Exhibit 99.1

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

Investor Contact		Shea Snyder		405 552 4782
Media Contact		Chip Minty		405 228 8647

DEVON ENERGY EARNS $2.7 BILLION IN SECOND-QUARTER 2011; NORTH AMERICAN ONSHORE PRODUCTION SETS RECORD

OKLAHOMA CITY — August 3, 2011 — Devon Energy Corporation (NYSE:DVN) today reported net earnings of $2.7 billion for the quarter ended June 30, 2011, or $6.50 per common share ($6.48 per diluted share). This is a 288 percent increase compared with second-quarter 2010 net earnings of $706 million, or $1.59 per common share ($1.58 per diluted share).

For the six months ended June 30, 2011, Devon reported net earnings of $3.2 billion, or $7.44 per common share ($7.41 per diluted share). This compares with net earnings for the six months ended June 30, 2010, of $1.9 billion, or $4.26 per common share ($4.24 per diluted share).

Second-quarter 2011 financial results were impacted by certain items securities analysts typically exclude from their published estimates. The most significant of the adjusting items was a $2.5 billion gain on the sale of assets in Brazil. Excluding adjusting items, Devon earned $726 million or $1.71 per diluted common share in the second quarter. The adjusting items are discussed in more detail later in this news release.

Record Production and Higher Prices Drive Oil and Gas Sales

Sales of oil, natural gas, and natural gas liquids from continuing operations were $2.2 billion in the second quarter of 2011, a 23 percent increase over the second quarter of 2010. Both higher production and higher oil and natural gas liquids pricing contributed to the increase.

Devon’s North American onshore production averaged the highest daily rate in the company’s history at 660,000 oil-equivalent barrels (Boe) per day in the second quarter of 2011. This represents a production increase of more than six percent over the second-quarter 2010, driven by a 12 percent increase in oil and natural gas liquids production.

Devon’s marketing and midstream operating profit totaled $148 million in the second-quarter 2011, a 19 percent increase over the second quarter of 2010. The improvement resulted from higher natural gas liquids production and prices as well as increased gas throughput.

Strategic Repositioning Completed; Share Repurchase Plan Remains on Schedule

In May, the company closed the $3.2 billion sale of its Brazilian operations. Devon has now substantially completed its International and Gulf of Mexico divestiture plan. In aggregate, sales proceeds from the combined divestitures exceeded $10 billion with after-tax proceeds expected to approximate $8 billion.

“The execution of Devon’s strategic repositioning was excellent,” said John Richels, president and chief executive officer. “Devon has emerged with a pristine balance sheet, a deep inventory of oil and liquids-rich growth opportunities and a highly competitive cost structure. As demonstrated by our second-quarter results, the repositioned Devon is delivering profitable growth per share.”

In May 2010, Devon commenced a program to repurchase $3.5 billion of its common stock. As of June 30, 2011, the company had repurchased 33.5 million shares at a total cost of $2.5 billion. Devon expects to complete the stock repurchase program by the end of 2011.

Production Growth Leads Operating Highlights

•		In the Permian Basin, Devon increased production 17 percent over the second quarter of 2010, to 49,000 oil-equivalent barrels per day. Oil and natural gas liquids accounted for 75 percent of the quarter’s production.
•		The company completed nine operated Bone Spring wells within the Permian Basin in the second quarter. Initial daily production from the nine wells averaged more than 700 Boe per day per well. Devon has an average working interest of 77 percent in these wells.
•		In Canada, Devon commenced steam injection and achieved first production from its Jackfish 2 oil sands project in the second quarter. Production from the 100 percent-owned project is expected to ramp-up to 35,000 barrels per day before royalties over the next 18 months.
•		Production from the company’s Cana-Woodford Shale play averaged a record 189 million cubic feet of natural gas equivalent per day in the second quarter, including nearly 9,000 barrels per day of liquids. This represents an 80 percent increase in total production compared to the year-ago quarter.
•		Devon’s Barnett Shale production increased 13 percent over the second-quarter 2010 to a record 1.3 billion cubic feet of natural gas equivalent per day, including 46,000 barrels per day of liquids production.
•		Devon brought eight operated Granite Wash wells online in the second quarter. Initial production from these wells averaged 2,010 barrels of oil-equivalent per day, including 200 barrels of oil and 730 barrels of natural gas liquids per day. The company has an average working interest of 71 percent in these wells.
•		The company has assembled 1.1 million net acres targeting new oil and liquids-rich gas opportunities across multiple basins in the U.S. Devon plans to drill more than 30 wells this year targeting the Tuscaloosa Marine Shale, Niobrara Shale, Mississippian Lime, Ohio Utica Shale and the A1 Carbonate and Utica Shale in Michigan.

