OKLAHOMA CITY, May 2 /PRNewswire-FirstCall/ -- Devon Energy Corporation
(NYSE: DVN) today reported net earnings of $651 million, or $1.46 per
common share, ($1.44 per diluted common share), for the quarter ended March
31, 2007. In the first quarter of 2006, Devon earned $700 million, or $1.58
per common share ($1.56 per diluted common share).
The company's reported net earnings increased 12 percent compared with
the fourth quarter of 2006. Fourth-quarter 2006 net earnings were $582
million, or $1.31 per common share ($1.29 per diluted common share).
Securities analysts typically exclude certain items from their
published estimates. In aggregate, these items were offsetting and had no
effect upon Devon's first-quarter 2007 net earnings. The adjusting items
are discussed in detail later in this news release.
12 Percent Production Growth Underpinned by Operational Milestones
Oil and gas production from continuing operations increased 12 percent
in the first quarter of 2007 to 52.9 million oil-equivalent barrels (Boe).
This was Devon's fourth consecutive quarter of production increases from
retained properties. The steady growth in production reflects the strength
of the company's underlying property base. Further production growth in the
remaining quarters of 2007 and in 2008 will be fueled by growth in all the
company's geographic regions.
Devon drilled 585 successful wells in the first quarter of 2007. This
represents an overall success rate of 98 percent. Following are highlights
of operations conducted in the first quarter of 2007.
* Devon's net production in the Barnett Shale field in north Texas
averaged a record 730 million cubic feet of gas equivalent per day in
the first quarter of 2007. This was a 28 percent increase compared
with first-quarter 2006 average production and a six percent increase
compared with the fourth quarter of 2006.
* The company drilled its 700th operated horizontal well in the Barnett
Shale in the first quarter of 2007. Devon plans to drill more than 385
wells in the Barnett in 2007, and more than 90 percent of the planned
wells will be horizontals.
* In the Gulf of Mexico, subsea preparations continued at the Merganser
field. Devon expects to produce about 50 million cubic feet of gas per
day from Merganser when the deepwater Independence Hub becomes
operational in the third quarter of this year.
* Offshore Brazil, the Polvo platform was readied for drilling and
commissioning. Devon expects to commence oil production at Polvo in
the next few months.
* In Azerbaijan, Devon achieved its first full quarter of increased
production following payout of its carried interest in the ACG field.
Devon's net production from ACG averaged more than 35,000 barrels of
oil per day in the quarter.
Increased Production Boosts Revenues
Combined oil, gas and natural gas liquids production from continuing
operations averaged 588 thousand Boe per day in the quarter ended March 31,
2007. This was a 12 percent increase in production from continuing
operations over the first quarter of 2006. The production growth was
largely driven by the United States onshore and Azerbaijan.
Combined daily production from continuing operations climbed two
percent in the first quarter 2007 over the fourth quarter of 2006. Devon
expects to produce 219 to 221 million Boe from continuing operations in the
full year of 2007, representing a 10 percent increase over 2006.
Sales of oil, natural gas and natural gas liquids increased three
percent to $2.1 billion in the first quarter of 2007 compared with the same
quarter in 2006. The 12 percent increase in daily oil and gas production
more than offset lower realized natural gas and natural gas liquids prices.
Devon's first-quarter 2007 average realized price for natural gas
decreased 15 percent to $6.07 per thousand cubic feet compared with $7.16
per thousand cubic feet in the first quarter of 2006. The company's average
realized oil price increased one percent to $52.11 per barrel in the first
quarter of 2007 compared with $51.70 per barrel in the year-ago period. The
realized natural gas liquids price decreased three percent to $29.33 per
barrel from $30.18 per barrel in the first quarter of 2006.
Marketing and midstream operating profit was $109 million in the
quarter ended March 31, 2007, compared with $120 million in the comparable
period in 2006. The quarterly decrease was primarily due to lower natural
gas prices and lower third-party throughput volumes.
Rising Expenses Reflect Rising Production
Lease operating expenses (LOE) in the first quarter of 2007 increased
to $430 million. On a unit of production basis, first-quarter 2007 LOE was
$8.13 per Boe, or 16 percent higher than in the first quarter of 2006. The
increase in unit LOE in the 2007 quarter reflects higher oil transportation
costs, casualty insurance premiums, increased workover activity and
generally higher industry prices for oilfield services and supplies. The
increase in oil transportation costs is largely related to higher
production volumes in Azerbaijan.
