EX-99.3

Exhibit 99.3

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Devon Energy Third-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 (Loss)		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 3			Quarter 2			Quarter 1			Quarter 4			Quarter 3
Oil, gas and NGL sales	$	678		$	424		$	807		$	1,035		$	919
Oil, gas and NGL derivatives ⁽¹⁾		(87	)		(361	)		720			(116	)		127
Marketing and midstream revenues		476			331			560			670			700

Total revenues		1,067			394			2,087			1,589			1,746

Production expenses ⁽²⁾		271			263			318			324			294
Exploration expenses		39			12			112			29			18
Marketing and midstream expenses		478			339			578			665			684
Depreciation, depletion and amortization		299			299			401			382			381
Asset impairments		—			—			2,666			—			—
Asset dispositions		—			—			—			—			(1	)
General and administrative expenses		75			79			102			119			107
Financing costs, net		66			69			65			64			60
Restructuring and transaction costs		32			—			—			11			10
Other expenses		—			13			(48	)		16			3

Total expenses		1,260			1,074			4,194			1,610			1,556

Earnings (loss) from continuing operations before income taxes		(193	)		(680	)		(2,107	)		(21	)		190
Income tax expense (benefit)		(90	)		(3	)		(417	)		(33	)		54

Net earnings (loss) from continuing operations		(103	)		(677	)		(1,690	)		12			136
Net earnings (loss) from discontinued operations, net of taxes		13			9			(125	)		(652	)		(27	)

Net earnings (loss)		(90	)		(668	)		(1,815	)		(640	)		109
Net earnings attributable to noncontrolling interests		2			2			1			2			—

Net earnings (loss) attributable to Devon	$	(92	)	$	(670	)	$	(1,816	)	$	(642	)	$	109

Basic net earnings (loss) per share:
Continuing operations	$	(0.29	)	$	(1.80	)	$	(4.48	)	$	0.03		$	0.34
Discontinued operations		0.04			0.02			(0.34	)		(1.73	)		(0.07	)

Basic net earnings (loss) per share	$	(0.25	)	$	(1.78	)	$	(4.82	)	$	(1.70	)	$	0.27

Diluted net earnings (loss) per share:
Continuing operations	$	(0.29	)	$	(1.80	)	$	(4.48	)	$	0.03		$	0.34
Discontinued operations		0.04			0.02			(0.34	)		(1.73	)		(0.07	)

Diluted net earnings (loss) per share	$	(0.25	)	$	(1.78	)	$	(4.82	)	$	(1.70	)	$	0.27

Weighted average common shares outstanding:
Basic		383			383			383			383			397
Diluted		383			383			383			385			399

(1) OIL, GAS AND NGL DERIVATIVES
(in millions)	2020									2019
	Quarter 3			Quarter 2			Quarter 1			Quarter 4			Quarter 3
Derivative cash settlements	$	10		$	232		$	101		$	42		$	71
Derivative valuation changes		(97	)		(593	)		619			(158	)		56

Oil, gas and NGL derivatives	$	(87	)	$	(361	)	$	720		$	(116	)	$	127


(2) PRODUCTION EXPENSES
(in millions)	2020									2019
	Quarter 3			Quarter 2			Quarter 1			Quarter 4			Quarter 3
Lease operating expense	$	100		$	108		$	126		$	120		$	118
Gathering, processing & transportation		125			123			130			131			112
Production taxes		42			25			56			69			58
Property taxes		4			7			6			4			6

Production expenses	$	271		$	263		$	318		$	324		$	294


CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)	2020									2019
	Quarter 3			Quarter 2			Quarter 1			Quarter 4			Quarter 3
Cash flows from operating activities:
Net earnings (loss)	$	(90	)	$	(668	)	$	(1,815	)	$	(640	)	$	109
Adjustments to reconcile net earnings (loss) to net cash from operating activities:
Net (earnings) loss from discontinued operations, net of income taxes		(13	)		(9	)		125			652			27
Depreciation, depletion and amortization		299			299			401			382			381
Asset impairments		—			—			2,666			—			—
Leasehold impairments		36			3			110			3			13
Accretion on discounted liabilities		8			8			8			8			8
Total (gains) losses on commodity derivatives		87			361			(720	)		116			(127	)
Cash settlements on commodity derivatives		10			232			101			41			71
Gains on asset dispositions		—			—			—			—			(1	)
Deferred income tax expense (benefit)		—			—			(311	)		(27	)		52
Share-based compensation		31			19			20			23			23
Other		1			4			—			2			3
Changes in assets and liabilities, net		58			(99	)		(56	)		18			36