Cost Containment Efforts Offset Rising Industry Costs

Lease operating expenses (LOE) were $453 million in the second quarter of 2011, or $7.55 per Boe. This represents a one cent per Boe decrease from the second-quarter 2010. Effective cost management and higher production offset the effects of the strengthening Canadian dollar and rising service and supply costs.

Taxes other than income increased $28 million to $120 million in the second quarter of 2011. The year-over-year increase was driven by higher production taxes, resulting from the significant increase in oil and natural gas liquids revenues.

Second-quarter 2011 general and administrative expenses (G&A) totaled $135 million, or $2.26 per Boe. Compared to the second quarter of 2010, G&A per Boe increased approximately two percent. Efficiencies gained through the company’s strategic repositioning helped mitigate the effects of the strengthening Canadian dollar and an increase in overall activity levels.

Depreciation, depletion and amortization expense (DD&A) of oil and gas properties increased to $485 million in the second quarter of 2011. Compared to the year-ago quarter, unit DD&A increased 11 percent to $8.08 per Boe.

Interest expense decreased 24 percent in the second quarter to $85 million. Second-quarter 2010 interest expense included a $19 million charge related to the early redemption of senior notes.

Second-quarter income tax expense from continuing operations totaled $1.2 billion, or 87 percent of pre-tax earnings. This unusually high tax rate resulted from a $744 million charge related to U.S. income taxes on foreign earnings assumed to be repatriated under current U.S. tax law. After adjusting for this and other items generally excluded by securities analysts, Devon’s second quarter tax rate totaled 32 percent of pre-tax earnings from continuing operations.

Cash Flow and Divestiture Proceeds Total $4.8 Billion

Cash flow before balance sheet changes totaled $1.6 billion in the second quarter of 2011, a 115 percent increase over the year-ago quarter. In addition, Devon received $3.2 billion of pre-tax proceeds from the sale of its assets in Brazil.

As of June 30, 2011, the company’s cash and short-term investments reached $6.7 billion and its net debt to adjusted capitalization ratio declined to five percent. Reconciliations of cash flow before balance sheet changes, net debt and adjusted capitalization, which are non-GAAP measures, are provided in this release.

Devon Adds To Natural Gas Hedges

Devon continued to bolster its natural gas hedge positions for 2011 and 2012. For the second half of 2011, the company now has approximately 980 million cubic feet per day protected utilizing swap and collar contracts with a weighted average floor price of $5.28 per Mcf. For 2012, Devon now has hedges covering 815 million cubic feet per day hedged at a weighted average floor price of $4.89 per Mcf. The company’s natural gas hedges for both 2011 and 2012 are based on the Henry Hub benchmark index.

Divestitures Impact Reported Financial and Operational Results

In accordance with accounting standards, Devon has classified the assets, liabilities, and results of its international segment as discontinued operations for all accounting periods presented in this release. Included with this release is a table of revenues, expenses, production categories, and the amounts classified as discontinued operations for each period presented.

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 2011 were as follows:

Items affecting continuing operations:

•		U.S. income taxes on foreign earnings assumed to be repatriated to the U.S. decreased second-quarter earnings by $744 million.
•		A change in the fair value of oil, gas and NGL derivative instruments increased second-quarter earnings by $357 million pre-tax ($233 million after tax).
•		A change in fair value of interest-rate and other financial instruments decreased second-quarter earnings by $30 million pre-tax ($20 million after tax).
•		Restructuring costs decreased second-quarter earnings by $6 million pre-tax ($3 million after tax).