Depreciation, depletion and amortization (DD&A) of oil and gas
properties increased 32 percent to $587 million in the first quarter of
2007. Unit DD&A increased 18 percent to $11.09 per Boe.
First-quarter general and administrative expenses (G&A) increased 33
percent to $119 million in 2007 compared with 2006. Higher employee-related
costs were the largest contributor to the quarterly increase in G&A. Devon
has increased the size of its technical workforce in response to expanding
levels of exploration and development activity and opportunities.
Interest expense for the first quarter of 2007 increased nine percent
to $110 million. The increase reflects higher commercial paper balances
offset in part by an increase in capitalized interest and lower long-term
debt balances.
African Divestitures Progressing; Reported as Discontinued Operations
In the fourth quarter of 2006, Devon announced its intention to divest
its assets and terminate operations in Egypt. In April 2007, Devon entered
into an agreement to sell its Egyptian assets for $375 million. The sale is
expected to close in the third quarter of 2007.
In the first quarter of 2007, the company announced its intentions to
divest its remaining assets in Africa and terminate African operations.
Data rooms are now open in Houston and London for divestiture of the West
African assets, and bids are expected in the third quarter.
In accordance with accounting standards, Devon has reclassified the
assets, liabilities and results of its operations in Egypt and West Africa
as discontinued operations for all accounting periods presented in this
release. Although revenues and expenses for prior periods were
reclassified, there was no impact upon previously reported net earnings.
Included with the financial information that follows is a table of
revenues, expenses and production categories and the amounts reclassified
as discontinued operations for each period presented.
Balance Sheet Remains Strong
Cash flow before balance sheet changes totaled $1.5 billion in the
first quarter of 2007. The company used cash flow and cash on hand to fund
$1.3 billion of exploration and development expenditures and $300 million
of other capital expenditures during the quarter.
Devon also repaid $348 million of commercial paper during the first
quarter of 2007 utilizing cash and short term investments. The company's
net debt to adjusted capitalization was approximately 23 percent at March
31, 2007. Reconciliations of cash flow before balance sheet changes, net
debt and adjusted capitalization, which are non-GAAP measures, are provided
in this release.
Items Excluded from Published Earnings Estimates
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. These items and their effects upon
reported earnings for the first quarter of 2007 were as follows:
* A change in fair value of financial instruments decreased first-
quarter earnings by $1 million pre-tax (no effect after tax).
* An unrealized loss on natural gas derivative instruments decreased
first-quarter 2007 earnings by $32 million pre-tax ($21 million after
tax).
* The decisions to exit Egypt and West Africa generated financial
benefits that increased first-quarter 2007 earnings by $40 million
pre-tax ($21 million after tax).
The following table summarizes the effects of these items on
first-quarter 2007 earnings and income taxes.
Summary of Items Typically Excluded by Securities Analysts --
First Quarter 2007
(in millions)
Pretax After-tax Cash Flow Before
Earnings Income Tax Effect Earnings Balance Sheet
Effect Current Deferred Total Effect Changes Effect
Change in
fair value
of financial
instruments $(1) --- (1) (1) --- ---
Unrealized
loss on
natural gas
derivatives (32) --- (11) (11) (21) ---
Financial
benefits
generated by
decision to
exit Africa 40 --- 19 19 21 ---
Totals $7 --- 7 7 --- ---
In aggregate, these items had no effect on first-quarter 2007 net
earnings.
Conference Call to be Webcast Today
Devon will discuss its first-quarter 2007 financial and operating
results in a conference call webcast today. The webcast will begin at 10
a.m. Central Time (11 a.m. Eastern Time). The webcast may be accessed from
Devon's internet home page at http://www.devonenergy.com .
This press release includes "forward-looking statements" as defined by
the Securities and Exchange Commission. Such statements are those
concerning strategic plans, expectations and objectives for future
operations. All statements, other than statements of historical facts,
included in this press release that address activities, events or
developments that the company expects, believes or anticipates will or may
occur in the future are forward- looking statements. Such statements are
subject to a number of assumptions, risks and uncertainties, many of which
are beyond the control of the company. Statements regarding future drilling
and production are subject to all of the risks and uncertainties normally
incident to the exploration for and development and production of oil and
gas. These risks include, but are not limited to, inflation or lack of
availability of goods and services, environmental risks, drilling risks and
regulatory changes. Investors are cautioned that any such statements are
not guarantees of future performance and that actual results or
developments may differ materially from those projected in the
forward-looking statements.