Net cash from operating activities - continuing operations		427			150			529			578			595

Cash flows from investing activities:
Capital expenditures		(204	)		(307	)		(425	)		(408	)		(526	)
Acquisitions of property and equipment		—			(1	)		(4	)		(3	)		(5	)
Divestitures of property and equipment		1			3			25			43			9

Net cash from investing activities - continuing operations		(203	)		(305	)		(404	)		(368	)		(522	)

Cash flows from financing activities:
Repurchases of common stock		—			—			(38	)		(103	)		(561	)
Dividends paid on common stock		(43	)		(42	)		(34	)		(34	)		(35	)
Contributions from noncontrolling interests		1			6			5			116			—
Distributions to noncontrolling interest		(4	)		(3	)		(3	)		—			—
Shares exchanged for tax withholdings and other		—			—			(17	)		(2	)		(1	)

Net cash from financing activities - continuing operations		(46	)		(39	)		(87	)		(23	)		(597	)

Net change in cash, cash equivalents and restricted cash of continuing operations		178			(194	)		38			187			(524	)

Cash flows from discontinued operations:
Operating activities		45			(43	)		(131	)		(9	)		(94	)
Investing activities		1			171			(1	)		—			(5	)
Financing activities		—			—			—			—			(1,571	)
Effect of exchange rate changes on cash		4			8			(23	)		10			(3	)

Net change in cash, cash equivalents and restricted cash of discontinued operations		50			136			(155	)		1			(1,673	)

Net change in cash, cash equivalents and restricted cash		228			(58	)		(117	)		188			(2,197	)
Cash, cash equivalents and restricted cash at beginning of period		1,669			1,727			1,844			1,656			3,853

Cash, cash equivalents and restricted cash at end of period	$	1,897		$	1,669		$	1,727		$	1,844		$	1,656

Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	$	1,707		$	1,474		$	1,527		$	1,464		$	1,375
Cash restricted for discontinued operations		190			195			200			380			280
Restricted cash included in other current assets		—			—			—			—			1

Total cash, cash equivalents and restricted cash	$	1,897		$	1,669		$	1,727		$	1,844		$	1,656


CONSOLIDATED BALANCE SHEETS
(in millions)	September 30,			December 31,
	2020			2019
Current assets:
Cash and cash equivalents	$	1,707		$	1,464
Cash restricted for discontinued operations		190			380
Accounts receivable		493			832
Current assets associated with discontinued operations		728			896
Other current assets		359			279

Total current assets		3,477			3,851
Oil and gas property and equipment, based on successful efforts accounting, net		4,553			7,558
Other property and equipment, net		1,003			1,035

Total property and equipment, net		5,556			8,593
Goodwill		753			753
Right-of-use assets		226			243
Other long-term assets		233			196
Long-term assets associated with discontinued operations		81			81

Total assets	$	10,326		$	13,717

Current liabilities:
Accounts payable	$	415		$	428
Revenues and royalties payable		562			730
Current liabilities associated with discontinued operations		463			459
Other current liabilities		269			310

Total current liabilities		1,709			1,927

Long-term debt		4,297			4,294
Lease liabilities		245			244
Asset retirement obligations		398			380
Other long-term liabilities		372			426
Long-term liabilities associated with discontinued operations		157			185
Deferred income taxes		—			341
Stockholders’ equity:
Common stock		38			38
Additional paid-in capital		2,750			2,735
Retained earnings		351			3,148
Accumulated other comprehensive loss		(116	)		(119	)

Total stockholders’ equity attributable to Devon		3,023			5,802
Noncontrolling interests		125			118

Total equity		3,148			5,920

Total liabilities and equity	$	10,326		$	13,717

Common shares outstanding		383			382


PRODUCTION TREND
	2020						2019
	Quarter 3		Quarter 2		Quarter 1		Quarter 4		Quarter 3
Oil (MBbls/d)
Delaware Basin		77		79		84		84		70
Powder River Basin		21		18		21		20		18
Eagle Ford		22		27		26		23		22
Anadarko Basin		19		21		24		27		32
Other		7		8		8		9		9

