Exhibit 99.1

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

News Release

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

DEVON ENERGY’S SECOND-QUARTER 2010 NET EARNINGS INCREASE 125 PERCENT TO $706 MILLION

OKLAHOMA CITY — August 4, 2010 — Devon Energy Corporation (NYSE:DVN) today reported net earnings of $706 million for the quarter ended June 30, 2010, or $1.59 per common share ($1.58 per diluted common share). This is a 125 percent increase compared with Devon’s second-quarter 2009 net earnings of $314 million, or $0.71 per common share ($0.70 per diluted common share).

For the six months ended June 30, 2010, Devon reported net earnings of $1.9 billion, or $4.26 per common share ($4.24 per diluted common share). This compared with a net loss for the six months ended June 30, 2009, of $3.6 billion, or $8.21 per common share ($8.21 per diluted common share).

Devon’s second-quarter 2010 financial results were impacted by certain items securities analysts typically exclude from their published estimates. Excluding these adjusting items, the company earned $685 million, or $1.53 per diluted common share. The adjusting items are discussed in more detail later in this news release.

Gulf of Mexico Divestitures Completed; Share Repurchase Plan Progressing

In the second quarter of 2010, Devon completed the sale of its Gulf of Mexico operations and closed on the sale of its Panyu development in the South China Sea. To date, Devon has received aggregate pre-tax proceeds of $4.6 billion and has announced sale agreements for the majority of the remaining international assets. The company expects to close on the remaining asset packages throughout the second half of 2010. Devon expects the total proceeds from the divestitures to approximate $10 billion with after-tax proceeds approximating $8 billion.

As of June 30, 2010, the company had utilized a portion of divestiture proceeds to repurchase 7.6 million shares of its common stock for $495 million and to reduce debt balances by $1.7 billion. Devon also has directed $500 million of proceeds to acquire a 50 percent interest in the Kirby-Pike oil sands leases.

Oil and Liquids Production Growth Leads Second-Quarter Operating Highlights

Devon drilled 315 wells in the second quarter of 2010 with an overall success rate of 100 percent. The following are operational highlights of the second-quarter 2010:

• Devon’s North American onshore oil and liquids production totaled 197 thousand barrels per day in the second quarter of 2010. This represents a six percent increase in both oil and natural gas liquids production compared to the first quarter of 2010.

• In the Permian Basin, the company drilled 26 successful Wolfberry oil wells during the second quarter, including Devon’s best well to date in the play.

• During the second quarter Devon continued to add oil and liquids-rich acreage in the Permian Basin. As of June 30, 2010, Devon had assembled more than 700,000 net acres of leasehold targeting the Avalon Shale, Bone Spring, Wolfberry and other conventional formations. The company currently is running 11 rigs to de-risk and develop its Permian Basin acreage position.

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• Construction for Devon’s second Jackfish project remains on schedule and is now approximately 85 percent complete. Located in Alberta, the 100 percent Devon-owned project is sized to produce an average of 35,000 barrels of production per day before royalties. Devon expects to complete construction of the facilities in the first quarter of 2011, and first production is expected by the end of 2011.

• Devon plans to file a regulatory application for a third phase of its Jackfish project in the third quarter of 2010. In aggregate, the three Jackfish projects are expected to produce more than 100 thousand gross barrels of oil per day or 90 thousand barrels of oil per day after royalties. Over the life of the projects, the company expects to recover approximately 900 million gross barrels or approximately 800 million barrels after royalties.

• Also in Canada, the company will begin drilling on its Kirby-Pike oil sands leasehold in the fourth quarter of 2010. The Kirby-Pike acreage lies adjacent to Devon’s highly successful Jackfish project and has estimated gross recoverable resources of up to 1.5 billion barrels. Devon operates Kirby-Pike with a 50 percent working interest.

• Devon increased its average net production in the Cana-Woodford Shale to 105 million cubic feet of natural gas equivalent per day in the second quarter. This was an increase of more than 200 percent over production in the second quarter of 2009.