Devon Energy Corporation is an Oklahoma City-based independent energy
company engaged in oil and gas exploration and production. Devon is one of
the world's leading independent oil and gas producers and is included in
the S&P 500 Index. For more information about Devon, please visit our
website at http://www.devonenergy.com .
DEVON ENERGY CORPORATION
UNAUDITED FINANCIAL AND OPERATIONAL INFORMATION
PRODUCTION DATA (net of royalties)
All periods exclude discontinued
operations from Egypt and Quarter Ended
West Africa March 31,
2007 2006
Total Period Production
Natural Gas (Bcf)
U.S. Onshore 127.6 113.5
U.S. Offshore 18.6 16.5
Total U.S. 146.2 130.0
Canada 55.4 59.1
International 0.3 0.6
Total Natural Gas 201.9 189.7
Oil (MMBbls)
U.S. Onshore 2.8 2.8
U.S. Offshore 1.7 2.2
Total U.S. 4.5 5.0
Canada 3.5 3.2
International 5.3 1.6
Total Oil 13.3 9.8
Natural Gas Liquids (MMBbls)
U.S. Onshore 4.8 4.5
U.S. Offshore 0.1 0.1
Total U.S. 4.9 4.6
Canada 1.1 1.2
International --- ---
Total Natural Gas Liquids 6.0 5.8
Oil Equivalent (MMBoe)
U.S. Onshore 28.9 26.2
U.S. Offshore 4.9 5.1
Total U.S. 33.8 31.3
Canada 13.8 14.3
International 5.3 1.7
Total Oil Equivalent 52.9 47.3
Average Daily Production
Natural Gas (MMcf)
U.S. Onshore 1,418.5 1,261.2
U.S. Offshore 206.4 182.9
Total U.S. 1,624.9 1,444.1
Canada 615.0 656.3
International 3.0 7.0
Total Natural Gas 2,242.9 2,107.4
Oil (MBbls)
U.S. Onshore 30.7 31.2
U.S. Offshore 19.1 24.3
Total U.S. 49.8 55.5
Canada 39.0 35.7
International 58.6 17.9
Total Oil 147.4 109.1
Natural Gas Liquids (MBbls)
U.S. Onshore 53.2 49.8
U.S. Offshore 1.4 1.4
Total U.S. 54.6 51.2
Canada 12.3 13.6
International --- ---
Total Natural Gas Liquids 66.9 64.8
Oil Equivalent (MBoe)
U.S. Onshore 320.3 291.2
U.S. Offshore 54.9 56.3
Total U.S. 375.2 347.5
Canada 153.8 158.6
International 59.2 19.1
Total Oil Equivalent 588.2 525.2
DEVON ENERGY CORPORATION
UNAUDITED FINANCIAL AND OPERATIONAL INFORMATION
REALIZED PRICE DATA
(average realized prices) Quarter Ended
March 31,
2007 2006
Realized Prices
Natural Gas ($/Mcf)
U.S. Onshore $5.76 $6.89
U.S. Offshore $7.19 $8.26
Total U.S. $5.94 $7.07
Canada $6.43 $7.37
International $3.21 $6.07
Total Natural Gas $6.07 $7.16
Oil ($/Bbl)
U.S. Onshore $51.04 $57.58
U.S. Offshore $54.13 $60.13
Total U.S. $52.22 $58.70
Canada $43.51 $38.14
International $57.72 $56.95
Total Oil $52.11 $51.70
Natural Gas Liquids ($/Bbl)
U.S. Onshore $27.54 $26.61
U.S. Offshore $29.51 $36.65
Total U.S. $27.59 $26.89
Canada $37.03 $42.56
International $--- $---
Total Natural Gas Liquids $29.33 $30.18
Oil Equivalent ($/Boe)
U.S. Onshore $34.98 $40.58
U.S. Offshore $46.60 $53.81
Total U.S. $36.68 $42.72
Canada $39.71 $42.73
International $57.40 $55.69
Total Oil Equivalent $39.56 $43.20
BENCHMARK PRICES
(average prices) Quarter Ended
March 31,
2007 2006
Benchmark Prices
Natural Gas ($/Mcf) - Henry Hub $6.77 $9.01
Oil ($/Bbl) - West Texas
Intermediate (Cushing) $58.33 $63.41
PRICE DIFFERENTIALS, EXCLUDING
EFFECTS OF HEDGES
(average floating price
differentials from benchmark prices) Quarter Ended
March 31,
2007 2006
Price Differentials
Natural Gas ($/Mcf)
U.S. Onshore $(0.85) $(2.12)
U.S. Offshore $0.42 $(0.75)
Total U.S. $(0.69) $(1.94)
Canada $(0.12) $(1.38)
International $(3.56) $(2.94)
Total Natural Gas $(0.54) $(1.78)
Oil ($/Bbl)
U.S. Onshore $(7.29) $(5.83)
U.S. Offshore $(4.20) $(3.28)
Total U.S. $(6.11) $(4.71)
Canada $(14.82) $(25.27)
International $(0.61) $(6.46)
Total Oil $(6.22) $(11.71)
DEVON ENERGY CORPORATION
UNAUDITED FINANCIAL AND OPERATIONAL INFORMATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data) Quarter Ended
March 31,
2007 2006
