Devon Energy Revises Schedule for 2009 Capital Expenditures Budget


OKLAHOMA CITY, Dec. 16 /PRNewswire-FirstCall/ -- Devon Energy Corporation (NYSE: DVN) announced today that it plans to disclose its 2009 capital expenditures budget in early 2009, in conjunction with disclosure of its 2008 results. In previous years, Devon has announced its capital budget for the upcoming year in December.

"With the markets experiencing so much volatility, we have chosen to see how conditions continue to evolve before we announce our 2009 capital plans," said John Richels, Devon's president. "Although we are not yet ready to announce our 2009 budget, we intend to roughly match our capital expenditures to cash flow. This will result in decreased activity as compared to 2008. However, we will remain flexible as the year unfolds and modify our capital investments accordingly."

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 .

This press release includes "forward-looking statements" as defined by the Securities and Exchange Commission. Such statements are those concerning the 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. These statements are based on certain assumptions made by the company based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company.

SOURCE Devon Energy Corporation

CONTACT: investors, Zack Hager, +1-405-552-4526, or media, Chip Minty, +1-405-228-8647, both of Devon Energy Corporation Company News On-Call: