526	)		(486	)		(490	)
Acquisitions of property and equipment		(4	)		(3	)		(5	)		(13	)		(10	)
Divestitures of property and equipment		25			43			9			28			310
Net cash from investing activities - continuing operations		(404	)		(368	)		(522	)		(471	)		(190	)
Cash flows from financing activities:
Repayments of long-term debt		—			—			—			—			(162	)
Repurchases of common stock		(38	)		(103	)		(560	)		(187	)		(999	)
Dividends paid on common stock		(34	)		(34	)		(35	)		(37	)		(34	)
Contributions from noncontrolling interests		5			116			—			—			—
Distributions to noncontrolling interest		(3	)		—			—			—			—
Shares exchanged for tax withholdings and other		(17	)		(3	)		(1	)		(3	)		(19	)
Net cash from financing activities - continuing operations		(87	)		(24	)		(596	)		(227	)		(1,214	)
Net change in cash, cash equivalents and restricted cash of continuing    operations		38			187			(523	)		(266	)		(967	)
Cash flows from discontinued operations:
Operating activities (1)		(131	)		(8	)		(95	)		190			(59	)
Investing activities		(1	)		—			(5	)		2,536			(59	)
Financing activities		—			—			(1,571	)		—			(7	)
Effect of exchange rate changes on cash		(23	)		9			(3	)		38			1
Net change in cash, cash equivalents and restricted cash of discontinued    operations		(155	)		1			(1,674	)		2,764			(124	)
Net change in cash, cash equivalents and restricted cash		(117	)		188			(2,197	)		2,498			(1,091	)
Cash, cash equivalents and restricted cash at beginning of period		1,844			1,656			3,853			1,355			2,446
Cash, cash equivalents and restricted cash at end of period	$	1,727		$	1,844		$	1,656		$	3,853		$	1,355
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	$	1,527		$	1,464		$	1,375		$	3,470		$	1,327
Cash restricted for discontinued operations		200			380			280			370			—
Restricted cash included in other current assets		—			—			1			13			28
Total cash, cash equivalents and restricted cash	$	1,727		$	1,844		$	1,656		$	3,853		$	1,355

(1) In the first quarter of 2020, operating cash flow from discontinued operations was impacted by a one-time tax payment of approximately $150 million related to the divestiture of the company’s Canadian operations.

3

CONSOLIDATED BALANCE SHEETS
(in millions)	March 31,			December 31,
	2020			2019
Current assets:
Cash and cash equivalents	$	1,527		$	1,464
Cash restricted for discontinued operations		200			380
Accounts receivable		594			832
Current assets associated with discontinued operations		736			896
Other current assets		998			279
Total current assets		4,055			3,851
Oil and gas property and equipment, based on successful efforts accounting, net		4,756			7,558
Other property and equipment, net		1,024			1,035
Total property and equipment, net		5,780			8,593
Goodwill		753			753
Right-of-use assets		237			243
Other long-term assets		245			196
Long-term assets associated with discontinued operations		74			81
Total assets	$	11,144		$	13,717
Current liabilities:
Accounts payable	$	444		$	428
Revenues and royalties payable		617			730
Current liabilities associated with discontinued operations		294			459
Other current liabilities		199			310
Total current liabilities		1,554			1,927
Long-term debt		4,295			4,294
Lease liabilities		245			244
Asset retirement obligations		386			380
Other long-term liabilities		461			426
Long-term liabilities associated with discontinued operations		163			185
Deferred income taxes		—			341
Stockholders' equity:
Common stock		38			38
Additional paid-in capital		2,701			2,735
Retained earnings		1,298			3,148
Accumulated other comprehensive loss		(118	)		(119	)
Total stockholders’ equity attributable to Devon		3,919			5,802
Noncontrolling interests		121			118
Total equity		4,040			5,920
Total liabilities and equity	$	11,144		$	13,717
Common shares outstanding		383			382