• Devon initiated production on two Granite Wash wells in the second quarter. Initial daily production from the two wells averaged 29 million cubic feet of natural gas equivalent per day, including 585 barrels per day of oil and 1,330 barrels per day of natural gas liquids. Devon’s working interest in the two wells is 70 percent.

• Net production from the Barnett Shale field in north Texas exceeded 1.1 billion cubic feet of natural gas equivalent per day in the second quarter, up 3 percent from the previous quarter. Devon expects to reach its previous Barnett Shale production record of 1.2 billion cubic feet of natural gas equivalent per day during the third quarter of 2010.

Earnings Climb on Higher Revenues

Earnings from continuing operations for the second quarter of 2010 increased 85 percent over the second quarter of 2009 to $352 million. The earnings increase was driven by higher revenues from the sale of oil, natural gas and natural gas liquids. Second-quarter sales of oil, natural gas and natural gas liquids increased 23 percent to $1.8 billion. Higher realized prices for all three products more than offset a three percent decrease in overall production.

Devon’s second-quarter average realized oil price increased 23 percent to $62.35 per barrel compared with $50.84 per barrel in the second quarter of 2009. The average realized price for natural gas, before the impact of hedges, increased 24 percent in the second quarter of 2010 to $3.62 per thousand cubic feet. This compares with $2.91 per thousand cubic feet in the second quarter of 2009. The company’s average second-quarter realized natural gas liquids price increased 39 percent over the year-ago period to $30.90 per barrel.

Oil and gas production from continuing operations averaged 643 thousand oil-equivalent barrels (Boe) per day in the second quarter of 2010. This compares with second quarter 2009 average production of 666 thousand Boe per day. The most significant component of this production decline was the impact of property divestitures in the Gulf of Mexico.

Second-quarter 2010 lease operating expenses (LOE) increased to $442 million, or 8 percent higher than the year-ago quarter. The increase in LOE reflects the strengthening of the Canadian dollar and generally higher expenditures for oilfield services and supplies.

Taxes other than income taxes increased to $92 million in the second quarter. The $13 million increase over the second quarter of 2009 was primarily attributable to higher production taxes resulting from increased oil and gas revenues.

Compared with the second quarter of 2009, depreciation, depletion and amortization expense (DD&A) of oil and gas properties declined by one percent to $426 million. Unit DD&A was $7.28 per Boe in the second quarter of 2010.

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Second-quarter general and administrative expenses declined by 25 percent to $130 million in 2010 compared with 2009. Lower personnel costs and efficiencies gained through the company’s strategic repositioning drove most of the savings.

Interest expense for the second quarter of 2010 increased 24 percent to $111 million. Second-quarter 2010 interest expense included a $19 million charge attributable to the early redemption in June of $350 million of 7.25 percent senior notes.

Second-quarter income tax expense from continuing operations totaled $261 million, or 43 percent of pre-tax earnings. This compared to second-quarter 2009 income tax expense of $109 million, or 37 percent of pre-tax earnings. The higher tax rate primarily resulted from a $52 million non-cash charge related to the expected repatriation of foreign earnings.

Additionally, in the second quarter of 2010, current income tax from continuing operations increased to $707 million while deferred taxes declined to a benefit of $446 million. A taxable gain on the sale of Gulf of Mexico assets increased Devon’s current tax expense by $622 million in the second quarter.

Divestiture Proceeds and Debt Repayments Further Strengthen Balance Sheet

Devon generated $1.4 billion of cash flow from operating activities in the second quarter of 2010. In addition, the company received $2.6 billion of after-tax divestiture proceeds. Devon utilized this cash in the second quarter to fully fund its capital program, to repurchase $495 million of common stock and to reduce debt balances by $461 million. Devon ended the quarter with cash on hand of $2.9 billion and a net debt to adjusted capitalization ratio of just 14 percent. A reconciliation of net debt and adjusted capitalization, a non-GAAP measure, is provided in this release.

Divestitures Impact Reported Financial and Operational Results

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

Devon’s Gulf of Mexico assets do not qualify as discontinued operations under accounting standards and are included within results from continuing operations. However, information is provided within this release to enable the reader to isolate results of the company’s operations that have been retained following the divestitures.