Total		146		153		163		163		151

Natural gas liquids (MBbls/d)
Delaware Basin		38		29		37		32		28
Powder River Basin		3		2		3		2		2
Eagle Ford		11		12		9		9		11
Anadarko Basin		30		25		30		30		37
Other		1		1		1		1		1

Total		83		69		80		74		79

Gas (MMcf/d)
Delaware Basin		239		241		244		234		167
Powder River Basin		23		20		29		28		28
Eagle Ford		73		87		86		76		75
Anadarko Basin		242		262		272		295		317
Other		3		4		3		4		4

Total		580		614		634		637		591

Total oil equivalent (MBoe/d)
Delaware Basin		155		149		162		154		127
Powder River Basin		28		24		29		27		25
Eagle Ford		46		53		50		45		45
Anadarko Basin		89		90		98		107		121
Other		8		9		9		10		10

Total		326		325		348		343		328


	2020						2019
	Quarter 3		Quarter 2		Quarter 1		Quarter 4		Quarter 3
Barnett divest assets (discontinued operations)
Oil (MBbls/d)		—		—		—		—		—
Natural gas liquids (MBbls/d)		28		28		31		30		30
Gas (MMcf/d)		391		401		408		408		414

Total oil equivalent (MBoe/d)		93		95		99		98		100


UPSTREAM CAPITAL EXPENDITURES
(in millions)	2020						2019
	Quarter 3		Quarter 2		Quarter 1		Quarter 4		Quarter 3
Delaware Basin	$	179	$	148	$	220	$	170	$	262
Powder River Basin		11		39		90		89		89
Eagle Ford		1		10		70		65		90
Anadarko Basin		1		3		4		38		67
Other		3		3		7		12		12

Total upstream capital	$	195	$	203	$	391	$	374	$	520


GROSS OPERATED SPUDS
	2020						2019
	Quarter 3		Quarter 2		Quarter 1		Quarter 4		Quarter 3
Delaware Basin		35		27		38		24		38
Powder River Basin		—		—		12		19		14
Eagle Ford		—		—		10		25		18
Anadarko Basin		—		—		—		—		4

Total		35		27		60		68		74


GROSS OPERATED WELLS TIED-IN
	2020						2019
	Quarter 3		Quarter 2		Quarter 1		Quarter 4		Quarter 3
Delaware Basin		32		22		32		36		34
Powder River Basin		9		4		14		19		18
Eagle Ford		—		13		30		21		—
Anadarko Basin		—		—		4		9		16

Total		41		39		80		85		68


NET OPERATED WELLS TIED-IN
	2020						2019
	Quarter 3		Quarter 2		Quarter 1		Quarter 4		Quarter 3
Delaware Basin		23		18		25		25		30
Powder River Basin		7		4		10		15		13
Eagle Ford		—		7		14		11		—
Anadarko Basin		—		—		3		7		7

Total		30		29		52		58		50


AVERAGE LATERAL LENGTH
(based on wells tied-in)	2020						2019
	Quarter 3		Quarter 2		Quarter 1		Quarter 4		Quarter 3
Delaware Basin		9,900’		9,100’		8,000’		8,000’		9,700’
Powder River Basin		9,800’		8,100’		9,100’		9,700’		9,500’
Eagle Ford		—		5,900’		5,400’		6,600’		N/A
Anadarko Basin		—		—		9,800’		11,200’		9,600’

Total		9,900’		7,900’		7,300’		8,400’		9,600’


BENCHMARK PRICES
(average prices)	2020							2019
	Quarter 3			Quarter 2		Quarter 1		Quarter 4		Quarter 3
Oil ($/Bbl) - West Texas Intermediate (Cushing)	$	40.86		$	28.42	$	46.44	$	57.02	$	56.34
Natural Gas ($/Mcf) - Henry Hub	$	1.98		$	1.71	$	1.95	$	2.50	$	2.23
NGL ($/Bbl) - Mont Belvieu Blended	$	16.69		$	12.57	$	14.39	$	18.69	$	16.18

REALIZED PRICES
	2020							2019
	Quarter 3			Quarter 2		Quarter 1		Quarter 4		Quarter 3
Oil (Per Bbl)
Delaware Basin	$	39.19		$	22.70	$	45.18	$	56.23	$	53.85
Powder River Basin		35.39			24.03		41.14		52.02		52.50
Eagle Ford		33.68			15.30		44.90		55.11		57.77
Anadarko Basin		37.88			19.52		45.32		55.71		54.47
Other		37.33			25.45		44.53		55.14		54.02

Realized price without hedges		37.56			21.25		44.59		55.41		54.40
Cash settlements		0.65			15.25		5.14		1.48		2.18

Realized price, including cash settlements	$	38.21		$	36.50	$	49.73	$	56.89	$	56.58

Natural gas liquids (Per Bbl)
Delaware Basin	$	11.49		$	7.94	$	8.36	$	13.30	$	10.27
Powder River Basin		13.10			10.07		15.86		17.36		15.01
Eagle Ford		13.74			10.02		14.77		18.84		13.77
Anadarko Basin		12.68			9.31		10.90		17.47		12.61
Other		21.74			10.19		15.82		13.62		12.76

Realized price without hedges		12.36			8.89		10.40		15.79		12.02
Cash settlements		(0.30	)		0.51		0.61		1.75		2.55

Realized price, including cash settlements	$	12.06		$	9.40	$	11.01	$	17.54	$	14.57

Gas (Per Mcf)
Delaware Basin	$	1.11		$	1.05	$	0.58	$	1.22	$	0.90
Powder River Basin		1.94			1.80		1.71		2.51		1.96
Eagle Ford		1.95			1.79		2.05		2.52		2.26
Anadarko Basin		1.66			1.31		1.45		1.81		1.54
Other		1.52			1.32		1.69		0.43		2.18

Realized price without hedges		1.48			1.29		1.21		1.70		1.47
Cash settlements		0.06			0.28		0.36		0.13		0.41

Realized price, including cash settlements	$	1.54		$	1.57	$	1.57	$	1.83	$	1.88

Total oil equivalent (Per Boe)
Delaware Basin	$	24.00		$	15.39	$	26.19	$	35.05	$	33.48
Powder River Basin		29.83			20.80		33.65		42.45		41.20
Eagle Ford		22.78			12.90		29.94		36.51		35.10
Anadarko Basin		16.81			10.98		18.14		24.28		22.07
Other		34.15			22.95		39.15		46.49		46.08

Realized price without hedges		22.60			14.37		25.43		32.82		30.47
Cash settlements		0.33			7.83		3.20		1.32		2.34

Realized price, including cash settlements	$	22.93		$	22.20	$	28.63	$	34.14	$	32.81


BENCHMARK PRICES
(average prices)	2020									2019
	Quarter 3			Quarter 2			Quarter 1			Quarter 4			Quarter 3
Oil ($/Bbl) - West Texas Intermediate (Cushing)	$	40.86		$	28.42		$	46.44		$	57.02		$	56.34
Natural Gas ($/Mcf) - Henry Hub	$	1.98		$	1.71		$	1.95		$	2.50		$	2.23
NGL ($/Bbl) - Mont Belvieu Blended	$	16.69		$	12.57		$	14.39		$	18.69		$	16.18

FIELD-LEVEL CASH MARGIN (per Boe)
	2020									2019
	Quarter 3			Quarter 2			Quarter 1			Quarter 4			Quarter 3
Delaware Basin
Realized price	$	24.00		$	15.39		$	26.19		$	35.05		$	33.48
Lease operating expenses		(3.00	)		(3.56	)		(3.61	)		(3.36	)		(4.17	)
Gathering, processing & transportation		(2.68	)		(2.88	)		(2.71	)		(2.59	)		(2.20	)
Production & property taxes		(1.80	)		(1.14	)		(2.15	)		(2.80	)		(2.69	)

Field-level cash margin	$	16.52		$	7.81		$	17.72		$	26.30		$	24.42

Powder River Basin
Realized price	$	29.83		$	20.80		$	33.65		$	42.45		$	41.20
Lease operating expenses		(5.41	)		(6.60	)		(6.65	)		(5.00	)		(7.28	)
Gathering, processing & transportation		(2.30	)		(2.71	)		(2.32	)		(3.40	)		(2.07	)
Production & property taxes		(3.49	)		(2.40	)		(4.20	)		(5.19	)		(4.73	)

