Exhibit 99.1

News Release

Devon Energy Corporation
20 North Broadway
Oklahoma City, OK 73102-8260

Investor Contact		Zack Hager		405 552 4526
Media Contact		Chip Minty		405 228 8647

DEVON ENERGY REPORTS SECOND-QUARTER 2009 RESULTS; $314 MILLION NET EARNINGS DRIVEN BY RECORD PRODUCTION

OKLAHOMA CITY – August 5, 2009 – Devon Energy Corporation (NYSE:DVN) today reported net earnings of $314 million for the quarter ended June 30, 2009, or 71 cents per common share (70 cents per diluted common share). For the quarter ended June 30, 2008, Devon reported net earnings of $1.3 billion, or $2.91 per common share ($2.88 per diluted common share). Production of oil, natural gas and natural gas liquids increased 12 percent to a record 65.4 million oil-equivalent barrels (Boe) in the second quarter of 2009. Lower realized prices for all three products led to the decrease in quarterly net earnings.

For the six months ended June 30, 2009, Devon reported a net loss of $3.6 billion, or $8.21 per common share ($8.21 per diluted common share). A $4.2 billion non-cash, after-tax reduction in the carrying value of oil and gas properties in the first quarter of 2009 drove the first-half loss. For the six months ended June 30, 2008, the company reported net earnings of $2.1 billion, or $4.60 per common share ($4.55 per diluted common share).

Earnings 85 Cents per Share Excluding Items Not Estimated by Analysts

Devon’s second-quarter 2009 financial results were impacted by certain items securities analysts typically exclude from their published estimates. Excluding the adjusting items, Devon earned $379 million or 85 cents per diluted common share in the second quarter of 2009. The adjusting items are discussed in more detail later in this news release.

Production Growth in All Geographic Areas

Combined oil, gas and natural gas liquids production averaged 719 thousand Boe per day in the second quarter of 2009. This is the highest average daily production of any quarter in Devon’s history and compares with 643 thousand Boe per day in the second quarter of 2008. Average daily production in the second quarter increased five percent sequentially, compared with 685 thousand Boe per day produced in the first quarter of 2009.

The 12 percent increase in year-over-year second-quarter production was driven by growth in all major operating segments. U.S. onshore natural gas production led by the Barnett Shale field in Texas demonstrated significant growth. Continuing ramp up of daily volumes from the Jackfish oil sands project led oil production growth in Canada. Canadian natural gas production increased principally due to lower government royalties. Canadian royalties are calculated on a sliding scale. At lower product prices, Devon’s share of Canadian gas production increases.

Despite the strong production growth, revenues from oil, gas and natural gas liquids sales decreased 58 percent to $1.7 billion in the second quarter of 2009. Dramatically lower prices for all three products more than offset the increases in production.

Devon’s average realized price for natural gas decreased 70 percent in the second quarter of 2009 compared to the second quarter of 2008, to $2.91 per thousand cubic feet. The company’s average realized oil price decreased 53 percent to $52.44 per barrel in the second quarter of 2009. Devon’s average second-quarter realized natural gas liquids price decreased 59 percent to $22.24 per barrel in 2009.

Climbing Jackfish Production Leads Operations Highlights

Devon drilled 198 wells (197 successful) in the second quarter of 2009 compared to 494 wells (483 successful) drilled in the second quarter of 2008. The company has reduced drilling activity and related capital expenditures in response to declines in natural gas and oil prices. In spite of the lower activity levels, Devon achieved several notable operational accomplishments in the second quarter:

•

Devon continued to ramp up production from its 100 percent-owned Jackfish oil sands project in Alberta in the second quarter of 2009. Oil production at Jackfish averaged 28,000 barrels per day in June. Production hit a peak rate of 33,000 barrels per day during June, nearing its design capacity of 35,000 barrels per day.

•

Construction of Jackfish 2, a nearly identical second phase of the project, is now about 40 percent complete. Devon commenced drilling the first producing wells for Jackfish 2 in July 2009.

