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Devon Energy Announces First-Quarter 2013 Results



  Devon Energy Announces First-Quarter 2013 Results

  * Total production exceeds company guidance
  * Permian Basin drives 23 percent year-over-year growth in U.S. oil
    production
  * Positive well results in emerging oil plays
  * Pre-tax cash costs per unit of production decline 4 percent sequentially
  * Oil and natural gas hedges added for 2013 and 2014
  * Financial strength and liquidity remain in excellent condition

Business Wire

OKLAHOMA CITY -- May 01, 2013

Devon Energy Corporation (NYSE:DVN) today reported a net loss of $1.3 billion
or $3.34 per common share ($3.34 per diluted share) for the quarter ended
March 31, 2013. The quarterly loss was attributable to a $1.9 billion non-cash
asset impairment charge primarily related to lower oil and natural gas liquids
pricing. Adjusting for this non-cash charge and other items securities
analysts typically exclude from their published estimates, the company earned
$270 million or $0.66 per diluted share in the first quarter of 2013.

Strong Oil Growth Driven by U.S. Operations

Devon continued to deliver strong oil production growth in the first quarter
of 2013. Companywide oil production averaged 162,000 barrels per day, a 14
percent increase compared to the first quarter of 2012 and an 8 percent
increase over the fourth quarter of 2012. Driven by the Permian Basin, the
most significant growth came from the company’s U.S. operations, where oil
production increased 23 percent year over year.

Total production of oil, natural gas and natural gas liquids increased to an
average of 687,000 oil-equivalent barrels (Boe) per day in the first quarter.
This exceeded the top end of the company’s guidance by 2,000 barrels per day.
First-quarter production benefited from better-than-expected results across
several core development assets, including Jackfish and Cana-Woodford.

“Our continued focus on oil production growth is successfully transitioning
Devon’s production mix to a higher oil weighting, as evidenced by our
first-quarter results. Oil and liquids production, our highest margin
products, now account for 41 percent of our total production,” said John
Richels, president and chief executive officer. “Driven by our success in the
Permian, we are on track to grow our U.S. oil production by almost 40 percent
in 2013.”

First-Quarter Operating Highlights

  * Permian Basin oil production increased 24 percent over the first quarter
    of 2012. Oil accounted for 60 percent of the company’s 68,000 Boe per day
    produced in the Permian Basin during the quarter.
  * In the Bone Spring oil play, the company added 20 new wells to production
    in the first quarter of 2013. Initial 30-day production from these wells
    averaged 590 Boe per day.
  * Net production from Devon’s Jackfish 1 and Jackfish 2 oil sands projects
    averaged a record 54,000 barrels of oil per day in the first quarter of
    2013. Compared to the first quarter of 2012, this represents an 18 percent
    increase in production.
  * Construction of Devon’s third Jackfish oil sands project is now
    approximately 60 percent complete, with startup expected by year-end 2014.
  * In the Mississippian trend located in Oklahoma, the company brought 24
    operated wells online in the first quarter. Overall results in this
    emerging oil play continue to support target economics. Several recent
    wells with seven- to 30-day initial production rates have averaged from
    600 to more than 1,000 barrels of oil per day. These wells also have
    significant volumes of liquids-rich gas.
  * The company’s oil exploration program in the Rocky Mountains delivered
    encouraging results in the first quarter. This activity was highlighted by
    results in the Powder River Basin where Devon commenced production on five
    wells targeting the Parkman, Turner and Frontier formations. Initial
    30-day production from the five wells averaged 540 Boe per day, including
    500 barrels of oil per day.
  * In the Granite Wash, the company initiated production on two operated
    Hogshooter wells in the first quarter. The average 30-day production rate
    from these two wells was 1,250 Boe per day, including 1,100 barrels per
    day of oil and liquids.
  * First-quarter production from the company’s Cana-Woodford Shale averaged a
    record 340 million cubic feet of natural gas equivalent per day. Liquids
    production now accounts for 41 percent of total Cana-Woodford production
    and was 78 percent higher than the prior-year quarter.
  * Net production in the Barnett Shale averaged 1.4 billion cubic feet of
    natural gas equivalent per day during the first quarter. Liquids
    production increased 5 percent year over year to 55,000 barrels per day.

Operating Costs Beat Expectations

In aggregate, the company’s pre-tax cash costs of $898 million, or $14.54 per
Boe, were lower than forecasted in the first quarter. Pre-tax cash costs per
unit of production were 5 percent higher than the first quarter of 2012 but 4
percent lower than the fourth quarter of 2012. Devon’s cost management efforts
and efficient operations offset the impact of high activity levels in
oil-focused basins. In general, oil projects are higher margin, but more
expensive to develop and have higher operating costs than gas wells.

