• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Devon Energy's First Quarter 2006 Earnings Increase 24 Percent to $700 Million; Earnings Per Share Up 37 Percent

Posted on: Wednesday, 3 May 2006, 06:00 CDT

OKLAHOMA CITY, May 3 /PRNewswire-FirstCall/ -- Devon Energy Corporation today reported net earnings for the quarter ended March 31, 2006, of $700 million, or $1.58 per common share ($1.56 per diluted common share). These results compare with first-quarter 2005 net earnings of $563 million, or $1.17 per common share ($1.14 per diluted common share). Net earnings increased 24 percent in the first quarter of 2006 compared with the first quarter of 2005. Diluted earnings per share increased by a greater 37 percent in the most recent quarter. This dramatic growth in earnings per share reflects both improved operating performance and the effects of Devon's share repurchase initiatives. Devon has been repurchasing its common stock since 2004, significantly reducing the number of shares outstanding. The company had an average of 449 million diluted common shares outstanding in the first quarter of 2006, compared with an average of 496 million diluted shares outstanding in the 2005 first quarter.

First-quarter 2006 reported net earnings of $700 million were reduced by certain items securities analysts typically exclude from their published estimates. Excluding these items, Devon earned $793 million, or $1.76 per diluted share. The excluded items are described in detail in this news release.

Drilling Activity Includes 300th Horizontal Barnett Shale Well

Devon drilled 656 wells in the first quarter of 2006 with a 98 percent overall success rate. Notable operations in the quarter included:

* 62 wells drilled by Devon in the Barnett Shale in north Texas and preparations to drill more than 300 wells in total in the field during 2006. * Initiation of production from Devon's 300th operated horizontal Barnett Shale well. Devon is the largest producer in the field with 2,164 total wells producing. * Completion of Devon's first horizontal wells in the Groesbeck area in east Texas. These wells are yielding production rates four times greater than typical vertical wells but at just two and a half times the cost. * Commencement of an extended production test of the deepwater Jack well in the Gulf of Mexico's lower Tertiary trend. Test results are expected in the second half of 2006. * Drilling 30 wells in the Iron River field and 45 wells in the Manatokan and End Lake fields in the Lloydminster area of western Canada. * Continuation of platform fabrication for the offshore Polvo project in Brazil. Devon expects first oil production from Polvo in July of 2007. Higher Prices and Expiration of Hedges Drive Sales Growth

Sales of oil, gas and natural gas liquids increased 17 percent to $2.3 billion in the quarter ended March 31, 2006. Higher realized oil, gas and natural gas liquids prices more than offset lower production volumes in the first quarter of 2006. Another factor increasing Devon's 2006 oil and natural gas sales relative to 2005 was the expiration of hedges that capped realized prices in 2005. None of Devon's 2006 oil or natural gas production is currently hedged.

Devon's first-quarter 2006 average realized natural gas price increased 30 percent to $7.13 per thousand cubic feet in 2006, compared with $5.50 per thousand cubic feet in 2005. The first-quarter 2006 average realized oil price increased 55 percent to $53.35 per barrel compared with $34.47 per barrel in 2005. The average realized price for natural gas liquids in the first quarter of 2006 was $30.18 per barrel, 24 percent greater than the $24.30 per barrel realized in the first quarter of 2005.

On a barrel of oil equivalent (Boe) basis, Devon's combined oil, gas and natural gas liquids production averaged 568 thousand Boe per day in the first quarter of 2006. This was 14 percent less than first quarter 2005 average daily production of 660 thousand Boe per day. The decrease in 2006 production was primarily attributable to property divestitures completed subsequent to the first quarter of 2005 and the impact of hurricanes in the second half of 2005. If not for the impact of the 2005 hurricanes, first-quarter 2006 production would have been approximately two percent above first-quarter 2005 production from retained properties.

Marketing and midstream operating profit increased 45 percent in the first quarter of 2006 to $123 million. Marketing and midstream revenues increased 11 percent to $462 million. Related expenses increased only two percent to $339 million.