Field-level cash margin	$	18.63		$	9.09		$	20.48		$	28.86		$	27.12

Eagle Ford
Realized price	$	22.78		$	12.90		$	29.94		$	36.51		$	35.10
Lease operating expenses		(2.47	)		(2.59	)		(2.93	)		(4.52	)		(3.20	)
Gathering, processing & transportation		(4.73	)		(4.96	)		(5.96	)		(6.52	)		(5.93	)
Production & property taxes		(0.92	)		(0.85	)		(1.85	)		(1.75	)		(1.95	)

Field-level cash margin	$	14.66		$	4.50		$	19.20		$	23.72		$	24.02

Anadarko Basin
Realized price	$	16.81		$	10.98		$	18.14		$	24.28		$	22.07
Lease operating expenses		(2.16	)		(2.42	)		(2.79	)		(2.24	)		(2.08	)
Gathering, processing & transportation		(7.39	)		(6.57	)		(6.36	)		(5.98	)		(5.05	)
Production & property taxes		(0.54	)		(0.32	)		(0.77	)		(1.00	)		(0.86	)

Field-level cash margin	$	6.72		$	1.67		$	8.22		$	15.06		$	14.08

Other
Realized price	$	34.15		$	22.95		$	39.15		$	46.49		$	46.08
Lease operating expenses		(19.92	)		(17.40	)		(18.95	)		(20.04	)		(17.22	)
Gathering, processing & transportation		(0.51	)		(0.34	)		(0.31	)		(0.34	)		(0.45	)
Production & property taxes		(3.62	)		(5.11	)		(4.34	)		(3.78	)		(4.50	)

Field-level cash margin	$	10.10		$	0.10		$	15.55		$	22.33		$	23.91

Devon - Total
Realized price	$	22.60		$	14.37		$	25.43		$	32.82		$	30.47
Lease operating expenses		(3.32	)		(3.69	)		(3.96	)		(3.79	)		(3.90	)
Gathering, processing & transportation		(4.17	)		(4.16	)		(4.11	)		(4.16	)		(3.71	)
Production & property taxes		(1.52	)		(1.07	)		(1.95	)		(2.32	)		(2.13	)

Field-level cash margin	$	13.59		$	5.45		$	15.41		$	22.55		$	20.73

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 (LOSS)

Devon’s reported net earnings (loss) 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 (loss) and core earnings (loss) 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 2020 earnings.


	Quarter Ended September 30, 2020
	Before-tax			After-tax			After Noncontrolling Interests			Per Diluted Share
Continuing Operations
Loss (GAAP)	$	(193	)	$	(103	)	$	(105	)	$	(0.29	)
Adjustments:
Asset and exploration impairments		36			29			29			0.08
Deferred tax asset valuation allowance		—			(5	)		(5	)		(0.01	)
Fair value changes in financial instruments		97			74			74			0.19
Change in tax legislation		—			(43	)		(43	)		(0.11	)
Restructuring and transaction costs		32			25			25			0.07

Core loss (Non-GAAP)	$	(28	)	$	(23	)	$	(25	)	$	(0.07	)

Discontinued Operations
Earnings (loss) (GAAP)	$	(2	)	$	13		$	13		$	0.04
Adjustments:
Asset impairments		3			3			3			0.00
Fair value changes in foreign currency and other		(2	)		(3	)		(3	)		(0.01	)

Core earnings (loss) (Non-GAAP)	$	(1	)	$	13		$	13		$	0.03

Total
Loss (GAAP)	$	(195	)	$	(90	)	$	(92	)	$	(0.25	)
Adjustments:
Continuing Operations		165			80			80			0.22
Discontinued Operations		1			—			—			(0.01	)

Core loss (Non-GAAP)	$	(29	)	$	(10	)	$	(12	)	$	(0.04	)

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.


	Q3 ’20			Q2 ’20			Q1 ’20			Q4’19			TTM			Q3’19
Net earnings (loss) (GAAP)	$	(90	)	$	(668	)	$	(1,815	)	$	(640	)	$	(3,213	)	$	109
Net (earnings) loss from discontinued operations, net of tax		(13	)		(9	)		125			652			755			27
Financing costs, net		66			69			65			64			264			60
Income tax expense (benefit)		(90	)		(3	)		(417	)		(33	)		(543	)		54
Exploration expenses		39			12			112			29			192			18
Depreciation, depletion and amortization		299			299			401			382			1,381			381
Asset impairments		—			—			2,666			—			2,666			—
Asset dispositions		—			—			—			—			—			(1	)
Share-based compensation		19			19			20			19			77			20
Derivative and financial instrument non-cash valuation changes		97			593			(619	)		159			230			(57	)
Restructuring and transaction costs		32			—			—			11			43			10
Accretion on discounted liabilities and other		—			13			(48	)		14			(21	)		5

EBITDAX (Non-GAAP)	$	359		$	325		$	490		$	657		$	1,831		$	626

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.