Midstream Profit Rises; Hedging Position Strengthened

Devon’s marketing and midstream operating profit reached $125 million in the
first quarter of 2013. This result exceeded the company’s guidance and
represents a 12 percent increase compared with the first quarter of 2012. The
increase in operating profit was attributable to higher natural gas prices and
strong cost management.

The recent rise in natural gas pricing has provided Devon the opportunity to
increase its natural gas hedging position. For the remaining three quarters of
2013, the company has protected 1.7 billion cubic feet per day, representing
approximately 75 percent of its expected natural gas production. Of this
total, 1.0 billion cubic feet per day is swapped at a weighted average price
of $4.09 per thousand cubic feet. The remaining 0.7 billion cubic feet per day
utilize costless collars with a weighted average ceiling of $4.19 per thousand
cubic feet and a floor of $3.55 per thousand cubic feet. In 2014, Devon now
has 900 million cubic feet per day of production locked in at a weighted
average floor price of $4.34.

The company also increased its oil hedging position for 2013. For the balance
of the year, Devon has entered into contracts to hedge 135,000 barrels per day
of oil production. Of this total, 70,000 barrels per day are swapped at a
weighted average price of $100 per barrel. The remaining 65,000 barrels per
day utilize costless collars with a weighted average ceiling of $112 per
barrel and a floor of $90.

The recent improvement in Canadian heavy oil differentials has provided Devon
the opportunity to add attractive regional basis swaps. For the remainder of
2013, the company has 35,000 barrels per day of Canadian heavy oil secured at
a $22 per-barrel differential to the West Texas Intermediate oil index.

Balance Sheet and Liquidity Remain Strong

Devon generated cash flow before balance sheet changes of $1.2 billion in the
first quarter of 2013. At March 31, 2013, the company’s cash and short-term
investments totaled $6.5 billion, and its net debt to adjusted capitalization
was 22 percent.

Impairment Charge Methodology

On a quarterly basis, the carrying value of Devon’s oil and natural gas assets
are subject to a “ceiling test.” Under the full-cost method of accounting, the
net book value of the company’s oil and gas properties, less related deferred
income taxes, may not exceed a calculated ceiling. The ceiling is the
estimated future net cash flow from proved oil and gas properties, discounted
at 10 percent per year. Any excess is written off as a non-cash expense and
may not be reversed in future periods, even though higher oil and gas prices
may subsequently increase the ceiling. Future net cash flows are calculated
assuming continuation of prices and costs in effect at the time of the
calculation, except for changes that are fixed and determinable by existing
contracts. Trailing 12-month average prices at the end of each quarter are
used in the future net cash flow calculation. Impairment charges have no
impact on cash flow or cash balances and are not reflective of the fair value
of oil and natural gas assets.

Non-GAAP Reconciliations

Pursuant to regulatory disclosure requirements, Devon is required to reconcile
non-GAAP financial measures to the related GAAP information (GAAP refers to
generally accepted accounting principles). Adjusted earnings, cash flow before
balance sheet changes, net debt, and adjusted capitalization are non-GAAP
financial measures referenced within this release. Reconciliations of these
non-GAAP measures are provided beginning on page 11.

Conference Call to be Webcast Today

Devon will discuss its first-quarter 2013 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) and may be accessed from Devon’s home page at
www.devonenergy.com.

This press release includes "forward-looking statements" as defined by the
Securities and Exchange Commission (SEC). 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, the volatility of oil, natural gas and NGL prices;
uncertainties inherent in estimating oil, natural gas and NGL reserves; the
extent to which we are successful in acquiring and discovering additional
reserves; unforeseen changes in the rate of production from our oil and gas
properties; uncertainties in future exploration and drilling results;
uncertainties inherent in estimating the cost of drilling and completing
wells; drilling risks; competition for leases, materials, people and capital;
midstream capacity constraints and potential interruptions in production; risk
related to our hedging activities; environmental risks; political or
regulatory changes; and our limited control over third parties who operate our
oil and gas properties. 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
of this press release, even if subsequently made available by Devon on its
website or otherwise. Devon 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 release may contain certain terms, such as resource potential
and exploration target size. 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. The SEC guidelines strictly prohibit us from including these
estimates in filings with the SEC. U.S. investors are urged to consider
closely the disclosure in our Form 10-K, available from us at Devon Energy
Corporation, Attn. Investor Relations, 333 West Sheridan Avenue, Oklahoma
City, OK 73102-5015. You can also obtain this form from the SEC by calling
1-800-SEC-0330 or from the SEC’s website at www.sec.gov.