Items affecting discontinued operations:

•		Divestitures of assets in Brazil resulted in a second-quarter gain of $2.5 billion pre-tax ($2.5 billion after tax).
•		Restructuring costs increased second-quarter earnings by $8 million pre-tax ($5 million after tax).

The following tables summarize the effects of these items on second-quarter 2011 earnings, income taxes and cash flow.

Summary of Items Typically Excluded by Securities Analysts (in millions)

Continuing Operations — Second Quarter 2011

		Pre-tax																After-tax				Cash Flow Before
		Earnings				Income Tax Effect												Earnings				Balance Sheet
		Effect				Current				Deferred				Total				Effect				Changes Effect
U.S. income taxes on foreign earnings		$	—				19				725				744				(744	)			(19	)
Oil, gas, and NGL derivatives			357				—				124				124				233				—
Interest-rate and other financial instruments			(30	)			—				(10	)			(10	)			(20	)			—
Restructuring costs			(6	)			—				(3	)			(3	)			(3	)			(3	)
Income tax accrual adjustment			—				(12	)			12				—				—				12
Totals		$	321				7				848				855				(534	)			(10	)

Discontinued Operations — Second Quarter 2011

		Pre-tax																After-tax				Cash Flow Before
		Earnings				Income Tax Effect												Earnings				Balance Sheet
		Effect				Current				Deferred				Total				Effect				Changes Effect
Gain on the sale of assets		$	2,546				—				—				—				2,546				—
Restructuring costs			8				3				—				3				5				5
Totals		$	2,554				3				—				3				2,551				5

In aggregate, these items increased second-quarter 2011 net earnings by $2.0 billion, or $4.78 per common share ($4.77 cents per diluted share). These items and their associated tax effects decreased second-quarter 2011 cash flow before balance sheet changes by $5 million.

Conference Call to be Webcast Today

Devon will discuss its second-quarter 2011 financial and operating results in a conference call that will be webcast today 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.

Devon Energy Corporation is an Oklahoma City-based independent energy company engaged in oil and gas exploration and production. Devon is a leading 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.

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, probable and possible reserves that meet the SEC’s definitions for such terms, and price and cost sensitivities for such reserves, and prohibits disclosure of resources that do not constitute such reserves. This release may contain certain terms, such as resource potential and exploration target size. These estimates are by their nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of being actually realized. The SEC guidelines strictly prohibit us from including these estimates in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 10-K for the fiscal year ended December 31, 2010, 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 or from the SEC’s website at www.sec.gov.

DEVON ENERGY CORPORATION
FINANCIAL AND OPERATIONAL INFORMATION

		Quarter Ended								Six Months Ended
PRODUCTION (net of royalties)		June 30,								June 30,
Excludes discontinued operations		2011				2010				2011				2010
Total Period Production
Natural Gas (Bcf)
U.S. Onshore			184.6				173.4				361.4				339.3
Canada			55.7				57.4				106.9				108.1
North American Onshore			240.3				230.8				468.3				447.4
U.S. Offshore			—				6.9				—				16.8
Total Natural Gas			240.3				237.7				468.3				464.2
Oil (MMBbls)
U.S. Onshore			4.2				3.3				7.9				6.3
Canada			6.6				6.7				13.0				13.1
North American Onshore			10.8				10.0				20.9				19.4
U.S. Offshore			—				0.8				—				1.9
Total Oil			10.8				10.8				20.9				21.3
Natural Gas Liquids (MMBbls)
U.S. Onshore			8.3				7.0				15.9				13.5
Canada			0.9				0.9				1.8				1.8
North American Onshore			9.2				7.9				17.7				15.3
U.S. Offshore			—				0.2				—				0.3
Total Natural Gas Liquids			9.2				8.1				17.7				15.6
Oil Equivalent (MMBoe)
U.S. Onshore			43.4				39.2				84.0				76.3
Canada			16.7				17.2				32.6				33.0
North American Onshore			60.1				56.4				116.6				109.3
U.S. Offshore			—				2.1				—				5.0
Total Oil Equivalent			60.1				58.5				116.6				114.3
Average Daily Production
Natural Gas (MMcf)
U.S. Onshore			2,028.7				1,905.9				1,996.6				1,874.6
Canada			612.3				630.2				590.7				597.3
North American Onshore			2,641.0				2,536.1				2,587.3				2,471.9
U.S. Offshore			—				76.2				—				92.7
Total Natural Gas			2,641.0				2,612.3				2,587.3				2,564.6
Oil (MBbls)
U.S. Onshore			46.5				36.5				43.6				34.8
Canada			71.9				73.9				71.9				72.4
North American Onshore			118.4				110.4				115.5				107.2
U.S. Offshore			—				8.2				—				10.5
Total Oil			118.4				118.6				115.5				117.7
Natural Gas Liquids (MBbls)
U.S. Onshore			91.8				76.5				88.0				74.5
Canada			9.8				10.3				9.8				10.1
North American Onshore			101.6				86.8				97.8				84.6
U.S. Offshore			—				1.7				—				1.8
Total Natural Gas Liquids			101.6				88.5				97.8				86.4
Oil Equivalent (MBoe)
U.S. Onshore			476.3				430.6				464.3				421.7
Canada			183.8				189.3				180.2				182.0
North American Onshore			660.1				619.9				644.5				603.7
U.S. Offshore			—				22.6				—				27.8
Total Oil Equivalent			660.1				642.5				644.5				631.5