•

Devon maintained a four-rig drilling program in the Cana-Woodford Shale play in western Oklahoma in the second quarter of 2009 and added 13 new wells to production. The company increased its average net production from the Cana-Woodford to 34 million cubic feet of gas equivalent per day in the second quarter. This is a 10-fold increase compared with the second quarter of 2008. Devon is adding two additional drilling rigs in the third quarter.

•

At Groesbeck in east Texas, Devon drilled another high-volume well in the Nan-Su-Gail field in the second quarter. The Hill-Crenshaw 3H (100 percent working interest) had a 24-hour initial production test of 18 million cubic feet of gas per day.

•

Also in east Texas, Devon continued evaluating its Haynesville Shale acreage in the greater Carthage area. The company has substantially de-risked 74,000 of its 110,000 net acres within the Carthage area and has identified roughly 800 Haynesville drilling locations on this acreage. The company believes this 74,000 net acres has resource potential of more than three trillion cubic feet of natural gas equivalent. Devon is now drilling a well in San Augustine County as the company also evaluates its acreage in the southern region of the Haynesville Shale.

Marketing and Midstream Profit Reflects Lower Prices

Marketing and midstream operating profit was $125 million in the second quarter of 2009. This was a 39 percent decrease compared with the second quarter of 2008. The decrease was largely attributable to lower natural gas and natural gas liquids prices.

Positive Cost Comparisons Continue

Continuing a trend evidenced in the first quarter of 2009, expenses in several important categories decreased in the second quarter. Compared with the second quarter of 2008, quarterly unit lease operating expenses (LOE) decreased by 15 percent to $7.80 per Boe in 2009. The decrease in unit LOE reflects declines in oil field service, supply, power and fuel costs and lower Canadian exchange rates.

Depreciation, depletion and amortization (DD&A) of oil and gas properties decreased 35 percent to $494 million in the second quarter of 2009. Unit DD&A decreased 42 percent to $7.56 per Boe compared with the second quarter of 2008.

General and administrative expenses (G&A) increased two percent to $182 million compared with the second quarter of 2008. The increase resulted from employee severance costs following the consolidation of Devon’s Gulf and International operations. The consolidation is expected to achieve operating efficiencies and reduce G&A costs in future periods.

Retaining Liquidity and Financial Strength

Second-quarter 2009 cash flow before balance sheet changes totaled $1.1 billion, fully funding capital expenditures and dividend payments for the quarter. The company ended the quarter with cash on hand and unused credit facilities of $2.6 billion and a net debt to adjusted capitalization ratio of 33 percent. 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 second quarter of 2009 were as follows:

Items affecting continuing operations-

•

A change in the fair value of oil and natural gas derivative instruments decreased second-quarter earnings by $101 million pre-tax ($65 million after tax).

•

A change in the fair value of other financial instruments increased second-quarter earnings by $5 million pre-tax ($4 million after tax).

•

Employee severance costs associated with consolidation of the Gulf and International operations decreased second-quarter net earnings by $33 million pre-tax ($21 million after tax).

Items affecting discontinued operations-

•

A post-closing adjustment from the divestiture of West African assets in 2008 resulted in a second-quarter gain of $17 million pre-tax ($17 million after tax).

The following tables summarize the effects of these items on second-quarter earnings and income taxes.

Summary of Items Typically Excluded by Securities Analysts (in millions)
Quarter Ended June 30, 2009

		Pre-tax																After tax				Cash Flow Before
		Earnings				Income Tax Effect												Earnings				Balance Sheet
		Effect				Current				Deferred				Total				Effect				Changes Effect
Change in fair value of oil and gas derivative instruments		$	(101	)			—				(36	)			(36	)			(65	)			—
Change in fair value of other financial instruments			5				—				1				1				4				—
Employee severance costs from consolidation of operations			(33	)			(12	)			—				(12	)			(21	)			(11	)
Totals		$	(129	)			(12	)			(35	)			(47	)			(82	)			(11	)

Pre-tax

After tax

Cash Flow Before

Earnings

Income Tax Effect

Earnings

Balance Sheet

Effect

Current

Deferred

Total

Effect

Changes Effect

Post-closing adjustment on sale of West African assets

$

17

—

—

—

17

—

In aggregate, these items decreased second-quarter 2009 net earnings by $65 million, or 14 cents per common share (15 cents per diluted share). These items and their associated tax effects decreased second-quarter 2009 cash flow before balance sheet changes by $11 million.

