Devon Energy Announces $553 Million Sale of Johnson County Assets

March 7, 2018

OKLAHOMA CITY–(BUSINESS WIRE)–Devon Energy Corp. (NYSE: DVN) announced today it has entered into a
definitive agreement to sell the southern portion of its Barnett Shale
position for $553 million. The transaction is subject to customary terms
and conditions and is expected to close in the second quarter of 2018.

“Combined with other recent asset sales, divestiture proceeds associated
with our 2020 Vision have now reached $1.0 billion,” said Dave Hager,
president and CEO. “In conjunction with this asset sale, and consistent
with our strategic plan, we announced today in a separate release that
our board has authorized a $1.0 billion share-repurchase program and a
33 percent increase in Devon’s quarterly cash dividend. We are very
confident about Devon’s future and, as market conditions permit, we will
continue to pursue opportunities to further increase cash returns to our
shareholders.”

Net production from the southern Barnett divestiture assets, which
reside primarily in Johnson County, are currently averaging 200 million
cubic feet of gas-equivalent per day. Field-level cash flow accompanying
these assets, which excludes overhead costs, is expected to be
approximately $100 million in 2018.

The company’s remaining position in the Barnett Shale primarily resides
in Denton, Wise and Tarrant counties, with current production of 680
million cubic feet of gas-equivalent per day. This position contains an
inventory of approximately 1,500 potential locations, consisting of
undrilled inventory and horizontal refrac opportunities.

J.P. Morgan Securities LLC acted as the financial advisor to Devon on
the transaction. Vinson & Elkins LLP acted as legal advisor to Devon.

About Devon Energy

Devon Energy is a leading independent energy company engaged in finding
and producing oil and natural gas. Based in Oklahoma City and included
in the S&P 500, Devon operates in several of the most prolific oil and
natural gas plays in the U.S. and Canada with an emphasis on achieving
strong returns and capital-efficient cash flow growth. For more
information, please visit www.devonenergy.com.

Forward-Looking Statements

This press release contains forward-looking statements within the
meaning of the federal securities laws. 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 delay or failure to consummate the transaction due to unsatisfied
closing conditions or otherwise; the amount of proceeds received due to
purchase price adjustments and other factors, and the ultimate use of
those proceeds; and the other risks identified in the Company’s Annual
Report on Form 10-K and its other filings with the Securities and
Exchange Commission (SEC). 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 hereof, and the company does not
undertake any obligation to update the forward-looking statements as a
result of new information, future events or otherwise. The SEC 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 press release contains certain terms, such as undrilled inventory
and locations and other similar terms. 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. Investors are urged to consider closely the
disclosure in our Annual Report on Form 10-K and other SEC filings.