4

PRODUCTION TREND
	2020		2019
	Quarter 1		Quarter 4		Quarter 3		Quarter 2		Quarter 1
Oil (MBbls/d)
Delaware Basin		84		84		70		67		60
Powder River Basin		21		20		18		15		15
Eagle Ford		26		23		22		23		25
Anadarko Basin		24		27		32		31		32
Other		8		9		9		8		9
Total		163		163		151		144		141
Natural gas liquids (MBbls/d)
Delaware Basin		37		32		28		27		23
Powder River Basin		3		2		2		2		2
Eagle Ford		9		9		11		12		12
Anadarko Basin		30		30		37		40		35
Other		1		1		1		1		2
Total		80		74		79		82		74
Gas (MMcf/d)
Delaware Basin		244		234		167		158		146
Powder River Basin		29		28		28		22		18
Eagle Ford		86		76		75		81		83
Anadarko Basin		272		295		317		313		333
Other		3		4		4		4		8
Total		634		637		591		578		588
Total oil equivalent (MBoe/d)
Delaware Basin		162		154		127		120		107
Powder River Basin		29		27		25		21		21
Eagle Ford		50		45		45		49		50
Anadarko Basin		98		107		121		124		123
Other		9		10		10		10		12
Total		348		343		328		324		313
	2020		2019
	Quarter 1		Quarter 4		Quarter 3		Quarter 2		Quarter 1
Barnett divest assets (discontinued operations)
Oil (MBbls/d)		—		—		—		1		1
Natural gas liquids (MBbls/d)		31		30		30		30		30
Gas (MMcf/d)		408		408		414		420		432
Total oil equivalent (MBoe/d)		99		98		100		100		103

5

UPSTREAM CAPITAL EXPENDITURES
(in millions)	2020		2019
	Quarter 1		Quarter 4		Quarter 3		Quarter 2		Quarter 1
Delaware Basin	$	220	$	170	$	262	$	235	$	240
Powder River Basin		90		89		89		87		48
Eagle Ford		70		65		90		53		48
Anadarko Basin		4		38		67		94		112
Other		7		12		12		12		12
Total upstream capital	$	391	$	374	$	520	$	481	$	460

GROSS OPERATED SPUDS
	2020		2019
	Quarter 1		Quarter 4		Quarter 3		Quarter 2		Quarter 1
Delaware Basin		38		24		38		23		39
Powder River Basin		12		19		14		17		9
Eagle Ford		10		25		18		31		12
Anadarko Basin		—		—		4		16		18
Total		60		68		74		87		78

GROSS OPERATED WELLS TIED-IN
	2020		2019
	Quarter 1		Quarter 4		Quarter 3		Quarter 2		Quarter 1
Delaware Basin		32		36		34		28		25
Powder River Basin		14		19		18		6		3
Eagle Ford		30		21		—		9		18
Anadarko Basin		4		9		16		21		29
Total		80		85		68		64		75

NET OPERATED WELLS TIED-IN
	2020		2019
	Quarter 1		Quarter 4		Quarter 3		Quarter 2		Quarter 1
Delaware Basin		25		25		30		24		18
Powder River Basin		10		15		13		5		2
Eagle Ford		14		11		—		4		9
Anadarko Basin		3		7		7		14		20
Total		52		58		43		54		49

AVERAGE LATERAL LENGTH
(based on wells tied-in)	2020	2019
	Quarter 1	Quarter 4	Quarter 3	Quarter 2	Quarter 1
Delaware Basin	8,000'	8,000'	9,700'	7,500'	8,500'
Powder River Basin	9,100'	9,700'	9,500'	9,500'	10,000'
Eagle Ford	5,400'	6,600'	N/A	6,000'	6,000'
Anadarko Basin	9,800'	11,200'	9,600'	9,000'	9,000'
Total	7,300'	8,400'	9,600'	8,000'	8,000'