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 more information about Devon, please visit our website at
www.devonenergy.com.

 
DEVON ENERGY CORPORATION
FINANCIAL AND OPERATIONAL INFORMATION
                                               
PRODUCTION (net of royalties)     Quarter Ended
                                  March 31,
Total Period Production:          2013          2012
Natural Gas (Bcf)
United States                     177.2         188.5
Canada                            41.0          50.7
Total Natural Gas                 218.2         239.2
Oil / Bitumen (MMBbls)
United States                     6.1           5.0
Canada                            8.5           7.9
Total Oil / Bitumen               14.6          12.9
Natural Gas Liquids (MMBbls)
United States                     9.9           9.3
Canada                            0.9           1.0
Total Natural Gas Liquids         10.8          10.3
Oil Equivalent (MMBoe)
United States                     45.5          45.7
Canada                            16.3          17.4
Total Oil Equivalent              61.8          63.1
                                                 
                                                 
                                  Quarter Ended
                                  March 31,
Average Daily Production:         2013          2012
Natural Gas (MMcf)
United States                     1,968.9       2,071.8
Canada                            455.1         556.4
Total Natural Gas                 2,424.0       2,628.2
Oil / Bitumen (MBbls)
United States                     67.5          54.7
Canada                            94.8          87.3
Total Oil / Bitumen               162.3         142.0
Natural Gas Liquids (MBbls)
United States                     110.4         102.1
Canada                            10.1          11.4
Total Natural Gas Liquids         120.5         113.5
Oil Equivalent (MBoe)
United States                     506.1         502.2
Canada                            180.8         191.4
Total Oil Equivalent              686.9         693.6
                                                 
                                                 
                                                 

DEVON ENERGY CORPORATION
FINANCIAL AND OPERATIONAL INFORMATION
                                                                    
BENCHMARK                                            Quarter Ended
PRICES
(average                                             March 31,
prices)
                                                     2013            2012
Natural Gas
($/Mcf) –                                            $  3.34         $  2.72
Henry Hub
Oil ($/Bbl) –
West Texas                                           $  94.45        $  102.87
Intermediate
(Cushing)
                                                                      
                                                                      
REALIZED           Quarter Ended March 31, 2013
PRICES
                   Oil /              Gas            NGLs            Total
                   Bitumen
                   (Per Bbl)          (Per           (Per Bbl)       (Per Boe)
                                      Mcf)
United States      $  87.45           $  2.81        $  26.28        $  28.32
Canada             $  40.68           $  3.02        $  47.33        $  31.59
Realized price     $  60.13           $  2.85        $  28.04        $  29.18
without hedges
Cash               $  2.19            $  0.24        $  0.13         $  1.39
settlements
Realized
price,             $  62.32           $  3.09        $  28.17        $  30.57
including cash
settlements
                                                                      
                                                                      
                   Quarter Ended March 31, 2012
                   Oil /              Gas            NGLs            Total
                   Bitumen
                   (Per Bbl)          (Per           (Per Bbl)       (Per Boe)
                                      Mcf)
United States      $  99.35           $  2.28        $  33.37        $  27.03
Canada             $  62.29           $  2.54        $  54.18        $  39.00
Realized price     $  76.58           $  2.34        $  35.46        $  30.33
without hedges
Cash               $  (0.44  )        $  0.68        $  0.03         $  2.50
settlements
Realized
price,             $  76.14           $  3.02        $  35.49        $  32.83
including cash
settlements
                                                                         
                                                                         
                                                                         

DEVON ENERGY CORPORATION
FINANCIAL AND OPERATIONAL INFORMATION
                                                                    
CONSOLIDATED STATEMENTS OF OPERATIONS               Quarter Ended
(in millions, except per share amounts)             March 31,
                                                    2013             2012
Revenues:
  Oil, gas and NGL sales                            $ 1,804          $ 1,915
  Oil, gas and NGL derivatives                        (320   )         145
  Marketing and midstream revenues                    488              437    
  Total revenues                                      1,972            2,497  
Expenses and other, net:
  Lease operating expenses                            525              514
  Marketing and midstream operating costs and         363              325
  expenses
  Depreciation, depletion and amortization            704              680
  General and administrative expenses                 150              168
  Taxes other than income taxes                       113              102
  Interest expense                                    110              87
  Restructuring costs                                 38               -
  Asset impairments                                   1,913            -
  Other, net                                          18               10     
  Total expenses and other, net                       3,934            1,886  
Earnings (loss) from continuing operations            (1,962 )         611
before income taxes
  Current income tax expense                          -                18
  Deferred income tax expense (benefit)               (623   )         179    
Earnings (loss) from continuing operations            (1,339 )         414
Loss from discontinued operations, net of tax         -                (21   )
Net earnings (loss)                                 $ (1,339 )       $ 393    
                                                                      