DEVON ENERGY CORPORATION
FINANCIAL AND OPERATIONAL INFORMATION

		Quarter Ended								Six Months Ended
BENCHMARK PRICES		June 30,								June 30,
(average prices)		2011				2010				2011				2010
Natural Gas ($/Mcf) — Henry Hub		$	4.32			$	4.09			$	4.21			$	4.70
Oil ($/Bbl) — West Texas Intermediate (Cushing)		$	102.60			$	78.16			$	98.35			$	78.35

		Oil				Gas				NGLs				Total
Quarter Ended June 30, 2011		(Per Bbl)				(Per Mcf)				(Per Bbl)				(Per Boe)
U.S. Onshore		$	98.28			$	3.72			$	40.43			$	33.19
Canada		$	73.65			$	4.08			$	58.80			$	45.55
North American Onshore		$	83.31			$	3.80			$	42.20			$	36.63
U.S. Offshore		$	—			$	—			$	—			$	—
Realized price without hedges		$	83.31			$	3.80			$	42.20			$	36.63
Cash settlements		$	(1.49	)		$	0.31			$	0.05			$	0.99
Realized price, including cash settlements		$	81.82			$	4.11			$	42.25			$	37.62

		Oil				Gas				NGLs				Total
Quarter Ended June 30, 2010		(Per Bbl)				(Per Mcf)				(Per Bbl)				(Per Boe)
U.S. Onshore		$	74.65			$	3.47			$	28.73			$	26.77
Canada		$	54.43			$	3.99			$	46.18			$	37.08
North American Onshore		$	61.11			$	3.60			$	30.81			$	29.92
U.S. Offshore		$	79.09			$	4.39			$	35.59			$	46.17
Realized price without hedges		$	62.35			$	3.62			$	30.90			$	30.49
Cash settlements		$	—			$	1.06			$	—			$	4.31
Realized price, including cash settlements		$	62.35			$	4.68			$	30.90			$	34.80

		Oil				Gas				NGLs				Total
Six Months Ended June 30, 2011		(Per Bbl)				(Per Mcf)				(Per Bbl)				(Per Boe)
U.S. Onshore		$	93.84			$	3.61			$	38.04			$	31.53
Canada		$	67.29			$	4.05			$	56.49			$	43.23
North American Onshore		$	77.32			$	3.71			$	39.90			$	34.80
U.S. Offshore		$	—			$	—			$	—			$	—
Realized price without hedges		$	77.32			$	3.71			$	39.90			$	34.80
Cash settlements		$	(1.00	)		$	0.35			$	0.06			$	1.25
Realized price, including cash settlements		$	76.32			$	4.06			$	39.96			$	36.05