6

BENCHMARK PRICES
(average prices)	2020		2019
	Quarter 1		Quarter 4		Quarter 3		Quarter 2			Quarter 1
Oil ($/Bbl) - West Texas Intermediate (Cushing)	$	46.44	$	57.02	$	56.34	$	59.85		$	54.88
Natural Gas ($/Mcf) - Henry Hub	$	1.95	$	2.50	$	2.23	$	2.64		$	3.15
NGL ($/Bbl) - Mont Belvieu Blended	$	14.39	$	18.69	$	16.18	$	19.05		$	22.94
REALIZED PRICES
	2020		2019
	Quarter 1		Quarter 4		Quarter 3		Quarter 2			Quarter 1
Oil (Per Bbl)
Delaware Basin	$	45.18	$	56.23	$	53.85	$	55.54		$	49.48
Powder River Basin		41.14		52.02		52.50		56.79			49.21
Eagle Ford		44.90		55.11		57.77		61.60			59.45
Anadarko Basin		45.32		55.71		54.47		57.67			52.82
Other		44.53		55.14		54.02		55.31			47.60
Realized price without hedges		44.59		55.41		54.40		57.11			51.83
Cash settlements		5.14		1.48		2.18		(0.41	)		3.65
Realized price, including cash settlements	$	49.73	$	56.89	$	56.58	$	56.70		$	55.48
Natural gas liquids (Per Bbl)
Delaware Basin	$	8.36	$	13.30	$	10.27	$	13.77		$	17.64
Powder River Basin		15.86		17.36		15.01		17.74			19.64
Eagle Ford		14.77		18.84		13.77		15.84			19.77
Anadarko Basin		10.90		17.47		12.61		15.55			18.43
Other		15.82		13.62		12.76		10.69			15.43
Realized price without hedges		10.40		15.79		12.02		15.00			18.36
Cash settlements		0.61		1.75		2.55		1.40			0.67
Realized price, including cash settlements	$	11.01	$	17.54	$	14.57	$	16.40		$	19.03
Gas (Per Mcf)
Delaware Basin	$	0.58	$	1.22	$	0.90	$	(0.05	)	$	1.84
Powder River Basin		1.71		2.51		1.96		2.16			2.92
Eagle Ford		2.05		2.52		2.26		2.56			3.39
Anadarko Basin		1.45		1.81		1.54		1.74			2.76
Other		1.69		0.43		2.18		1.72			2.12
Realized price without hedges		1.21		1.70		1.47		1.38			2.62
Cash settlements		0.36		0.13		0.41		0.34			(0.31	)
Realized price, including cash settlements	$	1.57	$	1.83	$	1.88	$	1.72		$	2.31
Total oil equivalent (Per Boe)
Delaware Basin	$	26.19	$	35.05	$	33.48	$	33.94		$	33.92
Powder River Basin		33.65		42.45		41.20		45.44			41.69
Eagle Ford		29.94		36.51		35.10		37.50			39.41
Anadarko Basin		18.14		24.28		22.07		23.96			26.65
Other		39.15		46.49		46.08		46.70			39.27
Realized price without hedges		25.43		32.82		30.47		31.79			32.65
Cash settlements		3.20		1.32		2.34		0.79			1.22
Realized price, including cash settlements	$	28.63	$	34.14	$	32.81	$	32.58		$	33.87

7

BENCHMARK PRICES
(average prices)	2020			2019
	Quarter 1			Quarter 4			Quarter 3			Quarter 2			Quarter 1
Oil ($/Bbl) - West Texas Intermediate (Cushing)	$	46.44		$	57.02		$	56.34		$	59.85		$	54.88
Natural Gas ($/Mcf) - Henry Hub	$	1.95		$	2.50		$	2.23		$	2.64		$	3.15
NGL ($/Bbl) - Mont Belvieu Blended	$	14.39		$	18.69		$	16.18		$	19.05		$	22.94
FIELD-LEVEL CASH MARGIN (per Boe)
	2020			2019
	Quarter 1			Quarter 4			Quarter 3			Quarter 2			Quarter 1
Delaware Basin
Realized price	$	26.19		$	35.05		$	33.48		$	33.94		$	33.92
Lease operating expenses		(3.61	)		(3.36	)		(4.17	)		(4.33	)		(4.58	)
Gathering, processing & transportation		(2.71	)		(2.59	)		(2.20	)		(2.31	)		(2.23	)
Production & property taxes		(2.15	)		(2.80	)		(2.69	)		(2.84	)		(2.72	)
Field-level cash margin	$	17.72		$	26.30		$	24.42		$	24.46		$	24.39
Powder River Basin
Realized price	$	33.65		$	42.45		$	41.20		$	45.44		$	41.69
Lease operating expenses		(6.65	)		(5.00	)		(7.28	)		(6.95	)		(8.00	)
Gathering, processing & transportation		(2.32	)		(3.40	)		(2.07	)		(1.71	)		(1.70	)
Production & property taxes		(4.20	)		(5.19	)		(4.73	)		(4.99	)		(4.97	)
Field-level cash margin	$	20.48		$	28.86		$	27.12		$	31.79		$	27.02
Eagle Ford
Realized price	$	29.94		$	36.51		$	35.10		$	37.50		$	39.41
Lease operating expenses		(2.93	)		(4.52	)		(3.20	)		(2.85	)		(2.81	)
Gathering, processing & transportation		(5.96	)		(6.52	)		(5.93	)		(5.59	)		(5.84	)
Production & property taxes		(1.85	)		(1.75	)		(1.95	)		(2.43	)		(2.23	)
Field-level cash margin	$	19.20		$	23.72		$	24.02		$	26.63		$	28.53
Anadarko Basin
Realized price	$	18.14		$	24.28		$	22.07		$	23.96		$	26.65
Lease operating expenses		(2.79	)		(2.24	)		(2.08	)		(1.84	)		(1.87	)
Gathering, processing & transportation		(6.36	)		(5.98	)		(5.05	)		(5.10	)		(5.18	)
Production & property taxes		(0.77	)		(1.00	)		(0.86	)		(1.25	)		(1.33	)
Field-level cash margin	$	8.22		$	15.06		$	14.08		$	15.77		$	18.27
Other
Realized price	$	39.15		$	46.49		$	46.08		$	46.70		$	39.27
Lease operating expenses		(18.95	)		(20.04	)		(17.22	)		(22.29	)		(17.42	)
Gathering, processing & transportation		(0.31	)		(0.34	)		(0.45	)		(0.22	)		(0.29	)
Production & property taxes		(4.34	)		(3.78	)		(4.50	)		(5.26	)		(3.99	)
Field-level cash margin	$	15.55		$	22.33		$	23.91		$	18.93		$	17.57
Devon - Total
Realized price	$	25.43		$	32.82		$	30.47		$	31.79		$	32.65
Lease operating expenses		(3.96	)		(3.79	)		(3.90	)		(3.85	)		(3.95	)
Gathering, processing & transportation		(4.11	)		(4.16	)		(3.71	)		(3.78	)		(3.86	)
Production & property taxes		(1.95	)		(2.32	)		(2.13	)		(2.38	)		(2.30	)
Field-level cash margin	$	15.41		$	22.55		$	20.73		$	21.78		$	22.54