Conference Call to be Webcast Today

Devon will discuss its second-quarter 2009 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 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 the volatility of oil, natural gas and NGL prices; uncertainties inherent in estimating oil, natural gas and NGL reserves; drilling risks; environmental risks; and political or 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. The forward-looking statements in this press release are made as of the date of this press release, even if subsequently made available by Devon on its website or otherwise.

Devon does not undertake any obligation to update the forward-looking statements as a result of new information, future events or otherwise.

The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. This release may contain certain terms, such as resource potential, reserve potential, probable reserves, possible reserves and exploration target size. The SEC guidelines strictly prohibit us from including these terms in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 10-K, File No. 001-32318, available from us at Devon Energy Corporation, Attn. Investor Relations, 20 North Broadway, Oklahoma City, OK 73102. You can also obtain this form from the SEC by calling 1-800-SEC-0330.

Devon Energy Corporation is an Oklahoma City-based independent energy company engaged in oil and gas exploration and production. Devon is the largest U.S.-based independent oil and gas producer and is included in the S&P 500 Index. For more information about Devon, please visit our website at www.devonenergy.com.

DEVON ENERGY CORPORATION
UNAUDITED FINANCIAL AND OPERATIONAL INFORMATION

PRODUCTION (net of royalties)
Excludes discontinued operations

		Quarter Ended								Six Months Ended
		June 30,								June 30,
		2009				2008				2009				2008
Total Period Production
Natural Gas (Bcf)
U.S. Onshore			183.2				162.3				364.2				314.8
U.S. Offshore			10.5				14.2				21.3				32.5
Total U.S.			193.7				176.5				385.5				347.3
Canada			60.1				53.0				112.8				104.7
International			0.3				0.4				0.6				1.0
Total Natural Gas			254.1				229.9				498.9				453.0
Oil (MMBbls)
U.S. Onshore			2.9				2.8				5.9				5.7
U.S. Offshore			1.2				1.8				2.3				3.6
Total U.S.			4.1				4.6				8.2				9.3
Canada			6.6				5.3				12.9				9.9
International			4.7				3.3				7.9				8.1
Total Oil			15.4				13.2				29.0				27.3
Natural Gas Liquids (MMBbls)
U.S. Onshore			6.4				5.8				12.6				11.6
U.S. Offshore			0.2				0.2				0.4				0.4
Total U.S.			6.6				6.0				13.0				12.0
Canada			1.0				1.0				2.0				1.9
International			—				—				—				—
Total Natural Gas Liquids			7.6				7.0				15.0				13.9
Oil Equivalent (MMBoe)
U.S. Onshore			39.9				35.7				79.2				69.7
U.S. Offshore			3.1				4.4				6.2				9.4
Total U.S.			43.0				40.1				85.4				79.1
Canada			17.6				15.1				33.7				29.4
International			4.8				3.3				8.0				8.3
Total Oil Equivalent			65.4				58.5				127.1				116.8
Average Daily Production
Natural Gas (MMcf)
U.S. Onshore			2,013.1				1,783.0				2,012.4				1,729.7
U.S. Offshore			115.5				156.1				117.4				178.7
Total U.S.			2,128.6				1,939.1				2,129.8				1,908.4
Canada			660.2				582.6				623.0				575.0
International			3.2				4.8				3.3				5.4
Total Natural Gas			2,792.0				2,526.5				2,756.1				2,488.8
Oil (MBbls)
U.S. Onshore			32.0				30.9				32.5				31.0
U.S. Offshore			13.0				19.9				12.5				19.9
Total U.S.			45.0				50.8				45.0				50.9
Canada			72.1				58.0				71.3				54.7
International			52.3				35.8				43.4				44.6
Total Oil			169.4				144.6				159.7				150.2
Natural Gas Liquids (MBbls)
U.S. Onshore			70.8				64.1				69.7				63.7
U.S. Offshore			2.0				2.1				2.2				2.0
Total U.S.			72.8				66.2				71.9				65.7
Canada			11.1				10.7				10.8				10.8
International			—				—				—				—
Total Natural Gas Liquids			83.9				76.9				82.7				76.5
Oil Equivalent (MBoe)
U.S. Onshore			438.2				392.2				437.6				382.9
U.S. Offshore			34.2				48.0				34.3				51.7
Total U.S.			472.4				440.2				471.9				434.6
Canada			193.3				165.8				185.9				161.3
International			52.8				36.6				43.9				45.6
Total Oil Equivalent			718.5				642.6				701.7				641.5

DEVON ENERGY CORPORATION
UNAUDITED FINANCIAL AND OPERATIONAL INFORMATION

BENCHMARK PRICES
(average prices)

		Quarter Ended								Six Months Ended
		June 30,								June 30,
		2009				2008				2009				2008
Natural Gas ($/Mcf) – Henry Hub		$	3.51			$	10.94			$	4.21			$	9.49
Oil ($/Bbl) – West Texas Intermediate (Cushing)		$	59.83			$	124.28			$	51.51			$	110.98

REALIZED PRICES
(excludes the effects of unrealized gains and losses from hedging)

Quarter Ended June 30, 2009

		Oil				Gas				NGLs				Total
		(Per Bbl)				(Per Mcf)				(Per Bbl)				(Per Boe)
U.S. Onshore		$	54.66			$	2.75			$	20.81			$	19.98
U.S. Offshore		$	56.44			$	3.76			$	23.69			$	35.49
Total U.S.		$	55.18			$	2.81			$	20.89			$	21.10
Canada		$	48.14			$	3.25			$	30.99			$	30.85
International		$	56.03			$	4.24			$	—			$	55.71
Realized price without hedges		$	52.44			$	2.91			$	22.24			$	26.27
Cash settlements		$	—			$	0.45			$	—			$	1.75
Realized price, including cash settlements		$	52.44			$	3.36			$	22.24			$	28.02

Quarter Ended June 30, 2008

		Oil				Gas				NGLs				Total
		(Per Bbl)				(Per Mcf)				(Per Bbl)				(Per Boe)
U.S. Onshore		$	120.69			$	9.40			$	50.56			$	60.51
U.S. Offshore		$	125.24			$	11.43			$	53.63			$	91.38
Total U.S.		$	122.47			$	9.56			$	50.66			$	63.88
Canada		$	94.35			$	9.76			$	75.10			$	72.14
International		$	119.87			$	11.00			$	—			$	118.70
Realized price without hedges		$	110.56			$	9.61			$	54.08			$	69.14
Cash settlements		$	(0.01	)		$	(1.32	)		$	—			$	(5.18	)
Realized price, including cash settlements		$	110.55			$	8.29			$	54.08			$	63.96

Six Months Ended June 30, 2009

		Oil				Gas				NGLs				Total
		(Per Bbl)				(Per Mcf)				(Per Bbl)				(Per Boe)
U.S. Onshore		$	44.67			$	3.09			$	19.16			$	20.57
U.S. Offshore		$	49.69			$	4.46			$	21.96			$	34.85
Total U.S.		$	46.07			$	3.16			$	19.24			$	21.61
Canada		$	38.19			$	3.82			$	28.52			$	29.11
International		$	50.10			$	3.85			$	—			$	49.76
Realized price without hedges		$	43.65			$	3.31			$	20.45			$	25.36
Cash settlements		$	—			$	0.47			$	—			$	1.83
Realized price, including cash settlements		$	43.65			$	3.78			$	20.45			$	27.19