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 2010 were as follows:

Items affecting continuing operations:

• A change in fair value of oil and natural gas derivatives decreased second-quarter earnings by $207 million pre-tax ($132 million after tax).

• A change in fair value of non-oil and gas financial instruments decreased second-quarter earnings by $85 million pre-tax ($55 million after tax).

• U.S. income taxes on foreign earnings assumed to be repatriated to the U.S. decreased second-quarter earnings by $52 million.

• Additional interest expense attributable to the early redemption of 7.25 percent senior notes decreased second-quarter earnings by $19 million pre-tax ($12 million after tax).

• A change in the estimate of severance and restructuring costs increased second-quarter earnings by $8 million pre-tax ($6 million after tax).

Items affecting discontinued operations:

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• The decision to divest all international assets generated financial benefits that increased second-quarter earnings by $44 million pre-tax ($28 million after tax).

• A change in the estimate of severance and restructuring costs increased second-quarter earnings by $5 million pre-tax ($3 million after tax).

• Divestitures of assets in China resulted in a second-quarter gain of $308 million pre-tax ($235 million after tax).

The following tables summarize the effects of these items on second-quarter 2010 earnings, income taxes and cash flow. Included in the tables are the tax effects resulting from oil and gas property divestitures that did not affect net earnings.

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

Continuing Operations — Second Quarter 2010

		Pre-tax																After-tax				Cash Flow Before
		Earnings				Income Tax Effect												Earnings				Balance Sheet
		Effect				Current				Deferred				Total				Effect				Changes Effect
Oil and gas derivatives		$	(207	)			—				(75	)			(75	)			(132	)			—
Non-oil and gas financial instruments			(85	)			—				(30	)			(30	)			(55	)			—
U.S. income taxes on foreign earnings			—				—				52				52				(52	)			—
Additional interest costs on debt retirement			(19	)			—				(7	)			(7	)			(12	)			(17	)
Severance and restructuring costs			8				1				1				2				6				1
Effects of oil and gas property divestitures			—				622				(622	)			—				—				(622	)
Totals		$	(303	)			623				(681	)			(58	)			(245	)			(638	)

Discontinued Operations — Second Quarter 2010

		Pre-tax																After-tax				Cash Flow Before
		Earnings				Income Tax Effect												Earnings				Balance Sheet
		Effect				Current				Deferred				Total				Effect				Changes Effect
Financial benefits of decision to divest assets		$	44				—				16				16				28				—
Severance and restructuing costs		$	5				1				1				2				3				1
Gain on sale of assets		$	308				110				(37	)			73				235				(110	)
Totals		$	357				111				(20	)			91				266				(109	)

In aggregate, these items increased second-quarter 2010 net earnings by $21 million, or five cents per common share (five cents per diluted share). These items and their associated tax effects decreased second-quarter 2010 cash flow before balance sheet changes by $747 million.

Conference Call to be Webcast Today

Devon will discuss its second-quarter 2010 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. 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; political or regulatory changes; the availability of goods and services; and the occurrence, timing and completion of property divestitures. 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.

Effective January 1, 2010, 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

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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, 2009, 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 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.

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DEVON ENERGY CORPORATION
FINANCIAL AND OPERATIONAL INFORMATION

PRODUCTION (net of royalties)