		Oil				Gas				NGLs				Total
Six Months Ended June 30, 2010		(Per Bbl)				(Per Mcf)				(Per Bbl)				(Per Boe)
U.S. Onshore		$	74.73			$	4.05			$	31.39			$	29.71
Canada		$	58.36			$	4.50			$	47.52			$	40.62
North American Onshore		$	63.67			$	4.16			$	33.31			$	33.00
U.S. Offshore		$	77.81			$	5.12			$	38.22			$	49.06
Realized price without hedges		$	64.93			$	4.19			$	33.41			$	33.70
Cash settlements		$	—			$	0.75			$	—			$	3.04
Realized price, including cash settlements		$	64.93			$	4.94			$	33.41			$	36.74

DEVON ENERGY CORPORATION
FINANCIAL AND OPERATIONAL INFORMATION

		Quarter Ended								Six Months Ended
		June 30,								June 30,
(in millions, except per share amounts)		2011				2010				2011				2010
Revenues
Oil, gas, and NGL sales		$	2,200			$	1,782			$	4,060			$	3,852
Oil, gas and NGL derivatives			416				45				248				665
Marketing and midstream revenues			604				405				1,059				935
Total revenues			3,220				2,232				5,367				5,452
Expenses and other, net
Lease operating expenses			453				442				877				856
Taxes other than income taxes			120				92				228				193
Marketing and midstream operating costs and expenses			456				280				789				677
Depreciation, depletion and amortization of oil and gas properties			485				426				927				852
Depreciation and amortization of non-oil and gas properties			65				63				129				126
Accretion of asset retirement obligation			23				24				46				50
General and administrative expenses			135				130				265				268
Restructuring costs			6				(8	)			1				(8	)
Interest expense			85				111				166				197
Interest-rate and other financial instruments			25				81				8				66
Other, net			(11	)			(22	)			(27	)			(26	)
Total expenses and other, net			1,842				1,619				3,409				3,251
Earnings from continuing operations before income taxes			1,378				613				1,958				2,201
Income tax expense (benefit)
Current			36				707				(53	)			1,006
Deferred			1,158				(446	)			1,438				(231	)
Total income tax expense			1,194				261				1,385				775
Earnings from continuing operations			184				352				573				1,426
Discontinued operations
Earnings from discontinued operations before income taxes			2,558				473				2,588				610
Discontinued operations income tax (benefit) expense			(1	)			119				2				138
Earnings from discontinued operations			2,559				354				2,586				472
Net earnings		$	2,743			$	706			$	3,159			$	1,898
Basic earnings from continuing operations per share		$	0.44			$	0.79			$	1.35			$	3.20
Basic earnings from discontinued operations per share			6.06				0.80				6.09				1.06
Basic net earnings per share		$	6.50			$	1.59			$	7.44			$	4.26
Diluted earnings from continuing operations per share		$	0.43			$	0.79			$	1.34			$	3.19
Diluted earnings from discontinued operations per share			6.05				0.79				6.07				1.05
Diluted net earnings per share		$	6.48			$	1.58			$	7.41			$	4.24
Weighted average common shares outstanding
Basic			422				445				425				446
Diluted			423				446				426				447

DEVON ENERGY CORPORATION
FINANCIAL AND OPERATIONAL INFORMATION

CONSOLIDATED BALANCE SHEETS

		June 30,				December 31,
(in millions)		2011				2010
Assets
Current assets:
Cash and cash equivalents		$	3,351			$	2,866
Short-term investments			3,367				145
Accounts receivable			1,446				1,202
Current assets held for sale			36				563
Other current assets			711				779
Total current assets			8,911				5,555
Property and equipment, at cost:
Oil and gas, based on full cost accounting:
Subject to amortization			59,423				56,012
Not subject to amortization			3,915				3,434
Total oil and gas			63,338				59,446
Other			4,732				4,429
Total property and equipment, at cost			68,070				63,875
Less accumulated depreciation, depletion and amortization			(45,643	)			(44,223	)
Property and equipment, net			22,427				19,652
Goodwill			6,176				6,080
Long-term assets held for sale			94				859
Other long-term assets			929				781
Total Assets		$	38,537			$	32,927
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable — trade		$	1,365			$	1,411
Revenues and royalties due to others			669				538
Short-term debt			1,962				1,811
Current liabilities associated with assets held for sale			43				305
Other current liabilities			445				518
Total current liabilities			4,484				4,583
Long-term debt			5,968				3,819
Asset retirement obligations			1,499				1,423
Liabilities associated with assets held for sale			2				26
Other long-term liabilities			808				1,067
Deferred income taxes			4,348				2,756
Stockholders’ equity:
Common stock			42				43
Additional paid-in capital			4,489				5,601
Retained earnings			14,901				11,882
Accumulated other comprehensive earnings			2,021				1,760
Treasury stock, at cost			(25	)			(33	)
Total Stockholders’ Equity			21,428				19,253
Total Liabilities and Stockholders’ Equity		$	38,537			$	32,927
Common Shares Outstanding			418				432