Six Months Ended June 30, 2008

		Oil				Gas				NGLs				Total
		(Per Bbl)				(Per Mcf)				(Per Bbl)				(Per Boe)
U.S. Onshore		$	107.15			$	8.26			$	47.65			$	53.91
U.S. Offshore		$	112.07			$	9.94			$	51.77			$	79.52
Total U.S.		$	109.08			$	8.42			$	47.78			$	56.95
Canada		$	84.16			$	8.66			$	68.86			$	64.01
International		$	105.63			$	9.56			$	—			$	104.68
Realized price without hedges		$	98.98			$	8.48			$	50.76			$	62.12
Cash settlements		$	—			$	(0.69	)		$	—			$	(2.67	)
Realized price, including cash settlements		$	98.98			$	7.79			$	50.76			$	59.45

DEVON ENERGY CORPORATION
UNAUDITED FINANCIAL AND OPERATIONAL INFORMATION

CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share amounts)

		Quarter Ended								Six Months Ended
		June 30,								June 30,
		2009				2008				2009				2008
Revenues
Oil sales		$	808			$	1,455			$	1,262			$	2,705
Gas sales			740				2,210				1,653				3,840
NGL sales			170				379				306				707
Net gain (loss) on oil and gas derivative financial instruments			13				(1,215	)			167				(2,003	)
Marketing and midstream revenues			359				719				730				1,274
Total revenues			2,090				3,548				4,118				6,523
Expenses and other income, net
Lease operating expenses			510				537				1,034				1,043
Production taxes			47				176				89				310
Marketing and midstream operating costs and expenses			234				515				463				897
Depreciation, depletion and amortization of oil and gas properties			494				762				1,093				1,499
Depreciation and amortization of non-oil and gas properties			74				62				144				119
Accretion of asset retirement obligation			24				22				48				44
General and administrative expenses			182				180				348				328
Interest expense			90				90				173				192
Change in fair value of other financial instruments			(10	)			(40	)			(15	)			(24	)
Reduction of carrying value of oil and gas properties			—				—				6,516				—
Other expense (income), net			20				(17	)			27				(38	)
Total expenses and other income, net			1,665				2,287				9,920				4,370
Earnings (loss) from continuing operations before income taxes			425				1,261				(5,802	)			2,153
Income tax expense (benefit)
Current			51				414				53				517
Deferred			77				253				(2,194	)			391
Total income tax expense (benefit)			128				667				(2,141	)			908
Earnings (loss) from continuing operations			297				594				(3,661	)			1,245
Discontinued operations
Earnings from discontinued operations before income taxes			17				851				16				1,040
Income tax expense			—				144				—				235
Earnings from discontinuing operations			17				707				16				805
Net earnings (loss)			314				1,301				(3,645	)			2,050
Preferred stock dividends			—				3				—				5
Net earnings (loss) applicable to common stockholders		$	314			$	1,298			$	(3,645	)		$	2,045
Basic net earnings (loss) per share
Earnings (loss) from continuing operations		$	0.67			$	1.33			$	(8.25	)		$	2.80
Earnings from discontinued operations		$	0.04			$	1.58			$	0.04			$	1.80
Net earnings (loss)		$	0.71			$	2.91			$	(8.21	)		$	4.60
Diluted net earnings (loss) per share
Earnings (loss) from continuing operations		$	0.66			$	1.31			$	(8.25	)		$	2.76
Earnings from discontinued operations		$	0.04			$	1.57			$	0.04			$	1.79
Net earnings (loss)		$	0.70			$	2.88			$	(8.21	)		$	4.55

DEVON ENERGY CORPORATION
UNAUDITED FINANCIAL AND OPERATIONAL INFORMATION

CONSOLIDATED BALANCE SHEETS
(in millions)