Revenues
Oil sales $691 508
Gas sales 1,226 1,358
Natural gas liquids sales 177 176
Marketing & midstream revenues 379 458
Total revenues 2,473 2,500
Expenses and other income, net
Lease operating expenses 430 331
Production taxes 80 83
Marketing & midstream operating
costs and expenses 270 338
Depreciation, depletion and
amortization of oil and gas
properties 587 443
Depreciation and amortization of
non-oil and gas properties 46 41
Accretion of asset retirement
obligation 18 10
General & administrative expenses 119 90
Interest expense 110 101
Change in fair value of financial
instruments 1 12
Other income, net (26) (29)
Total expenses and other income, net 1,635 1,420
Earnings from continuing operations
before income tax expense 838 1,080
Income tax expense
Current 189 224
Deferred 75 140
Total income tax expense 264 364
Earnings from continuing operations 574 716
Discontinued operations
Earnings from discontinued
operations before income tax
expense 137 47
Income tax expense 60 63
Earnings (loss) from discontinuing
operations 77 (16)
Net earnings 651 700
Preferred stock dividends 2 2
Net earnings applicable to common
stockholders $649 $698
Net earnings per weighted average
common share outstanding
Basic $1.46 1.58
Diluted $1.44 1.56
Basic weighted average shares
outstanding 444 442
Diluted weighted average shares
outstanding 450 449
DEVON ENERGY CORPORATION
UNAUDITED FINANCIAL AND OPERATIONAL INFORMATION
CONSOLIDATED BALANCE SHEETS
(in millions) March 31, December 31,
2007 2006
Assets (Audited)
Current assets
Cash and cash equivalents $615 $692
Short-term investments 275 574
Accounts receivable 1,361 1,324
Deferred income taxes 66 102
Current assets held for sale 252 232
Other current assets 167 288
Total current assets 2,736 3,212
Property and equipment, at cost,
based on the full cost method of
accounting for oil and gas
properties ($3,276 and $3,293
excluded from amortization in 2007
and 2006, respectively) 41,536 39,585
Less accumulated depreciation,
depletion and amortization 17,128 16,429
Net property and equipment 24,408 23,156
Investment in Chevron Corporation
common stock, at fair value 1,049 1,043
Goodwill 5,741 5,706
Assets held for sale 1,680 1,619
Other assets 364 327
Total Assets $35,978 $35,063
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable - trade $1,236 $1,154
Revenues and royalties due to others 476 522
Income taxes payable 192 82
Short-term debt 1,857 2,205
Accrued interest payable 81 114
Current portion of asset retirement
obligation 55 53
Current liabilities associated with
assets held for sale 222 173
Accrued expenses and other current
liabilities 321 342
Total current liabilities 4,440 4,645
Debentures exchangeable into shares
of Chevron Corporation common stock 732 727
Other long-term debt 4,839 4,841
Fair value of financial instruments 309 302
Asset retirement obligation 1,152 804
Liabilities associated with assets
held for sale 450 429
Other liabilities 630 583
Deferred income taxes 5,270 5,290
Stockholders' equity
Preferred stock 1 1
Common stock 44 44
Additional paid-in capital 6,897 6,840
Retained earnings 10,055 9,114
Accumulated other comprehensive income 1,159 1,444
Treasury stock --- (1)
Stockholders' Equity 18,156 17,442
Total Liabilities & Stockholders' Equity $35,978 $35,063
Common Shares Outstanding 445 444
DEVON ENERGY CORPORATION
UNAUDITED FINANCIAL AND OPERATIONAL INFORMATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions) Quarter Ended March 31,
2007 2006
Cash Flows From Operating Activities
Net earnings $651 $700
(Earnings) loss from
discontinued operations, net of tax (77) 16
Adjustments to reconcile net