		Quarter Ended								Six Months Ended
		June 30,								June 30,
Excludes discontinued operations		2010				2009				2010				2009
Total Period Production
Natural Gas (Bcf)
U.S. Onshore			173.4				183.2				339.3				364.2
Canada			57.4				60.1				108.1				112.8
North American Onshore			230.8				243.3				447.4				477.0
U.S. Offshore			6.9				10.5				16.8				21.3
Total Natural Gas			237.7				253.8				464.2				498.3
Oil (MMBbls)
U.S. Onshore			3.3				2.9				6.3				5.9
Canada			6.7				6.6				13.1				12.9
North American Onshore			10.0				9.5				19.4				18.8
U.S. Offshore			0.8				1.2				1.9				2.3
Total Oil			10.8				10.7				21.3				21.1
Natural Gas Liquids (MMBbls)
U.S. Onshore			7.0				6.4				13.5				12.6
Canada			0.9				1.0				1.8				2.0
North American Onshore			7.9				7.4				15.3				14.6
U.S. Offshore			0.2				0.2				0.3				0.4
Total Natural Gas Liquids			8.1				7.6				15.6				15.0
Oil Equivalent (MMBoe)
U.S. Onshore			39.2				39.9				76.3				79.2
Canada			17.2				17.6				33.0				33.7
North American Onshore			56.4				57.5				109.3				112.9
U.S. Offshore			2.1				3.1				5.0				6.2
Total Oil Equivalent			58.5				60.6				114.3				119.1
Average Daily Production
Natural Gas (MMcf)
U.S. Onshore			1,905.9				2,013.1				1,874.6				2,012.4
Canada			630.2				660.2				597.3				623.0
North American Onshore			2,536.1				2,673.3				2,471.9				2,635.4
U.S. Offshore			76.2				115.5				92.7				117.4
Total Natural Gas			2,612.3				2,788.8				2,564.6				2,752.8
Oil (MBbls)
U.S. Onshore			36.5				32.0				34.8				32.5
Canada			73.9				72.1				72.4				71.3
North American Onshore			110.4				104.1				107.2				103.8
U.S. Offshore			8.2				13.0				10.5				12.5
Total Oil			118.6				117.1				117.7				116.3
Natural Gas Liquids (MBbls)
U.S. Onshore			76.5				70.8				74.5				69.7
Canada			10.3				11.1				10.1				10.8
North American Onshore			86.8				81.9				84.6				80.5
U.S. Offshore			1.7				2.0				1.8				2.2
Total Natural Gas Liquids			88.5				83.9				86.4				82.7
Oil Equivalent (MBoe)
U.S. Onshore			430.6				438.2				421.7				437.6
Canada			189.3				193.3				182.0				185.9
North American Onshore			619.9				631.5				603.7				623.5
U.S. Offshore			22.6				34.2				27.8				34.3
Total Oil Equivalent			642.5				665.7				631.5				657.8

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DEVON ENERGY CORPORATION
FINANCIAL AND OPERATIONAL INFORMATION

BENCHMARK PRICES

		Quarter Ended								Six Months Ended
		June 30,								June 30,
(average prices)		2010				2009				2010				2009
Natural Gas ($/Mcf) — Henry Hub		$	4.09			$	3.51			$	4.70			$	4.21
Oil ($/Bbl) — West Texas Intermediate (Cushing)		$	78.16			$	59.83			$	78.35			$	51.51

		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
Quarter Ended June 30, 2009		(Per Bbl)				(Per Mcf)				(Per Bbl)				(Per Boe)
U.S. Onshore		$	54.66			$	2.75			$	20.81			$	19.98
Canada		$	48.14			$	3.25			$	30.99			$	30.85
North American Onshore		$	50.14			$	2.87			$	22.20			$	23.31
U.S. Offshore		$	56.44			$	3.76			$	23.69			$	35.49
Realized price without hedges		$	50.84			$	2.91			$	22.24			$	23.93
Cash settlements		$	—			$	0.45			$	—			$	1.89
Realized price, including cash settlements		$	50.84			$	3.36			$	22.24			$	25.82

		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

		Oil				Gas				NGLs				Total
Six Months Ended June 30, 2009		(Per Bbl)				(Per Mcf)				(Per Bbl)				(Per Boe)
U.S. Onshore		$	44.67			$	3.09			$	19.16			$	20.57
Canada		$	38.19			$	3.82			$	28.52			$	29.11
North American Onshore		$	40.22			$	3.26			$	20.41			$	23.12
U.S. Offshore		$	49.69			$	4.46			$	21.96			$	34.85
Realized price without hedges		$	41.24			$	3.31			$	20.45			$	23.73
Cash settlements		$	—			$	0.47			$	—			$	1.95
Realized price, including cash settlements		$	41.24			$	3.78			$	20.45			$	25.68