Basic net earnings (loss) per share:
  Basic earnings (loss) from continuing             $ (3.34  )       $ 1.03
  operations per share
  Basic loss from discontinued operations per         -                (0.06 )
  share
  Basic net earnings (loss) per share               $ (3.34  )       $ 0.97   
                                                                      
Diluted net earnings (loss) per share:
  Diluted earnings (loss) from continuing           $ (3.34  )       $ 1.03
  operations per share
  Diluted loss from discontinued operations per       -                (0.06 )
  share
  Diluted net earnings (loss) per share             $ (3.34  )       $ 0.97   
                                                                      
Weighted average common shares outstanding:
  Basic                                               406              404
  Diluted                                             406              405
                                                                              
                                                                              
                                                                              

DEVON ENERGY CORPORATION
FINANCIAL AND OPERATIONAL INFORMATION
                                                                   
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)                                      Quarter Ended
                                                   March 31,
                                                   2013             2012
Cash flows from operating activities:
  Net earnings (loss)                              $ (1,339 )       $ 393
  Loss from discontinued operations, net of          -                21
  tax
  Adjustments to reconcile earnings from
  continuing
  operations to net cash from operating
  activities:
  Depreciation, depletion and amortization           704              680
  Asset impairments                                  1,913            -
  Deferred income tax expense (benefit)              (623   )         179
  Unrealized change in fair value of financial       419              22
  instruments
  Other noncash charges                              83               54      
  Net cash from operating activities before          1,157            1,349
  balance sheet changes
  Net increase in working capital                    (158   )         (321   )
  Increase in long-term other assets                 (6     )         (12    )
  Increase (decrease) in long-term other             9                (16    )
  liabilities
  Cash from operating activities - continuing        1,002            1,000
  operations
  Cash from operating activities -                   -                26      
  discontinued operations
  Net cash from operating activities                 1,002            1,026   
                                                                     
Cash flows from investing activities:
  Capital expenditures                               (1,926 )         (2,088 )
  Proceeds from property and equipment               29               -
  divestitures
  Purchases of short-term investments                (871   )         (827   )
  Redemptions of short-term investments              1,988            1,048
  Other                                              (2     )         (1     )
  Cash from investing activities - continuing        (782   )         (1,868 )
  operations
  Cash from investing activities -                   -                58      
  discontinued operations
  Net cash from investing activities                 (782   )         (1,810 )
                                                                     
Cash flows from financing activities:
  Net short-term borrowings                          508              357
  Credit facility borrowings                         -                750
  Proceeds from stock option exercises               -                20
  Dividends paid on common stock                     (81    )         (80    )
  Excess tax benefits related to share-based         3                1       
  compensation
  Net cash from financing activities                 430              1,048   
Effect of exchange rate changes on cash              (12    )         9       
Net change in cash and cash equivalents              638              273
                                                                     
Cash and cash equivalents at beginning of            4,637            5,555   
period
Cash and cash equivalents at end of period         $ 5,275          $ 5,828   
                                                                              
                                                                              
                                                                              

DEVON ENERGY CORPORATION
FINANCIAL AND OPERATIONAL INFORMATION
                                                                 
CONSOLIDATED BALANCE SHEETS
(in millions)                                   March 31,         December 31,
                                                2013              2012
Current assets:
       Cash and cash equivalents                $ 5,275           $  4,637
       Short-term investments                     1,226              2,343
       Accounts receivable                        1,369              1,245
       Other current assets                       533                746      
       Total current assets                       8,403              8,971    
Property and equipment, at cost:
       Oil and gas, based on full cost
       accounting:
              Subject to amortization             70,431             69,410
              Not subject to amortization         3,426              3,308    
              Total oil and gas                   73,857             72,718
       Other                                      5,792              5,630    
Total property and equipment, at cost             79,649             78,348
Less accumulated depreciation, depletion          (53,267 )          (51,032 )
and amortization
              Property and equipment, net         26,382             27,316   
Goodwill                                          6,017              6,079
Other long-term assets                            780                960      
Total assets                                    $ 41,582          $  43,326   
                                                                   