		June 30,				December 31,
		2009				2008
						(Audited)
Assets
Current assets
Cash and cash equivalents		$	648			$	379
Accounts receivable			1,318				1,412
Income taxes receivable			27				334
Derivative financial instruments, at fair value			226				282
Other current assets			358				277
Total current assets			2,577				2,684
Property and equipment, at cost, based on the full cost method of accounting for oil and gas properties ($4,298 and $4,551 excluded from amortization in 2009 and 2008, respectively)			59,086				55,664
Less accumulated depreciation, depletion and amortization			40,999				32,683
Property and equipment, net			18,087				22,981
Goodwill			5,710				5,579
Other long-term assets, including $180 million and $199 million at fair value in 2009 and 2008, respectively			683				664
Total Assets		$	27,057			$	31,908
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable — trade		$	1,074			$	1,825
Revenues and royalties due to others			377				496
Short-term debt			1,508				180
Current portion of asset retirement obligation, at fair value			175				138
Accrued expenses and other current liabilities			358				496
Total current liabilities			3,492				3,135
Long-term debt			5,849				5,661
Asset retirement obligation, at fair value			1,411				1,347
Other long-term liabilities			1,036				1,026
Deferred income taxes			1,587				3,679
Stockholders’ equity
Common stock			44				44
Additional paid-in capital			6,363				6,257
Retained earnings			6,589				10,376
Accumulated other comprehensive income			686				383
Total Stockholders’ Equity			13,682				17,060
Total Liabilities and Stockholders’ Equity		$	27,057			$	31,908
Common Shares Outstanding			444				444

DEVON ENERGY CORPORATION
UNAUDITED FINANCIAL AND OPERATIONAL INFORMATION

CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)

		Six Months Ended June 30,
		2009				2008
Cash Flows From Operating Activities
Net (loss) earnings		$	(3,645	)		$	2,050
Earnings from discontinued operations, net of tax			(16	)			(805	)
Adjustments to reconcile (loss) earnings from continuing operations to net
cash provided by operating activities:
Depreciation, depletion and amortization			1,237				1,618
Deferred income tax (benefit) expense			(2,194	)			391
Reduction of carrying value of oil and gas properties			6,516				—
Net unrealized loss on oil and gas derivative financial instruments			65				1,692
Other noncash charges			134				122
Net increase in working capital			(89	)			(132	)
Decrease (increase) in long-term other assets			43				(37	)
Increase in long-term other liabilities			19				181
Cash provided by operating activities — continuing operations			2,070				5,080
Cash provided by operating activities — discontinued operations			7				106
Net cash provided by operating activities		$	2,077			$	5,186
Cash Flows From Investing Activities
Proceeds from sales of property and equipment			2				108
Capital expenditures			(3,201	)			(3,870	)
Purchases of short-term investments			—				(50	)
Sales of long-term and short-term investments			4				295
Cash used in investing activities — continuing operations			(3,195	)			(3,517	)
Cash provided by investing activities — discontinued operations			2				1,712
Net cash used in investing activities		$	(3,193	)		$	(1,805	)
Cash Flows From Financing Activities
Proceeds from borrowing of long-term debt, net of issuance costs			1,187				—
Credit facility repayments			—				(3,070	)
Credit facility borrowings			—				1,620
Net commercial paper borrowings (repayments)			325				(1,004	)
Debt repayments			(1	)			(47	)
Redemption of preferred stock			—				(150	)
Proceeds from stock option exercises			9				104
Repurchases of common stock			—				(252	)
Dividends paid on common and preferred stock			(142	)			(146	)
Excess tax benefits related to share-based compensation			5				55
Net cash provided by (used in) financing activities		$	1,383			$	(2,890	)
Effect of exchange rate changes on cash			5				(19	)
Net increase in cash and cash equivalents			272				472
Cash and cash equivalents at beginning of period (including assets held for sale)			384				1,373
Cash and cash equivalents at end of period (including assets held for sale)		$	656			$	1,845