Page 8 of 13

DEVON ENERGY CORPORATION
FINANCIAL AND OPERATIONAL INFORMATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

		Quarter Ended								Six Months Ended
		June 30,								June 30,
(in millions)		2011				2010				2011				2010
Cash Flows From Operating Activities
Net earnings		$	2,743			$	706			$	3,159			$	1,898
Earnings from discontinued operations, net of tax			(2,559	)			(354	)			(2,586	)			(472	)
Adjustments to reconcile earnings from continuing
operations to net cash provided by operating activities:
Depreciation, depletion and amortization			550				489				1,056				978
Deferred income tax expense			1,158				(446	)			1,438				(231	)
Unrealized change in fair value of financial instruments			(327	)			292				(74	)			(231	)
Other noncash charges			46				25				82				81
Net cash from operating activities before balance sheet changes			1,611				712				3,075				2,023
Net decrease (increase) in working capital			82				531				(89	)			581
Decrease in long-term other assets			49				16				45				14
(Decrease) increase in long-term other liabilities			(178	)			19				(201	)			1
Cash from operating activities — continuing operations			1,564				1,278				2,830				2,619
Cash from operating activities — discontinued operations			(14	)			119				(20	)			273
Net cash from operating activities			1,550				1,397				2,810				2,892
Cash Flows From Investing Activities
Capital expenditures			(1,893	)			(1,974	)			(3,720	)			(3,221	)
Proceeds from property and equipment divestitures			—				2,872				5				4,129
Purchases of short-term investments			(2,884	)			—				(4,520	)			—
Redemptions of short-term investments			1,153				—				1,298				—
Redemptions of long-term investments			1				10				1				18
Other			(24	)			—				(33	)			—
Cash from investing activities — continuing operations			(3,647	)			908				(6,969	)			926
Cash from investing activities — discontinued operations			3,222				536				3,170				429
Net cash from investing activities			(425	)			1,444				(3,799	)			1,355
Cash Flows From Financing Activities
Net commercial paper borrowings (repayments)			1,143				(240	)			2,340				(1,432	)
Debt repayments			—				(350	)			—				(350	)
Proceeds from stock option exercises			8				7				96				15
Repurchases of common stock			(584	)			(430	)			(1,290	)			(430	)
Dividends paid on common stock			(72	)			(70	)			(140	)			(142	)
Excess tax benefits related to share-based compensation			3				3				12				6
Net cash from financing activities			498				(1,080	)			1,018				(2,333	)
Effect of exchange rate changes on cash			12				(27	)			32				(9	)
Net increase in cash and cash equivalents			1,635				1,734				61				1,905
Cash and cash equivalents at beginning of period			1,716				1,182				3,290				1,011
Cash and cash equivalents at end of period		$	3,351			$	2,916			$	3,351			$	2,916

Page 9 of 13

DEVON ENERGY CORPORATION
FINANCIAL AND OPERATIONAL INFORMATION

COMPANY OPERATED RIGS

		As of June 30,
		2011				2010
Number of Company Operated Rigs Running
U.S. Onshore			69				59
Canada			3				6
Total			72				65

DRILLING ACTIVITY
Gross wells drilled

		Quarter Ended
		June 30,
		2011				2010
Exploration Wells Drilled
U.S. Onshore			5				5
Canada			3				4
Total			8				9
Exploration Wells Success Rate
U.S. Onshore			80	%			100	%
Canada			100	%			100	%
Total			88	%			100	%
Development Wells Drilled
U.S. Onshore			270				270
Canada			22				33
Total			292				303
Development Wells Success Rate
U.S. Onshore			100	%			100	%
Canada			100	%			100	%
Total			100	%			100	%
Total Wells Drilled
U.S. Onshore			275				275
Canada			25				37
Total			300				312
Total Wells Success Rate
U.S. Onshore			100	%			100	%
Canada			100	%			100	%
Total			100	%			100	%