earnings from continuing operations
to net cash provided by operating activities:
Depreciation, depletion and amortization 633 484
Deferred income tax expense 75 140
Net gain on sales of non-oil
and gas property and equipment --- (5)
Other non-cash charges 75 39
Changes in assets and liabilities:
(Increase) decrease in:
Accounts receivable (29) 241
Other current assets (10) (10)
Long-term other assets (25) 4
Increase (decrease) in:
Accounts payable 20 (162)
Income taxes payable 207 80
Other current liabilities (118) (160)
Long-term other liabilities (2) (6)
Cash provided by operating
activities - continuing operations 1,400 1,361
Cash provided by operating
activities - discontinued operations 117 161
Net cash provided by operating
activities 1,517 1,522
Cash Flows From Investing Activities
Proceeds from sales of property and
equipment 25 19
Capital expenditures (1,484) (1,249)
Purchases of short-term investments (424) (495)
Sales of short-term investments 723 441
Cash used in investing activities -
continuing operations (1,160) (1,284)
Cash used in investing activities -
discontinued operations (53) (68)
Net cash used in investing activities (1,213) (1,352)
Cash Flows From Financing Activities
Net commercial paper repayments, net
of issuance costs (348) ---
Debt repayments, including current
maturities --- (3)
Proceeds from stock options 23 20
Repurchases of common stock --- (253)
Excess tax benefits related to
share-based compensation 5 4
Dividends paid on common stock (62) (49)
Dividends paid on preferred stock (2) (2)
Net cash used in financing activities (384) (283)
Effect of exchange rate changes on cash 2 1
Net decrease in cash and cash equivalents (78) (112)
Cash and cash equivalents at beginning of
period (including assets held for sale) 756 1,606
Cash and cash equivalents at end of period
(including assets held for sale) $678 $1,494
Supplementary cash flow data:
Interest paid $162 $159
Income taxes (received) paid $(24) $160
DEVON ENERGY CORPORATION
UNAUDITED FINANCIAL AND OPERATIONAL INFORMATION
DRILLING ACTIVITY Quarter Ended
March 31,
2007 2006
Exploration Wells Drilled
U.S. 22 21
Canada 55 66
International 1 ---
Total 78 87
Exploration Wells Success Rate
U.S. 77% 90%
Canada 100% 98%
International 0% ---
Total 92% 97%
Development Wells Drilled
U.S. 264 283
Canada 252 273
International 3 7
Total 519 563
Development Wells Success Rate
U.S. 98% 99%
Canada 100% 100%
International 100% 100%
Total 99% 99%
Total Wells Drilled
U.S. 286 304
Canada 307 339
International 4 7
Total 597 650
Total Wells Success Rate
U.S. 97% 98%
Canada 100% 99%
International 75% 100%
Total 98% 99%
COMPANY OPERATED RIGS March 31,
2007 2006
Number of Company Operated Rigs Running
U.S. 65 55
Canada 5 13
International --- ---
Total 70 68
CAPITAL EXPENDITURES DATA (in millions)
Quarter Ended March 31, 2007
U.S. U.S. Devon
Onshore Offshore Canada International Total
Capital Expenditures
Exploration $42 70 39 34 $185
Development 638 60 375 59 1,132
Exploration and
development capital $680 130 414 93 $1,317
Capitalized G&A 64
Capitalized interest 20
Discontinued operations 55
Property acquisitions 3
Midstream capital 99
Other capital 20
Total capital expenditures $1,578
DEVON ENERGY CORPORATION
UNAUDITED FINANCIAL AND OPERATIONAL INFORMATION
DETAIL OF RECLASSIFICATION FOR
DISCONTINUED OPERATIONS IN Quarter Ended
EGYPT AND WEST AFRICA March 31,
2007 2006
Production from Discontinued
Operations
Oil (MMBbls) 3.1 3.6
Natural Gas (Bcf) 1.4 1.6
Total Oil Equivalent (MMBoe) 3.3 3.8
STATEMENTS OF DISCONTINUED OPERATIONS DATA Quarter Ended
(in millions) March 31,
2007 2006
Revenues
Oil sales $170 $207
