GE, Devon Sign New Technology Collaboration Agreement to Drive Unconventional Resources Innovations

  GE, Devon Sign New Technology Collaboration Agreement to Drive
  Unconventional Resources Innovations

  *GE, Devon to Work with New Global Research Oil & Gas Technology Center in
    Oklahoma City to Accelerate the Development and Testing of Products
  *New GE, Devon Agreement Aims to Enhance Performance and Economics of
    Unconventional Oil and Natural Gas Projects
  *Alliance to Focus on Artificial Lift, Advanced Drilling Technologies and
    Water Treatment Innovations

Business Wire

OKLAHOMA CITY -- May 12, 2014

GE Oil & Gas (NYSE:GE) and Oklahoma City energy exploration and production
company Devon Energy Corporation (NYSE:DVN) today signed a new technology
collaboration agreement (TCA) to drive innovations that will enhance the
performance and economics of unconventional oil and natural gas projects as
the demand for energy grows worldwide. The new agreement was announced at the
groundbreaking ceremony for GE’s new Oil & Gas Technology Center in Oklahoma
City.

The agreement with Devon—a pioneer in the field of unconventional oil and
natural gas exploration and production—demonstrates how GE and Devon will lead
research into unconventional oil and natural gas technologies. GE’s new
technology center will focus on accelerating mid- to later-stage oil and
natural gas technologies developed in GE’s Global Research Center labs. Under
the agreement, GE will collaborate with Devon on advancing innovations in
three specific technology areas including:

  *Artificial lift systems used for increasing the flow of liquids from
    production wells.
  *Advanced drilling technologies to improve performance, reduce costs and
    reduce environmental impact.
  *Water treatment and processing to reduce water use and better utilize
    water resources for unconventional oil and natural gas development.

“Our new TCA with Devon builds on years of collaboration with the goal of
helping unconventional projects reach new levels of efficiency and production
capacity,” said Lorenzo Simonelli, president and CEO of GE Oil & Gas. “We will
collaborate with Devon using the GE Oil & Gas Technology Center to develop
ideas that can be quickly tested in the field. We aim to quickly deploy
technologies that can improve the economics and operational performance of
unconventional oil and gas projects throughout the United States and around
the world as more countries seek to develop their oil and natural gas
resources.”

The TCA with Devon is closely aligned with GE’s new technology center, which
will focus on developing and applying technologies and processes that are
better, smarter, cleaner, safer, faster and more efficient in the areas of
production systems, well construction, water use optimization, CO[2] solutions
and energy systems.

“Devon has a long-standing commitment to developing innovative approaches to
produce oil and natural gas,” said John Richels, president and chief executive
officer of Devon Energy. “This relationship with GE is another great
opportunity to accelerate development of new technologies and create solutions
that are important to our industry, our communities and the customers who
benefit from these breakthroughs.”

GE has supplied equipment to Devon for many years, providing wellhead and
production control as well as artificial lift systems, and the companies have
previously collaborated on industry challenges such as remote field power.

GE’s new Oil & Gas Technology Center in Oklahoma is due to open in the third
quarter of 2015 and will create 130 high-tech jobs, serving as a global
research and development hub for GE’s domestic and international oil and gas
customers. The Oklahoma City location of GE’s new technology center means a
close proximity to customers in an important oil and natural gas-producing
region. Devon Energy is active in this region, so products can be tested
quickly in the field, reducing the time it takes to bring them to market.

About Devon Energy Corporation

Devon Energy Corporation (NYSE:DVN) 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 the company’s website at
www.devonenergy.com.

About GE

GE (NYSE:GE) works on things that matter. The best people and the best
technologies taking on the toughest challenges. Finding solutions in energy,
health and home, transportation, and finance. Building, powering, moving, and
curing the world. Not just imagining. Doing. GE works. For more information,
visit the company's website at www.ge.com.

About GE Oil & Gas

GE Oil & Gas works on the things that matter in the oil and gas industry.In
collaboration with our customers, we push the boundaries of technology to
bring energy to the world. From extraction to transportation to end use, we
address today's toughest challenges in order to fuel the future. Follow GE Oil
& Gas on Twitter @GE_OilandGas.

Contact:

GE Oil & Gas
Melissa Noebes
+1-404-259-1136
melissa.noebes@ge.com
or
Masto Public Relations
Tom Murnane or Kate Culman
+1-518-786-6488
tom.murnane@mastopr.com
kate.culman@mastopr.com
 
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