DEVON ENERGY CORPORATION
FINANCIAL AND OPERATIONAL INFORMATION

KEY OPERATING STATISTICS BY REGION
Quarter Ended June 30, 2011		Avg. Production				Operated Rigs at				Gross Wells
		(MBOED)				June 30, 2011				Drilled
Barnett Shale			213.0				13				74
Canadian Oilsands — Jackfish / Pike			31.2				—				7
Cana-Woodford Shale			31.5				23				60
Granite Wash			16.7				5				13
Gulf Coast / East Texas			72.9				6				17
Lloydminster			39.4				1				6
Permian Basin			48.6				19				75
Rocky Mountains			65.9				3				26
Other			140.9				2				22
Total			660.1				72				300

CAPITAL EXPENDITURES (in millions)

Quarter Ended June 30, 2011

		U.S. Onshore				Canada				Total
Capital Expenditures
Exploration		$	238				22			$	260
Development			998				273				1,271
Exploration and development capital		$	1,236				295			$	1,531
Capitalized G&A											81
Capitalized interest											11
Midstream capital											77
Other capital											133
Total Continuing Operations										$	1,833
Discontinued operations											15
Total Operations										$	1,848

CAPITAL EXPENDITURES (in millions)

Six Months Ended June 30, 2011

		U.S. Onshore				Canada				Total
Capital Expenditures
Exploration		$	341				176			$	517
Development			1,911				624				2,535
Exploration and development capital		$	2,252				800			$	3,052
Capitalized G&A											162
Capitalized interest											22
Midstream capital											154
Other capital											225
Total Continuing Operations										$	3,615
Discontinued operations											34
Total Operations										$	3,649

DEVON ENERGY CORPORATION
FINANCIAL AND OPERATIONAL INFORMATION

PRODUCTION FROM DISCONTINUED OPERATIONS

		Quarter Ended								Six Months Ended
		June 30,								June 30,
		2011				2010				2011				2010
Production from Discontinued Operations
Oil (MMBbls)			—				2.9				0.5				5.8
Natural Gas (Bcf)			—				0.4				—				0.9
Total Oil Equivalent (MMBoe)			—				3.0				0.5				5.9

STATEMENTS OF DISCONTINUED OPERATIONS

		Quarter Ended								Six Months Ended
		June 30,								June 30,
(in millions)		2011				2010				2011				2010
Operating revenues		$	—			$	222			$	43			$	434
Expenses and other, net
Operating expenses			7				56				33				133
Gain on sale of oil and gas properties			(2,546	)			(308	)			(2,546	)			(308	)
Other, net			(19	)			1				(32	)			(1	)
Total expenses and other, net			(2,558	)			(251	)			(2,545	)			(176	)
Earnings before income taxes			2,558				473				2,588				610
Income tax (benefit) expense			(1	)			119				2				138
Earnings from discontinued operations		$	2,559			$	354			$	2,586			$	472

DEVON ENERGY CORPORATION
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
		June 30,
		2011				2010
Net Cash Provided By Operating Activities (GAAP)		$	1,550			$	1,397
Changes in assets and liabilities — continuing operations			47				(566	)
Changes in assets and liabilities — discontinued operations			12				(81	)
Cash flow before balance sheet changes (Non-GAAP)		$	1,609			$	750

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 short-term investments. 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.

RECONCILIATION TO GAAP INFORMATION
(in millions)

		June 30,
		2011				2010
Total debt (GAAP)		$	7,930			$	5,624
Adjustments:
Cash and short-term investments			6,718				2,916
Net debt (Non-GAAP)		$	1,212			$	2,708
Total debt		$	7,930			$	5,624
Stockholders’ equity			21,428				16,830
Total capitalization (GAAP)		$	29,358			$	22,454
Net debt		$	1,212			$	2,708
Stockholders’ equity			21,428				16,830
Adjusted capitalization (Non-GAAP)		$	22,640			$	19,538