Current liabilities:
       Accounts payable                         $ 1,409           $  1,451
       Revenues and royalties payable             753                750
       Short-term debt                            4,197              3,189
       Other current liabilities                  441                613      
       Total current liabilities                  6,800              6,003    
Long-term debt                                    7,955              8,455
Asset retirement obligations                      2,092              1,996
Other long-term liabilities                       873                901
Deferred income taxes                             4,154              4,693
Stockholders' equity:
       Common stock                               41                 41
       Additional paid-in capital                 3,717              3,688
       Retained earnings                          14,358             15,778
       Accumulated other comprehensive            1,592              1,771    
       earnings
Total stockholders' equity                        19,708             21,278   
Total liabilities and stockholders' equity      $ 41,582          $  43,326   
Common shares outstanding                         406                406
                                                                              
                                                                              
                                                                              

DEVON ENERGY CORPORATION
FINANCIAL AND OPERATIONAL INFORMATION
                                                       
COMPANY OPERATED RIGS
                                             As of March 31,
                                             2013       2012
Number of Company Operated Rigs Running:
               United States                 74         67
               Canada                        21         3
               Total                         95         70
                                                         

KEY OPERATING STATISTICS BY REGION
                             Quarter Ended March 31, 2013
                             Avg. Production       Operated        Gross Wells
                                                   Rigs at
                             (MBOED)               March 31,       Drilled
                                                   2013
Barnett Shale                231.1                 8               53
Canadian Oilsands -          54.3                  8               17
Jackfish / Pike
Cana-Woodford Shale          56.7                  14              33
Granite Wash                 16.2                  4               12
Gulf Coast / East Texas      55.5                  -               9
Lloydminster                 30.2                  3               49
Mississippian                3.1                   14              34
Permian Basin                67.6                  29              81
Rocky Mountains              54.3                  5               10
Other                        117.9                 10              24
Total                        686.9                 95              322
                                                                    

CAPITAL EXPENDITURES                                                  
(in millions)                         Quarter Ended March 31, 2013
                                      United States       Canada       Total
  Exploration                         $    140            81           $ 221
  Development                              928            355            1,283
  Exploration and development         $    1,068          436          $ 1,504
  capital
  Capitalized G&A                                                        99
  Capitalized interest                                                   9
  Midstream capital                                                      215
  Other capital                                                          11
Total Operations                                                       $ 1,838
                                                                          
                                                                          

                           DEVON ENERGY CORPORATION
                    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. Devon's reported net earnings include items of income and expense
that are typically excluded by securities analysts in their published
estimates of the company's financial results. The following tables summarize
the effects of these items on first-quarter 2013 earnings.

RECONCILIATION TO GAAP INFORMATION
(in millions)                                                      
                                                  Quarter Ended March 31, 2013
                                                  Before-Tax        After-Tax
Net earnings (GAAP)                                                 $ (1,339 )
Asset impairments                                 1,913               1,308
Oil, gas and NGL derivatives                      406                 269
Restructuring costs                               38                  24
Interest rate and other financial instruments     13                  8       
Adjusted earnings (Non-GAAP)                                        $ 270     
Diluted share count                                                   407
Adjusted diluted earnings per share                                 $ 0.66    
(Non-GAAP)
                                                                              

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
(in millions)                                                        
                                                      Quarter Ended March 31,
                                                      2013            2012
Net Cash Provided By Operating Activities (GAAP)      $  1,002        $ 1,000
Changes in assets and liabilities                        155            349
Cash flow before balance sheet changes (Non-GAAP)     $  1,157        $ 1,349
                                                                         
                                                                         
                                                                         

                           DEVON ENERGY CORPORATION
                    FINANCIAL AND OPERATIONAL INFORMATION

NON-GAAP FINANCIAL MEASURES

Devon believes that using net debt for the calculation of “net debt to
adjusted capitalization” provides a better measure than using debt. Devon
defines net debt as debt less cash, cash equivalents and short-term
investments. Devon believes that netting these sources of cash against debt
provides a clearer picture of the future demands on cash to repay debt.

RECONCILIATION TO GAAP INFORMATION                     
(in millions)
                                         March 31,
                                         2013           2012
Total debt (GAAP)                        $ 12,152       $ 10,839
Adjustments:
  Cash and short-term investments          6,501          7,110
  Net debt (Non-GAAP)                    $ 5,651        $ 3,729
                                                         
Total debt                               $ 12,152       $ 10,839
Stockholders' equity                       19,708         21,956
  Total capitalization (GAAP)            $ 31,860       $ 32,795
                                                         
Net debt                                 $ 5,651        $ 3,729
Stockholders' equity                       19,708         21,956
  Adjusted capitalization (Non-GAAP)     $ 25,359       $ 25,685

Contact:

Devon Energy Corporation
Investor Contacts
Scott Coody, 405-552-4735
or
Shea Snyder, 405-552-4782
or
Media Contact
Chip Minty, 405-228-8647
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