8

NON-GAAP FINANCIAL MEASURES

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

This press release includes 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 this press release, including reconciliations to their most directly comparable GAAP measure.

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 first-quarter 2020 earnings.

	Quarter Ended March 31, 2020
	Before-tax			After-tax			After Noncontrolling Interests			Per Diluted Share
Continuing Operations
Loss (GAAP)	$	(2,107	)	$	(1,690	)	$	(1,691	)	$	(4.48	)
Adjustments:
Asset and exploration impairments		2,776			2,146			2,146			5.66
Deferred tax asset valuation allowance		—			108			108			0.28
Fair value changes in financial instruments		(619	)		(479	)		(479	)		(1.24	)
Change in tax legislation		—			(62	)		(62	)		(0.16	)
Core earnings (Non-GAAP)	$	50		$	23		$	22		$	0.06
Discontinued Operations
Loss (GAAP)	$	(157	)	$	(125	)	$	(125	)	$	(0.34	)
Adjustments:
Asset impairments		179			141			141			0.38
Fair value changes in foreign currency and other		10			10			10			0.03
Core earnings (Non-GAAP)	$	32		$	26		$	26		$	0.07
Total
Loss (GAAP)	$	(2,264	)	$	(1,815	)	$	(1,816	)	$	(4.82	)
Adjustments:
Continuing Operations		2,157			1,713			1,713			4.54
Discontinued Operations		189			151			151			0.41
Core earnings (Non-GAAP)	$	82		$	49		$	48		$	0.13

9

EBITDAX

Devon believes EBITDAX provides information useful in assessing operating and financial performance across periods. Devon computes EBITDAX as net earnings from continuing operations 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 and should be considered in conjunction with net earnings from continuing operations.

	Q1 '20			Q4'19			Q3'19			Q2'19			TTM			Q1'19
Net earnings (loss) (GAAP)	$	(1,815	)	$	(640	)	$	109		$	495		$	(1,851	)	$	(317	)
Net (earnings) loss from discontinued operations, net of tax		125			652			27			(344	)		460			(61	)
Financing costs, net		65			64			60			66			255			60
Income tax expense (benefit)		(417	)		(33	)		54			68			(328	)		(119	)
Exploration expenses		112			29			18			7			166			4
Depreciation, depletion and amortization		401			382			381			374			1,538			360
Asset impairments		2,666			-			-			-			2,666			-
Asset dispositions		-			-			(1	)		(2	)		(3	)		(45	)
Share-based compensation		20			19			20			21			80			23
Derivative and financial instrument non-cash valuation changes		(619	)		159			(57	)		(117	)		(634	)		638
Restructuring and transaction costs		-			11			10			12			33			51
Accretion on discounted liabilities and other		(48	)		14			5			8			(21	)		(22	)
EBITDAX (Non-GAAP)	$	490		$	657		$	626		$	588		$	2,361		$	572

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.

	March 31, 2020
Total debt (GAAP)	$	4,295
Less:
Cash and cash equivalents		(1,527	)
Cash restricted for discontinued operations		(200	)
Net debt (Non-GAAP)	$	2,568

NET DEBT-TO-EBITDAX

Devon defines as net debt divided by trailing twelve months EBITDAX.  