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DEVON ENERGY CORPORATION
FINANCIAL AND OPERATIONAL INFORMATION

CONSOLIDATED STATEMENTS OF OPERATIONS

		Quarter Ended								Six Months Ended
(in millions, except per share amounts)		June 30,								June 30,
		2010				2009				2010				2009
Revenues
Oil, gas, and NGL sales		$	1,782			$	1,450			$	3,852			$	2,825
Oil and gas derivatives			45				13				665				167
Marketing and midstream revenues			405				359				935				730
Total revenues			2,232				1,822				5,452				3,722
Expenses and other, net
Lease operating expenses			442				410				856				850
Taxes other than income taxes			92				79				193				168
Marketing and midstream operating costs and expenses			280				230				677				454
Depreciation, depletion and amortization of oil and gas properties			426				430				852				990
Depreciation and amortization of non-oil and gas properties			63				74				126				144
Accretion of asset retirement obligation			24				23				50				46
General and administrative expenses			130				173				268				336
Restructuring costs			(8	)			—				(8	)			—
Interest expense			111				90				197				173
Non-oil and gas financial instruments			81				(10	)			66				(15	)
Reduction of carrying value of oil and gas properties			—				—				—				6,408
Other, net			(22	)			24				(26	)			31
Total expenses and other, net			1,619				1,523				3,251				9,585
Earnings (loss) from continuing operations before income taxes			613				299				2,201				(5,863	)
Income tax expense (benefit)
Current			707				58				1,006				50
Deferred			(446	)			51				(231	)			(2,221	)
Total income tax expense (benefit)			261				109				775				(2,171	)
Earnings (loss) from continuing operations			352				190				1,426				(3,692	)
Discontinued operations
Earnings from discontinued operations before income taxes			473				143				610				77
Discontinued operations income tax expense			119				19				138				30
Earnings from discontinued operations			354				124				472				47
Net earnings (loss)		$	706			$	314			$	1,898			$	(3,645	)
Basic earnings (loss) from continuing operations per share		$	0.79			$	0.43			$	3.20			$	(8.32	)
Basic earnings from discontinued operations per share			0.80				0.28				1.06				0.11
Basic net earnings (loss) per share		$	1.59			$	0.71			$	4.26			$	(8.21	)
Diluted earnings (loss) from continuing operations per share		$	0.79			$	0.42			$	3.19			$	(8.32	)
Diluted earnings from discontinued operations per share			0.79				0.28				1.05				0.11
Diluted net earnings (loss) per share		$	1.58			$	0.70			$	4.24			$	(8.21	)
Weighted average common shares outstanding
Basic			445				444				446				444
Diluted			446				446				447				446

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DEVON ENERGY CORPORATION
FINANCIAL AND OPERATIONAL INFORMATION

CONSOLIDATED BALANCE SHEETS

(in millions)		June 30,				December 31,
		2010				2009
						(Audited)
Assets
Current assets:
Cash and cash equivalents		$	2,174			$	646
Accounts receivable			1,205				1,208
Current assets held for sale			1,020				657
Other current assets			650				481
Total current assets			5,049				2,992
Property and equipment, at cost:
Oil and gas, based on full cost accounting:
Subject to amortization			51,851				52,352
Not subject to amortization			3,239				4,078
Total oil and gas			55,090				56,430
Other			4,229				4,045
Total property and equipment, at cost			59,319				60,475
Less accumulated depreciation, depletion and amortization			(42,478	)			(41,708	)
Property and equipment, net			16,841				18,767
Goodwill			5,892				5,930
Long-term assets held for sale			1,340				1,250
Other long-term assets			849				747
Total Assets		$	29,971			$	29,686
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable — trade		$	1,133			$	1,137
Revenues and royalties due to others			466				486
Short-term debt			53				1,432
Current liabilities associated with assets held for sale			548				234
Other current liabilities			1,202				513
Total current liabilities			3,402				3,802
Long-term debt			5,571				5,847
Asset retirement obligations			1,346				1,418
Liabilities associated with assets held for sale			189				213
Other long-term liabilities			919				937
Deferred income taxes			1,714				1,899
Stockholders’ equity:
Common stock			44				45
Additional paid-in capital			6,186				6,527
Retained earnings			9,369				7,613
Accumulated other comprehensive earnings			1,296				1,385
Treasury stock, at cost			(65	)			—
Total Stockholders’ Equity			16,830				15,570
Total Liabilities and Stockholders’ Equity		$	29,971			$	29,686
Common Shares Outstanding			439				447

