Devon Energy Increases Common Dividend and Announces Quarterly Preferred Dividend

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OKLAHOMA CITY, March 5 /PRNewswire-FirstCall/ -- Devon Energy Corporation (NYSE: DVN) today announced that its board of directors has increased the amount of the quarterly cash dividend on Devon's common stock by approximately 14 percent. The amount of the dividend declared for the first quarter of 2008 is $0.16 per share. The dividend is payable on March 31, 2008, based on a record date of March 17, 2008.

Devon also announced that its board of directors declared a quarterly cash dividend on its 6.49 percent cumulative preferred stock, series A. The dividend rate is $1.6225 per share and is payable on March 31, 2008. The record date for the dividend is March 17, 2008.

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 additional information, visit http://www.devonenergy.com.

SOURCE Devon Energy Corporation

CONTACT: Investor, Zack Hager, +1-405-552-4526, or Media, Chip Minty, +1-405-228-8647, both of Devon Energy Corporation