Operating Cost Pressures Mitigated by Divestitures

Devon's divestiture program in 2005 included properties selected in part because of higher relative operating costs. Divesting higher cost properties has mitigated somewhat the effects of rising costs of oilfield services and supplies. Consequently, first-quarter 2006 lease operating expenses were essentially unchanged at $349 million in the first quarter of 2006 compared with $348 million in the first quarter of 2005.

Production taxes increased six percent to $83 million in the first quarter of 2006. This increase reflects the significant increase in oil and gas revenues.

Depreciation, depletion and amortization (DD&A) of oil and gas properties decreased six percent to $507 million compared with $541 million in the first quarter of 2005. Unit DD&A increased nine percent to $9.92 per Boe.

General and administrative (G&A) expenses increased 54 percent to $90 million compared with the first quarter of 2005. First-quarter 2006 expenses include $6 million for stock option compensation costs. Beginning in 2006, accounting rules require that these costs be expensed.

Interest expense for the first quarter of 2006 decreased to $101 million. This was 14 percent lower than in same quarter in 2005.

Income tax expense was $427 million in the first quarter of 2006, or 38 percent of pre-tax earnings. This included $123 million of deferred taxes that do not require the use of cash.

Cash Flow Before Balance Sheet Changes Increases to $1.5 Billion

Cash flow before balance sheet changes reached $1.5 billion in the first quarter of 2006. This allowed Devon to fund its $1.4 billion exploration and development program, increase dividends and repurchase common stock.

At March 31, 2006, cash and short-term investments were $2.2 billion. At March 31, 2006, net debt had been reduced to 19 percent of adjusted capitalization, compared with 25 percent at March 31, 2005. 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 for the company's financial results. These items and their effects upon first-quarter 2006 reported earnings were as follows:

* A change in fair value of derivative financial instruments decreased first-quarter 2006 earnings by $12 million pre-tax ($8 million after tax). * A reduction in the carrying value of oil and gas properties reduced first-quarter 2006 earnings by $85 million before and after income taxes.

The following table summarizes the effects of these items on first-quarter 2006 earnings and income taxes.

Summary of Items Typically Excluded by Securities Analysts (in millions) Cash Flow Before Balance Pretax After-tax Sheet Earnings Income Tax Effect Earnings Changes Effect Current Deferred Total Effect Effect Change in fair value of financial instruments $(12) --- (4) (4) (8) --- Reduction in the carrying value of properties (85) --- --- --- (85) --- Totals $(97) --- (4) (4) (93) ---

In aggregate, these items decreased first-quarter 2006 net earnings by $93 million, or 21 cents per common share (20 cents per diluted share).

Conference Call to be Webcast Today

Devon will discuss its first-quarter 2006 financial and operating results in a conference call webcast today. The webcast will begin at 10 a.m. Central Time (11 a.m. Eastern Time). The webcast may be accessed from Devon's internet home page at http://www.devonenergy.com/

This press release includes "forward-looking statements" as defined by the Securities and Exchange Commission. Such statements are those concerning strategic plans, expectations and objectives for future operations. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the company expects, believes or anticipates will or may occur in the future are forward- looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company. Statements regarding future drilling and production are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of oil and gas. These risks include, but are not limited to, inflation or lack of availability of goods and services, environmental risks, drilling risks and regulatory changes. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements.

Devon Energy Corporation is an Oklahoma City-based independent energy company engaged in oil and gas exploration, production and property acquisitions. 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 http://www.devonenergy.com/ .