Page 9 of 14

DEVON ENERGY CORPORATION
FINANCIAL AND OPERATIONAL INFORMATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

		Six Months Ended June 30,
(in millions)		2010				2009
Cash Flows From Operating Activities
Earnings (loss) from continuing operations		$	1,426			$	(3,692	)
Adjustments to reconcile earnings (loss) from continuing operations to net cash provided by operating activities:
Depreciation, depletion and amortization			978				1,134
Deferred income tax benefit			(231	)			(2,221	)
Reduction of carrying value of oil and gas properties			—				6,408
Unrealized change in fair value of financial instruments			(231	)			71
Other noncash charges			81				125
Net decrease in working capital			581				52
Decrease in long-term other assets			14				25
Increase in long-term other liabilities			1				21
Cash from operating activities — continuing operations			2,619				1,923
Cash from operating activities — discontinued operations			273				154
Net cash from operating activities			2,892				2,077
Cash Flows From Investing Activities
Proceeds from property and equipment divestitures			4,129				2
Capital expenditures			(3,221	)			(2,945	)
Redemptions of long-term investments			18				4
Cash from investing activities — continuing operations			926				(2,939	)
Cash from investing activities — discontinued operations			429				(254	)
Net cash from investing activities			1,355				(3,193	)
Cash Flows From Financing Activities
Proceeds from borrowings of long term debt, net of issuance costs			—				1,187
Net commercial paper repayments			(1,432	)			325
Debt repayments			(350	)			(1	)
Proceeds from stock option exercises			15				9
Repurchases of common stock			(430	)			—
Dividends paid on common stock			(142	)			(142	)
Excess tax benefits related to share-based compensation			6				5
Net cash from financing activities			(2,333	)			1,383
Effect of exchange rate changes on cash			(9	)			5
Net increase in cash and cash equivalents			1,905				272
Cash and cash equivalents at beginning of period (including assets held for sale)			1,011				384
Cash and cash equivalents at end of period (including assets held for sale)		$	2,916			$	656

Page 10 of 14

DEVON ENERGY CORPORATION
FINANCIAL AND OPERATIONAL INFORMATION

COMPANY OPERATED RIGS

		As of June 30,
		2010				2009
Number of Company Operated Rigs Running
U.S. Onshore			59				21
Canada			6				1
North American Onshore			65				22
U.S. Offshore			—				2
Total			65				24

DRILLING ACTIVITY

		Quarter Ended								Six Months Ended
		June 30,								June 30,
Gross wells drilled		2010				2009				2010				2009
Exploration Wells Drilled
U.S. Onshore			5				1				9				8
Canada			4				7				28				29
North American Onshore			9				8				37				37
U.S. Offshore			—				1				—				1
Total			9				9				37				38
Exploration Wells Success Rate
U.S. Onshore			100	%			0	%			100	%			88	%
Canada			100	%			100	%			96	%			100	%
North American Onshore			100	%			88	%			97	%			97	%
U.S. Offshore			n/a				100	%			n/a				0	%
Total			100	%			89	%			97	%			97	%
Development Wells Drilled
U.S. Onshore			270				159				567				447
Canada			33				22				161				143
North American Onshore			303				181				728				590
U.S. Offshore			3				1				4				7
Total			306				182				732				597
Development Wells Success Rate
U.S. Onshore			100	%			100	%			100	%			100	%
Canada			100	%			100	%			100	%			99	%
North American Onshore			100	%			100	%			100	%			99	%
U.S. Offshore			100	%			100	%			100	%			71	%
Total			100	%			100	%			100	%			99	%
Total Wells Drilled
U.S. Onshore			275				160				576				455
Canada			37				29				189				172
North American Onshore			312				189				765				627
U.S. Offshore			3				2				4				8
Total			315				191				769				635
Total Wells Success Rate
U.S. Onshore			100	%			99	%			100	%			99	%
Canada			100	%			100	%			99	%			99	%
North American Onshore			100	%			99	%			100	%			99	%
U.S. Offshore			100	%			100	%			100	%			62	%
Total			100	%			99	%			100	%			99	%

