Devon Energy Increases Cash Dividend for Common Stockholders

Devon Energy Corporation (NYSE:DVN) today announced that its board of
directors has approved an approximate 18 percent increase to its
quarterly cash dividend on Devon′s common stock from $0.17 per share to
$0.20 per share. The increase is effective with the dividend payable on
March 30, 2012 to shareholders of record as of the close of business on
March 15, 2012, and amends the first quarter dividend previously
announced on November 30, 2011.

'We have a long history of returning cash to our shareholders, having
increased our dividend seven times, or a total of 800 percent, and
repurchased over 20 percent of our common stock since 2004,? said Jeff
Agosta, chief financial officer. 'Our dividend increase underscores
Devon′s financial strength and the confidence we have in our underlying
business.?

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 additional information, visit www.devonenergy.com.

Devon Energy Corporation

Investor Contact

Shea Snyder,
405-552-4782

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Chip Minty, 405-228-8647