DEVON ENERGY CORPORATION UNAUDITED FINANCIAL AND OPERATIONAL INFORMATION PRODUCTION DATA Quarter Ended (net of royalties) March 31, 2006 2005 Total Period Production Natural Gas (Bcf) U.S. Onshore 113.5 115.8 U.S. Offshore 16.5 29.1 Total U.S. 130.0 144.9 Canada 59.1 66.2 International 2.2 2.7 Total Natural Gas 191.3 213.8 Oil (MMBbls) U.S. Onshore 2.8 3.3 U.S. Offshore 2.2 4.5 Total U.S. 5.0 7.8 Canada 3.2 3.2 International 5.2 6.8 Total Oil 13.4 17.8 Natural Gas Liquids (MMBbls) U.S. Onshore 4.5 4.4 U.S. Offshore 0.1 0.2 Total U.S. 4.6 4.6 Canada 1.2 1.3 International --- 0.1 Total Natural Gas Liquids 5.8 6.0 Oil Equivalent (MMBoe) U.S. Onshore 26.2 27.0 U.S. Offshore 5.1 9.6 Total U.S. 31.3 36.6 Canada 14.3 15.5 International 5.5 7.3 Total Oil Equivalent 51.1 59.4 Average Daily Production Natural Gas (MMcf) U.S. Onshore 1,261.2 1,285.9 U.S. Offshore 182.9 323.6 Total U.S. 1,444.1 1,609.5 Canada 656.3 735.4 International 24.9 30.2 Total Natural Gas 2,125.3 2,375.1 Oil (MBbls) U.S. Onshore 31.2 37.0 U.S. Offshore 24.3 49.4 Total U.S. 55.5 86.4 Canada 35.7 36.1 International 57.7 75.6 Total Oil 148.9 198.1 Natural Gas Liquids (MBbls) U.S. Onshore 49.8 49.1 U.S. Offshore 1.4 2.6 Total U.S. 51.2 51.7 Canada 13.6 13.9 International --- 0.8 Total Natural Gas Liquids 64.8 66.4 Oil Equivalent (MBoe) U.S. Onshore 291.2 300.4 U.S. Offshore 56.3 105.9 Total U.S. 347.5 406.3 Canada 158.6 172.5 International 61.9 81.5 Total Oil Equivalent 568.0 660.3 DEVON ENERGY CORPORATION UNAUDITED FINANCIAL AND OPERATIONAL INFORMATION QUARTERLY PRODUCTION DATA - RETAINED PROPERTIES All periods exclude properties divested in 2005 YOY Sequential Q1 2006 Q1 2005 Q4 2005 % Change % Change Total Period Production Natural Gas (Bcf) U.S. Onshore 113.5 109.0 119.1 4% -5% U.S. Offshore 16.5 19.7 15.0 -16% 10% Total U.S. 130.0 128.7 134.1 1% -3% Canada 59.1 57.6 61.2 2% -4% International 2.2 2.7 3.2 -18% -29% Total Natural Gas 191.3 189.0 198.5 1% -4% Oil (MMBbls) U.S. Onshore 2.8 2.9 2.9 -2% -3% U.S. Offshore 2.2 2.8 2.3 -24% -5% Total U.S. 5.0 5.7 5.2 -13% -4% Canada 3.2 2.8 3.2 15% -3% International 5.2 6.8 5.9 -24% -12% Total Oil 13.4 15.3 14.3 -13% -7% Natural Gas Liquids (MMBbls) U.S. Onshore 4.5 4.1 4.3 9% 4% U.S. Offshore 0.1 0.1 0.0 5% 302% Total U.S. 4.6 4.2 4.3 8% 6% Canada 1.2 1.2 1.4 2% -13% International --- 0.1 0.1 -100% -100% Total Natural Gas Liquids 5.8 5.5 5.8 6% 0% Oil Equivalent (MMBoe) U.S. Onshore 26.2 25.2 27.1 4% -3% U.S. Offshore 5.1 6.3 4.8 -19% 5% Total U.S. 31.3 31.5 31.9 -1% -2% Canada 14.3 13.6 14.8 5% -4% International 5.5 7.3 6.5 -24% -14% Total Oil Equivalent 51.1 52.4 53.2 -2% -4% Average Daily Production Natural Gas (MMcf) U.S. Onshore 1,261.2 1,210.4 1,295.0 4% -3% U.S. Offshore 182.9 218.8 163.1 -16% 12% Total U.S. 1,444.1 1,429.2 1,458.1 1% -1% Canada 656.3 640.3 665.9 2% -1% International 24.9 30.2 34.3 -18% -28% Total Natural Gas 2,125.3 2,099.7 2,158.3 1% -2% Oil (MBbls) U.S. Onshore 31.2 31.8 31.6 -2% -1% U.S. Offshore 24.3 32.0 25.0 -24% -3% Total U.S. 55.5 63.8 56.6 -13% -2% Canada 35.7 31.0 35.8 15% 0% International 57.7 75.6 63.9 -24% -10% Total Oil 148.9 170.4 156.3 -13% -5% Natural Gas Liquids (MBbls) U.S. Onshore 49.8 45.9 46.9 9% 6% U.S. Offshore 1.4 1.4 0.3 5% 311% Total U.S. 51.2 47.3 47.2 8% 8% Canada 13.6 13.3 15.3 2% -11% International --- 0.8 0.8 -100% -100% Total Natural Gas Liquids 64.8 61.4 63.3 6% 2% Oil Equivalent (MBoe) U.S. Onshore 291.2 279.4 294.3 4% -1% U.S. Offshore 56.3 69.8 52.5 -19% 7% Total U.S. 347.5 349.2 346.8 -1% 0% Canada 158.6 151.1 162.0 5% -2% International 61.9 81.5 70.5 -24% -12% Total Oil Equivalent 568.0 581.8 579.3 -2% -2% DEVON ENERGY CORPORATION UNAUDITED FINANCIAL AND OPERATIONAL INFORMATION REALIZED PRICE DATA Quarter Ended (average realized prices) March 31, 2006 2005 Realized Prices Natural Gas ($/Mcf) U.S. Onshore $ 