Page 11 of 14

DEVON ENERGY CORPORATION
FINANCIAL AND OPERATIONAL INFORMATION

CAPITAL EXPENDITURES (in millions)

Quarter Ended June 30, 2010

		U.S. Onshore				Canada					N.A. Onshore					U.S. Offshore				Total
Capital Expenditures
Exploration		$	179				87				$	266					75			$	341
Development			659				169					828					35				863
Exploration and development capital		$	838				256				$	1,094					110			$	1,204
Kirby-Pike property acquisition																					500
Capitalized G&A																					79
Capitalized interest																					4
Midstream capital																					48
Other capital																					95
Total Continuing Operations																				$	1,930
Discontinued operations																					142
Total Operations																				$	2,072

CAPITAL EXPENDITURES (in millions)

Six Months Ended June 30, 2010

		U.S. Onshore				Canada					N.A. Onshore					U.S. Offshore				Total
Capital Expenditures
Exploration		$	278				168				$	446					97			$	543
Development			1,222				442					1,664					223				1,887
Exploration and development capital		$	1,500				610				$	2,110					320			$	2,430
Kirby-Pike property acquisition																					500
Capitalized G&A																					158
Capitalized interest																					18
Midstream capital																					107
Other capital																					120
Total Continuing Operations																				$	3,333
Discontinued operations																					312
Total Operations																				$	3,645

Page 12 of 14

DEVON ENERGY CORPORATION
FINANCIAL AND OPERATIONAL INFORMATION

PRODUCTION FROM DISCONTINUED OPERATIONS

		Quarter Ended								Six Months Ended
		June 30,								June 30,
		2010				2009				2010				2009
Production from Discontinued Operations
Oil (MMBbls)			2.9				4.7				5.8				7.9
Natural Gas (Bcf)			0.4				0.3				0.9				0.6
Total Oil Equivalent (MMBoe)			3.0				4.8				5.9				8.0

STATEMENTS OF DISCONTINUED OPERATIONS

		Quarter Ended								Six Months Ended
(in millions)		June 30,								June 30,
		2010				2009				2010				2009
Revenues
Oil sales		$	219			$	267			$	428			$	394
Gas sales			3				1				6				2
Total revenues			222				268				434				396
Expenses and other, net
Operating expenses			57				125				132				210
Reduction of carrying value of oil and gas properties			—				—				—				109
Gain on assets sales			(308	)			—				(308	)			—
Total expenses and other, net			(251	)			125				(176	)			319
Earnings before income taxes			473				143				610				77
Income tax expense (benefit)
Current			137				(8	)			152				2
Deferred			(18	)			27				(14	)			28
Total income tax expense			119				19				138				30
Earnings from discontinued operations		$	354			$	124			$	472			$	47

Page 13 of 14

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. 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 and cash equivalents 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,
		2010				2009
Total debt (GAAP)		$	5,624			$	7,357
Adjustments:
Cash and cash equivalents (including cash from discontinued operations)			2,916				656
Net debt (Non-GAAP)		$	2,708			$	6,701
Total debt		$	5,624			$	7,357
Stockholders’ equity			16,830				13,682
Total capitalization (GAAP)		$	22,454			$	21,039
Net debt		$	2,708			$	6,701
Stockholders’ equity			16,830				13,682
Adjusted capitalization (Non-GAAP)		$	19,538			$	20,383

Page 14 of 14