Gas sales 4 6
Marketing & midstream revenues 1 5
Total revenues 175 218
Expenses and other income, net
Lease operating expenses 20 19
Marketing & midstream operating
costs and expenses 1 1
Depreciation, depletion and amortization
of oil and gas properties 16 64
Depreciation and amortization of
non-oil and gas properties --- 1
Accretion of asset retirement obligation 1 1
Reduction of carrying value of oil
and gas properties --- 85
Total expenses and other income, net 38 171
Earnings before income tax expense 137 47
Income tax (benefit) expense
Current 44 79
Deferred 16 (16)
Total income tax expense 60 63
Earnings from discontinued operations $77 $(16)
DEVON ENERGY CORPORATION
UNAUDITED FINANCIAL AND OPERATIONAL INFORMATION
Non-GAAP Financial Measures
The United States Securities and Exchange Commission has adopted
disclosure requirements for public companies such as Devon concerning
Non-GAAP financial measures. (GAAP refers to generally accepted accounting
principles.) The company must reconcile the Non-GAAP financial measure to
related GAAP information. Cash flow before balance sheet changes is a
Non-GAAP financial measure. Devon believes cash flow before balance sheet
changes is relevant because it is a measure of cash available to fund the
company's capital expenditures, dividends and to service its debt. Cash
flow before balance sheet changes is also used by certain securities
analysts as a measure of Devon's financial results.
RECONCILIATION TO GAAP INFORMATION Quarter Ended
(in millions) March 31,
2007 2006
Net Cash Provided By Operating
Activities (GAAP) $1,517 $1,522
Changes in assets and liabilities -
continuing operations (43) 13
Changes in assets and liabilities -
discontinued operations (6) (43)
Cash flow before balance sheet changes
(Non-GAAP) $1,468 $1,492
Devon believes that using net debt, defined as debt less cash,
short-term investments and the market value of Chevron common stock, for
the calculation of "net debt to adjusted capitalization" provides a better
measure than using debt. Devon believes that because cash and short-term
investments can be used to repay indebtedness, netting cash and short-term
investments against debt provides a clearer picture of the future demands
on cash to repay debt. Included in Devon's indebtedness are $732 million of
debentures exchangeable into 14.2 million shares of Chevron common stock
owned outright by Devon. As of March 31, 2007, the market value of the
shares ($1.0 billion) exceeded the related debt obligation. Devon believes
deducting the market value of the stock provides a clearer picture of
future demands on cash to repay debt. This methodology is also utilized by
various lenders, rating agencies and securities analysts as a measure of
Devon's indebtedness.
RECONCILIATION TO GAAP INFORMATION
(in millions) March 31,
2007 2006
Total debt (GAAP) $7,428 $6,619
Adjustments:
Cash and short-term investments (890) (2,128)
Market value of Chevron Corporation
common stock (1,049) (822)
Net Debt (Non-GAAP) $5,489 $3,669
Total Capitalization
Total debt $7,428 $6,619
Stockholders' equity 18,156 15,302
Total Capitalization (GAAP) $25,584 $21,921
Adjusted Capitalization
Net debt $5,489 $3,669
Stockholders' equity 18,156 15,302
Adjusted Capitalization (Non-GAAP) $23,645 $18,971
SOURCE Devon Energy Corporation
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Related links:
http://www.devonenergy.com
http://www.prnewswire.com/comp/118040.html /
CONTACT:
investors, Zack Hager, +1-405-552-4526, or
media, Brian Engel, +1-405-228-7750, both of Devon Energy
Corporation
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