6.89 5.17 U.S. Offshore $ 8.26 6.56 Total U.S. $ 7.07 5.45 Canada $ 7.37 5.68 International $ 4.21 3.83 Total Natural Gas $ 7.13 5.50 Oil ($/Bbl) U.S. Onshore $57.58 43.48 U.S. Offshore $60.13 32.84 Total U.S. $58.70 37.39 Canada $38.14 23.91 International $57.60 36.16 Total Oil $53.35 34.47 Natural Gas Liquids ($/Bbl) U.S. Onshore $26.61 21.96 U.S. Offshore $36.65 26.14 Total U.S. $26.89 22.17 Canada $42.56 31.98 International $ --- 28.13 Total Natural Gas Liquids $30.18 24.30 Oil Equivalent ($/Boe) U.S. Onshore $40.58 31.06 U.S. Offshore $53.81 35.99 Total U.S. $42.72 32.35 Canada $42.73 31.78 International $55.43 35.26 Total Oil Equivalent $44.11 32.56 BENCHMARK PRICES Quarter Ended (average prices) March 31, 2006 2005 Benchmark Prices Natural Gas ($/Mcf) - Henry Hub $ 9.01 6.27 Oil ($/Bbl) - West Texas Intermediate (Cushing) $63.41 49.90 PRICE DIFFERENTIALS, EXCLUDING EFFECTS OF HEDGES (average floating price differentials Quarter Ended from benchmark prices) March 31, 2006 2005 Price Differentials Natural Gas ($/Mcf) U.S. Onshore $ (2.12) (1.09) U.S. Offshore $ (0.75) 0.29 Total U.S. $ (1.94) (0.82) Canada $ (1.64) (0.43) International $ (4.80) (1.46) Total Natural Gas $ (1.88) (0.70) Oil ($/Bbl) U.S. Onshore $ (5.83) (4.66) U.S. Offshore $ (3.28) (4.80) Total U.S. $ (4.67) (4.74) Canada $(25.27) (13.10) International $ (5.81) (7.95) Total Oil $(10.06) (7.49) DEVON ENERGY CORPORATION UNAUDITED FINANCIAL AND OPERATIONAL INFORMATION CONSOLIDATED STATEMENTS OF OPERATIONS Quarter Ended (in millions, except per share data) March 31, 2006 2005 Revenues Oil sales $ 715 615 Gas sales 1,364 1,175 Natural gas liquids sales 176 145 Marketing & midstream revenues 462 416 Total revenues 2,717 2,351 Expenses Lease operating expenses 349 348 Production taxes 83 78 Marketing & midstream operating costs and expenses 339 331 Depreciation, depletion and amortization of oil and gas properties 507 541 Depreciation and amortization of non-oil and gas properties 42 38 Accretion of asset retirement obligation 11 12 General & administrative expenses 90 58 Interest expense 101 118 Effects of changes in foreign currency exchange rates (1) --- Change in fair value of derivative financial instruments 12 52 Reduction of carrying value of oil and gas properties 85 --- Other income, net (28) (138) Total expenses 1,590 1,438 Earnings before income tax expense 1,127 913 Income tax expense (benefit) Current 304 352 Deferred 123 (2) Total income tax expense 427 350 Net earnings 700 563 Preferred stock dividends 2 2 Net earnings applicable to common stockholders $ 698 561 Net earnings per weighted average common share outstanding Basic $1.58 1.17 Diluted $1.56 1.14 Basic weighted average shares outstanding 442 480 Diluted weighted average shares outstanding 449 496 DEVON ENERGY CORPORATION UNAUDITED FINANCIAL AND OPERATIONAL INFORMATION CONSOLIDATED BALANCE SHEETS (in millions) March 31, December 31, 2006 2005 Assets (Audited) Current assets Cash and cash equivalents $ 1,494 1,606 Short-term investments 734 680 Accounts receivable 1,320 1,601 Deferred income taxes 69 158 Other current assets 177 161 Total current assets 3,794 4,206 Property and equipment, at cost, based on the full cost method of accounting for oil and gas properties ($3,169 and $2,747 excluded from amortization in 2006 and 2005, respectively) 35,673 34,246 Less accumulated depreciation, depletion and amortization 15,650 15,114 Net property and equipment 20,023 19,132 Investment in Chevron Corporation common stock, at fair value 822 805 Goodwill 5,702 5,705 Other assets 424 425 Total Assets $30,765 30,273 Liabilities and Stockholders' Equity Current liabilities Accounts payable: Trade $ 1,139 947 Revenues and royalties due to others 500 666 Income taxes payable 412 293 Current portion of long-term debt 665 662 Accrued interest payable 82 127 