	September 30, 2020
Total debt (GAAP)	$	4,297
Less:
Cash and cash equivalents		(1,707	)
Cash restricted for discontinued operations		(190	)

Net debt (Non-GAAP)	$	2,400

NET DEBT-TO-EBITDAX

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


	September 30, 2020
Net debt (Non-GAAP)	$	2,400
EBITDAX (trailing 12 months) (Non-GAAP)	$	1,831

Net debt-to-EBITDAX (Non-GAAP)		1.3

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 September, 2020
Total operating cash flow (GAAP)	$	427
Less capital expenditures:
Capital expenditures		(204	)

Free cash flow (Non-GAAP)	$	223

LOGO

GUIDANCE

FOURTH-QUARTER 2020


PRODUCTION GUIDANCE
	Quarter 4
	Low			High
Oil (MBbls/d)		148			153
Natural gas liquids (MBbls/d)		78			83
Gas (MMcf/d)		550			590

Total oil equivalent (MBoe/d)		318			334


PRICE REALIZATIONS GUIDANCE
	Quarter 4
	Low			High
Oil - % of WTI		90	%		100	%
NGL - realized price	$	11		$	15
Natural gas - % of Henry Hub		70	%		80	%

CAPITAL EXPENDITURES GUIDANCE
	Quarter 4
(in millions)	Low			High
Total upstream capital	$	160		$	200


OTHER GUIDANCE ITEMS
	Quarter 4
($ millions, except Boe and %)	Low			High
Marketing & midstream operating profit	$	(5	)	$	—
LOE & GP&T per BOE⁽¹⁾	$	7.40		$	7.60
Production & property taxes as % of upstream sales		7.0	%		7.2	%
Exploration expenses	$	—		$	5
Depreciation, depletion and amortization	$	290		$	330
General & administrative expenses	$	65		$	75
Financing costs, net	$	65		$	75
Other expenses	$	5		$	10
Current income tax rate from continuing operations		0	%		5	%
Deferred income tax rate from continuing operations		20	%		25	%

Total income tax rate from continuing operations		20	%		30	%

(1)

In the fourth quarter 2020, Devon expects to incur approximately $20 million of minimum volume commitments related to the Anadarko Basin. These commitments will expire at the end of 2020.

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 2020		88,000	$	36.28		39,500	$	50.93	$	60.93
Q1 2021		47,500	$	35.74		20,000	$	49.20	$	59.20
Q2 2021		46,500	$	35.22		21,000	$	42.46	$	52.46
Q3 2021		1,500	$	51.90		21,250	$	36.73	$	46.73
Q4 2021		500	$	45.00		16,250	$	33.05	$	43.05

Oil Basis Swaps


Period	Index	Volume (Bbls/d)		Weighted Average Differential to WTI ($/Bbl)
Q4 2020	Argus MEH		50,000	$	0.47
Q4 2020	Midland Sweet		32,000	$	(1.23	)
Q4 2020	NYMEX Roll		54,000	$	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)
Q4 2020		69,000	$	2.69		141,000	$	2.35	$	2.85
Q1 2021		39,000	$	2.74		174,000	$	2.38	$	2.88
Q2 2021		39,000	$	2.74		174,000	$	2.38	$	2.88
Q3 2021		39,000	$	2.74		174,000	$	2.38	$	2.88
Q4 2021		14,000	$	2.85		79,000	$	2.52	$	3.02

Natural Gas Basis Swaps


Period	Index	Volume (MMBtu/d)		Weighted Average Differential to Henry Hub ($/MMBtu)
Q4 2020	Panhandle Eastern Pipe Line		30,000	$	(0.47	)
Q4 2020	El Paso Natural Gas		65,000	$	(0.78	)
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)
Q4 2020	Natural Gasoline		1,000	$	44.84
Q4 2020	Normal Butane		1,500	$	23.56
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 October 23, 2020.