DEVON ENERGY CORPORATION
UNAUDITED FINANCIAL AND OPERATIONAL INFORMATION

DRILLING ACTIVITY

		Quarter Ended								Six Months Ended
		June 30,								June 30,
		2009				2008				2009				2008
Exploration Wells Drilled
U.S.			2				8				9				17
Canada			7				7				29				58
International			—				1				1				7
Total			9				16				39				82
Exploration Wells Success Rate
U.S.			50	%			88	%			78	%			71	%
Canada			100	%			86	%			100	%			95	%
International			—				0	%			0	%			0	%
Total			89	%			81	%			92	%			82	%
Development Wells Drilled
U.S.			160				405				454				777
Canada			22				61				143				259
International			7				12				13				22
Total			189				478				610				1,058
Development Wells Success Rate
U.S.			100	%			98	%			99	%			98	%
Canada			100	%			100	%			99	%			100	%
International			100	%			92	%			100	%			91	%
Total			100	%			98	%			99	%			98	%
Total Wells Drilled
U.S.			162				413				463				794
Canada			29				68				172				317
International			7				13				14				29
Total			198				494				649				1,140
Total Wells Success Rate
U.S. 99%			98	%			99	%			98	%
Canada			100	%			99	%			99	%			99	%
International			100	%			85	%			93	%			69	%
Total			99	%			98	%			99	%			97	%

		June 30,
		2009				2008
Number of Company Operated Rigs Running
U.S.			23				79
Canada			1				12
International			—				1
Total			24				92

DEVON ENERGY CORPORATION
UNAUDITED FINANCIAL AND OPERATIONAL INFORMATION

CAPITAL EXPENDITURES (in millions)
Quarter Ended June 30, 2009

		U.S. Onshore				U.S. Offshore				Canada				International				Total
Capital Expenditures
Exploration		$	25				31				19				53			$	128
Development			409				119				149				43				720
Exploration and development capital		$	434				150				168				96			$	848
Capitalized G&A																			104
Capitalized interest																			21
Discontinued operations																			—
Midstream capital																			62
Other capital																			24
Total Capital Expenditures																		$	1,059

CAPITAL EXPENDITURES (in millions)
Six Months Ended June 30, 2009

		U.S. Onshore				U.S. Offshore				Canada				International				Total
Capital Expenditures
Exploration		$	50				114				69				109			$	342
Development			1,130				238				379				60				1,807
Exploration and development capital		$	1,180				352				448				169			$	2,149
Capitalized G&A																			208
Capitalized interest																			46
Discontinued operations																			4
Midstream capital																			150
Other capital																			44
Total Capital Expenditures																		$	2,601

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
(in millions)

		Quarter Ended								Six Months Ended
		June 30,								June 30,
		2009				2008				2009				2008
Net Cash Provided By Operating Activities (GAAP)		$	1,030			$	2,931			$	2,077			$	5,186
Changes in assets and liabilities — continuing operations			81				(365	)			27				2
Changes in assets and liabilities — discontinued operations			(2	)			124				(7	)			61
Cash flow before balance sheet changes (Non-GAAP)		$	1,109			$	2,690			$	2,097			$	5,249

Devon believes that using net debt for the calculation of “net debt to adjusted capitalization” provides a better measure than using debt. Devon defines net debt as debt less cash and cash equivalents. Devon believes that because cash can be used to repay indebtedness, netting cash and cash equivalents against debt provides a clearer picture of the future demands on cash to repay debt.

RECONCILIATION TO GAAP INFORMATION
(in millions)

		June 30,
		2009				2008
Total debt (GAAP)		$	7,357			$	5,450
Adjustments:
Cash and cash equivalents			648				1,838
Net Debt (Non-GAAP)		$	6,709			$	3,612
Total debt		$	7,357			$	5,450
Stockholders’ equity			13,682				23,433
Total Capitalization (GAAP)		$	21,039			$	28,883
Net debt		$	6,709			$	3,612
Stockholders’ equity			13,682				23,433
Adjusted Capitalization (Non-GAAP)		$	20,391			$	27,045