Fair value of derivative financial instruments 16 18 Current portion of asset retirement obligation 51 50 Accrued expenses and other current liabilities 62 171 Total current liabilities 2,927 2,934 Debentures exchangeable into shares of Chevron Corporation common stock 713 709 Other long-term debt 5,241 5,248 Fair value of derivative financial instruments 138 125 Asset retirement obligation, long-term 634 618 Other liabilities 371 372 Deferred income taxes 5,439 5,405 Stockholders' equity Preferred stock 1 1 Common stock 44 44 Additional paid-in capital 6,733 6,928 Retained earnings 7,126 6,477 Accumulated other comprehensive income 1,416 1,414 Treasury stock (18) (2) Stockholders' Equity 15,302 14,862 Total Liabilities & Stockholders' Equity $30,765 30,273 Common Shares Outstanding 440 443 DEVON ENERGY CORPORATION UNAUDITED FINANCIAL AND OPERATIONAL INFORMATION CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) Quarter Ended March 31, 2006 2005 Cash Flows From Operating Activities Net earnings $ 700 563 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation, depletion and amortization 549 579 Deferred income tax expense (benefit) 123 (2) Net gain on sales of non-oil and gas property and equipment (5) (150) Reduction of carrying value of oil and gas properties 85 --- Other non-cash charges to net earnings 40 75 1,492 1,065 Changes in assets and liabilities: (Increase) decrease in: Accounts receivable 283 (44) Other current assets (15) (8) Long-term other assets (18) 32 Increase (decrease) in: Accounts payable (169) 51 Income taxes payable 115 205 Long-term debt, including current maturities --- 4 Accrued interest and expenses (160) 82 Long-term other liabilities (6) 1 Net cash provided by operating activities 1,522 1,388 Cash Flows From Investing Activities Proceeds from sales of property and equipment 19 432 Capital expenditures (1,317) (867) Purchases of short-term investments (495) (1,147) Sales of short-term investments 441 1,081 Net cash used in investing activities (1,352) (501) Cash Flows From Financing Activities Principal payments on long-term debt (3) --- Proceeds from exercise of stock options 19 57 Repurchase of common stock (252) (557) Excess tax benefits related to stock- based compensation 4 --- Dividends paid on common stock (49) (36) Dividends paid on preferred stock (2) (2) Net cash used in financing activities (283) (538) Effect of exchange rate changes on cash 1 (2) Net (decrease) increase in cash and cash equivalents (112) 347 Cash and cash equivalents at beginning of period 1,606 1,152 Cash and cash equivalents at end of period $1,494 1,499 DEVON ENERGY CORPORATION UNAUDITED FINANCIAL AND OPERATIONAL INFORMATION DRILLING ACTIVITY Quarter Ended March 31, 2006 2005 Exploration Wells Drilled U.S. 21 12 Canada 66 117 International 3 --- Total 90 129 Exploration Wells Success Rate U.S. 90% 67% Canada 98% 91% International 0% 0% Total 93% 89% Development Wells Drilled U.S. 283 280 Canada 273 267 International 10 9 Total 566 556 Development Wells Success Rate U.S. 99% 99% Canada 100% 99% International 100% 100% Total 99% 99% Total Wells Drilled U.S. 304 292 Canada 339 384 International 13 9 Total 656 685 Total Wells Success Rate U.S. 98% 97% Canada 99% 97% International 77% 100% Total 98% 97% COMPANY OPERATED RIGS March 31, 2006 2005 Number of Company Operated Rigs Running U.S. 55 54 Canada 13 7 International 3 2 Total 71 63 CAPITAL EXPENDITURES DATA Quarter Ended (in millions) March 31, 2006 2005 Capital Expenditures U.S. Onshore $ 501 333 U.S. Offshore 147 106 Total U.S. 648 439 Canada 582 474 International 127 32 Marketing & midstream 77 12 Capitalized general & administrative costs 57 47 Capitalized interest costs 16 19 Corporate 27 7 $1,534 1,030 DEVON ENERGY CORPORATION UNAUDITED FINANCIAL AND OPERATIONAL INFORMATION Non-GAAP Financial Measures