	March 31, 2020
Net debt (Non-GAAP)	$	2,568
EBITDAX (trailing 12 months) (Non-GAAP)		2,361
Net debt-to-EBITDAX (Non-GAAP)		1.1

FREE CASH FLOW

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

	Quarter Ended March 31, 2020
Total operating cash flow (GAAP)	$	529
Less capital expenditures:
Capital expenditures		(425	)
Free cash flow (Non-GAAP)	$	104

1

GUIDANCE

SECOND-QUARTER AND FULL-YEAR 2020

PRODUCTION GUIDANCE
	Quarter 2(1)				Full Year
	Low		High		Low		High
Oil (MBbls/d)		145		155		145		150
Natural gas liquids (MBbls/d)		60		70		68		72
Gas (MMcf/d)		580		620		550		580
Total oil equivalent (MBoe/d)		302		328		300		319

(1)For the second quarter of 2020, Devon assumes 10 MBbls/d of oil production curtailments (~20 MBoe/d). Curtailments include shut-in production, restricted flowback on select wells and the deferral of a few completions.

CAPITAL EXPENDITURES GUIDANCE
	Quarter 2				Full Year
(in millions)	Low		High		Low		High
Total upstream capital	$	200	$	250	$	950	$	1,050

OTHER GUIDANCE ITEMS
	Quarter 2						Full Year
($ millions, except Boe and %)	Low			High			Low			High
Marketing & midstream operating profit	$	(5)		$	5		$	(25)		$	(15)
LOE & GP&T per BOE(2)	$	7.90	(2)	$	8.10(2)		$	8.10(2)		$	8.30(2)
Production & property taxes as % of upstream sales		7.9%			8.1%			7.8%			8.0%
Exploration expenses	$	5		$	10		$	5		$	15
Depreciation, depletion and amortization	$	290		$	330		$	1,225		$	1,325
General & administrative expenses	$	90		$	100		$	350		$	370
Financing costs, net	$	60		$	70		$	260		$	270
Other expenses(3)	$	10		$	20		$	—	(3)	$	20	(3)
Current income tax rate from continuing operations		0	%		0	%		0	%		0	%
Deferred income tax rate from continuing operations		20	%		30	%		20	%		30	%
Total income tax rate from continuing operations		20	%		30	%		20	%		30	%

(2)In the second quarter 2020 and full-year 2020, Devon expects to incur approximately $15 million and $65 million of minimum volume commitments related to the Anadarko Basin. These commitments are expected to impact GP&T rates by approximately $0.55 per Boe in 2020. These commitments will expire at the end of 2020.

(3)Full-year estimate includes $47 million severance tax credit recorded in the first quarter.

2

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-Q4 2020		82,207	$	36.87		50,449	$	51.11	$	61.14
Q1-Q4 2021		23,558	$	35.69		15,964	$	41.24	$	51.24

Oil Basis Swaps
Period	Index	Volume (Bbls/d)		Weighted Average Differential to WTI ($/Bbl)
Q2-Q4 2020	Argus MEH		50,916	$	0.45
Q2-Q4 2020	Midland Sweet		31,782	$	(1.23)
Q2-Q4 2020	NYMEX Roll		52,676	$	0.38
Q1-Q4 2021	Midland Sweet		7,000	$	1.27

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-Q4 2020		70,414	$	2.75		193,164	$	1.95	$	2.42
Q1-Q4 2021		11,219	$	2.71		66,096	$	2.25	$	2.75

Natural Gas Basis Swaps
Period	Index	Volume (MMBtu/d)		Weighted Average Differential to Henry Hub ($/MMBtu)
Q2-Q4 2020	Panhandle Eastern Pipe Line		30,000	$	(0.47	)
Q2-Q4 2020	El Paso Natural Gas		65,000	$	(0.78	)
Q2-Q4 2020	Houston Ship Channel		30,000	$	(0.02	)
Q1-Q4 2021	El Paso Natural Gas		35,000	$	(0.92	)

NGL Commodity Hedges
		Price Swaps
Period	Product	Volume (Bbls/d)		Weighted Average Price ($/Bbl)
Q2-Q4 2020	Ethane		9,982	$	5.62
Q2-Q4 2020	Natural Gasoline		1,000	$	44.84
Q2-Q4 2020	Normal Butane		1,500	$	23.56
Q2-Q4 2020	Propane		4,500	$	25.18

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 first of the month Henry Hub 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 May 1, 2020.