GE Announces New Technology Partnership with Devon Energy at Global Research Oil & Gas Technology Center in Oklahoma City

  GE Announces New Technology Partnership with Devon Energy at Global Research
  Oil & Gas Technology Center in Oklahoma City

 $125M global hub to accelerate innovation, expanding GE’s R&D investment in
                            oil and gas technology

  *New agreement using GE’s New Global Research Oil & Gas Technology Center
    in Oklahoma City to collaborate and drive innovations that enhance the
    performance and economics of unconventional oil and gas projects
  *Alliance to Focus on Artificial Lift, Advanced Drilling Technologies and
    Water Treatment Innovations
  *Oklahoma Center to open Q3 2015 and create 130 high-tech jobs

Business Wire

OKLAHOMA CITY, Okla. -- May 12, 2014

GE Oil & Gas (NYSE:GE) announced today a new Technology Collaboration
Agreement with Devon Energy Corporation (NYSE:DEC) to accelerate the
development and testing of products in the field to enhance the performance
and economics of unconventional oil and gas projects. Under the alliance, GE
will collaborate with Devon Energy on driving technology advancements for
artificial lift systems used for increasing the flow of liquids from
production wells, advanced drilling technologies and water treatment

The announcement took place at a groundbreaking ceremony for GE’s new Global
Research Center (GRC) in Oklahoma City, a hub for global oil & gas innovation
and field testing of products to determine commercial viability. Scheduled to
open next year, the Center is part of GE’s three-year effort to triple R&D
investment in the oil and gas industry. Focused on accelerating mid- to
later-stage oil and gas technologies, the Oklahoma Center will capitalize on
its close proximity to GE customers and to an important oil and gas producing
region. The Center will focus on solutions related to production systems, well
construction, water use optimization, CO2 solutions and energy systems, and
will draw on the company’s cross-business expertise to drive breakthroughs in
the oil & gas space.

Lorenzo Simonelli, president and CEO, GE Oil & Gas said, “GE is committed to
leading the unconventional resource revolution and technology is the core of
how we will win in this space. Through increased R&D investment, the creation
of tech hubs, like Oklahoma City and Rio de Janeiro, and new partnership
models, we are getting closer to our customers and bringing best-in-class
technologies to market quicker. This approach is helping our customers be more
efficient and productive and delivering growth for GE. ”

Mark Little, chief technology officer, GE said, “Breakthrough technologies in
natural gas have radically transformed the global energy landscape over the
past decade. We look at innovation through a broad lens. GE’s global
technology portfolio spans many industries. In Oil & Gas, we’re bringing the
benefit of this perspective and partnering with great customers like Devon to
push new frontiers in Oil & Gas production.”

Following the announcement of the broad-ranging Chevron GE Technology Alliance
in February, the company has recently announced a technology collaboration
agreement with PEMEX and will continue focusing on key customer co-development
to bring better solutions for the industry.

GE’s new Oil & Gas Technology Center will attract oil & gas industry
influencers from all around the globe and also serve as a focal point for
building new working relationships with the State’s great university network,
including the University of Oklahoma, Oklahoma State University, University of
Tulsa and Oklahoma City University.

Oklahoma Governor Mary Fallin said, “Over the past three years, we have worked
hard to create more jobs and opportunities for Oklahoma families by
strengthening our state's economy. We’ve also worked to enhance Oklahoma’s
reputation as a national leader in energy production and energy-related
research. The addition of GE's new Oil and Gas Technology Center in downtown
Oklahoma City is a major victory in that effort. We are proud to welcome GE,
one the world’s largest and most successful companies with more than 300,000
employees in 160 countries, to our Oklahoma community.

Fallin continued, "The creation of this new center represents a $125 million
investment that will lead to 130 high-tech, high-paying jobs. GE's new center
will also help connect Oklahoma to a global network of technology and industry
partners, many of whom will come here to do business and find solutions to
some of the world's most pressing energy challenges.”

Congressman James Lankford said, “Oklahoma has long been a leader in energy
innovation, and the addition of GE’s new Global Research Oil and Gas
Technology Center will strengthen our state’s pioneering role in defining our
global energy future. I’m particularly proud GE is building its new Center in
the Fifth District near Downtown Oklahoma City. GE’s new Center will bring
high-tech jobs and an increased international presence to our already
flourishing city. But GE’s not just building a new Center, it is building a
new private sector economic engine to grow our economy for years to come.”

Oklahoma City Mayor Mick Cornett said, “Today’s groundbreaking with GE
represents another key milestone in our continuing efforts to create jobs and
grow our city’s economy. With the new high-tech jobs GE is bringing into the
City and its significant global customer base, GE’s new Global Research Oil &
Gas Technology Center will attract new business and new visitors to our city
that will inject tens of millions of dollars annually into our local economy.”

Michael Ming, General Manager of GE’s Global Research Oil and Gas Technology
Center, said, “Today’s groundbreaking shows the remarkable progress we have
made in such a short time to build and establish GE’s technology presence in
Oklahoma. Our ability to move so quickly would not be possible without the
strong support of Governor Fallin, Mayor Cornett, the Oklahoma City Urban
Renewal Association, and local business and community leaders who have been
engaged with us every step of the way. We look forward to continuing to engage
with other leaders in the oil and gas sector and partner with them to help
develop solutions for their future growth.”

With the high-tech jobs GE is creating at the new Center and its ability to
attract customers from around the globe, the total direct and indirect
economic impact on the state and local economies is estimated to be at least
$13 million annually. To date, 25 employees have been hired with just as many
new job postings out there that we are working to fill.

Construction on the more than 100,000 sq. ft. facility is underway. Miles
Associates, a local architectural and design firm in Oklahoma City, is leading
the design. Flintco, also based in Oklahoma City, is leading the construction.
In the interim, GE is leasing temporary office space in the City Place Tower
in downtown Oklahoma City.

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About GE Oil & Gas

GE Oil & Gas is a world leader in advanced technologies and services with
37,000 employees in more than 100 countries supporting customers across the
industry—from extraction to transportation to end use. Making the environment,
health and safety, quality and integrity our highest priorities is The Way We
Work. Our technologies and services include: surface and subsea drilling and
production, monitoring and diagnostics, measurement and controls, large-scale
LNG, pipeline compression and inspection, well site and industrial power
generation, technologies for the refining and petrochemical industries, and
modular CNG and LNG units for transportation sectors. Through our customized
service solutions, training programs and technologies, GE Oil & Gas partners
with customers to maximize their efficiency, productivity and equipment
reliability; develop their next generation workforce; and fully benefit from
the megatrends of natural gas, the growth of subsea and hard-to-reach reserves
and the revolution in asset health management.

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Todd Alhart, 518-387-7914
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