The United States Securities and Exchange Commission has adopted disclosure requirements for public companies such as Devon concerning Non-GAAP financial measures. (GAAP refers to generally accepted accounting principles.) The company must reconcile the Non-GAAP financial measure to related GAAP information. Cash flow before balance sheet changes is a Non-GAAP financial measure. Devon believes cash flow before balance sheet changes is relevant because it is a measure of cash available to fund the company's capital expenditures, dividends and to service its debt. Cash flow before balance sheet changes is also used by certain securities analysts as a measure of Devon's financial results.

RECONCILIATION TO GAAP INFORMATION Quarter Ended (in millions) March 31, 2006 2005 Net Cash Provided By Operating Activities (GAAP) $1,522 1,388 Changes in assets and liabilities (30) (323) Cash flow before balance sheet changes (Non-GAAP) $1,492 1,065

Devon believes that using net debt, defined as debt less cash, short-term investments, and the market value of Chevron common stock, for the calculation of "net debt to adjusted capitalization" provides a better measure than using debt. Devon believes that because cash and short-term investments can be used to repay indebtedness, netting cash and short-term investments against debt provides a clearer picture of the future demands on cash to repay debt. Included in Devon's indebtedness are $713 million of debentures exchangeable into 14.2 million shares of Chevron common stock owned outright by Devon. As of March 31, 2006, the market value of the shares ($822 million) exceeded the related debt obligation, Devon believes deducting the market value of the stock provides a clearer picture of future demands on cash to repay debt. This methodology is also utilized by various lenders, rating agencies and securities analysts as a measure of Devon's indebtedness.

RECONCILIATION TO GAAP INFORMATION (in millions) March 31, 2006 2005 Total debt (GAAP) $ 6,619 7,940 Adjustments: Cash and short-term investments (2,228) (2,532) Market value of Chevron Corporation common stock (822) (827) Net Debt (Non-GAAP) $ 3,569 4,581 Total Capitalization Total debt $ 6,619 7,940 Stockholders' equity 15,302 13,634 Total Capitalization (GAAP) $21,921 21,574 Adjusted Capitalization Net debt $ 3,569 4,581 Stockholders' equity 15,302 13,634 Adjusted Capitalization (Non-GAAP) $18,871 18,215

Devon Energy Corporation

CONTACT: investors, Zack Hager, +1-405-552-4526, or media, Brian Engel,+1-405-228-7750, both of Devon Energy Corporation

Web site: http://www.devonenergy.com/

Company News On-Call: http://www.prnewswire.com/comp/118040.html

Source: PRNewswire-FirstCall

More News in this Category