Form 11-K
Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form 11-K

 

 

 

x ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2014

or

 

¨ TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-32318

 

 

 

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

Devon Energy Corporation Incentive Savings Plan

 

B. Name of the issuer of the securities held pursuant to the plan and the address of its principal executive office:

Devon Energy Corporation

333 West Sheridan Avenue

Oklahoma City, OK 73102-5015

 

 

 


Table of Contents

DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN

FORM 11-K

TABLE OF CONTENTS

 

Report of Independent Registered Public Accounting Firm

  3   

Financial Statements

Statements of Net Assets Available for Benefits

  4   

Statement of Changes in Net Assets Available for Benefits

  5   

Notes to Financial Statements

  6   

Supplemental Schedule

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

  14   

Signatures

  22   

 

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Table of Contents

Report of Independent Registered Public Accounting Firm

Plan Administrator

Devon Energy Corporation Incentive Savings Plan

We have audited the accompanying statements of net assets available for benefits of Devon Energy Corporation Incentive Savings Plan (the “Plan”) as of December 31, 2014 and 2013, and the related statement of changes in net assets available for benefits for the year ended December 31, 2014. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Plan’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of Devon Energy Corporation Incentive Savings Plan as of December 31, 2014 and 2013, and the changes in net assets available for benefits for the year ended December 31, 2014 in conformity with accounting principles generally accepted in the United States of America.

The supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2014 has been subjected to audit procedures performed in conjunction with the audit of Devon Energy Corporation Incentive Savings Plan’s financial statements. The supplemental information is presented for purposes of additional analysis and is not a required part of the basic financial statements but include supplemental information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplementary information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the basic financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedule, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information referred to above is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole.

/s/ GRANT THORNTON LLP

Oklahoma City, Oklahoma

June 26, 2015

 

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DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

 

     December 31,  
     2014      2013  

ASSETS

     

Investments, at fair value

   $ 707,360,800       $ 719,693,385   

Employer contributions receivable

     6,403,761         5,166,083   

Notes receivable from participants

     9,722,071         10,555,870   

Other receivables

     1,079,340         1,558,260   
  

 

 

    

 

 

 

Total assets

  724,565,972      736,973,598   
  

 

 

    

 

 

 

LIABILITIES

Other liabilities

  1,200,494      1,105,307   
  

 

 

    

 

 

 

Total liabilities

  1,200,494      1,105,307   
  

 

 

    

 

 

 

Net assets reflecting all investments at fair value

  723,365,478      735,868,291   

Adjustment from fair value to contract value for fully benefit-responsive investment contracts held by a collective trust

  344,479      773,253   
  

 

 

    

 

 

 

NET ASSETS AVAILABLE FOR BENEFITS

$  723,709,957    $  736,641,544   
  

 

 

    

 

 

 

See accompanying notes to financial statements.

 

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DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

 

     Year Ended
December 31,
 
     2014  

Additions:

  

Investment income:

  

Net appreciation in fair value of investments

   $ 10,641,794   

Dividend income

     13,925,824   

Interest income

     18,189   
  

 

 

 

Net investment income

  24,585,807   
  

 

 

 

Contributions:

Participant, including rollovers

  37,163,470   

Employer, net of forfeitures

  42,679,911   
  

 

 

 

Total contributions

  79,843,381   
  

 

 

 

Interest income on notes receivable from participants

  414,985   
  

 

 

 

Total additions

  104,844,173   
  

 

 

 

Deductions:

Distributions to participants

  115,361,405   

Administrative expenses

  2,414,355   
  

 

 

 

Total deductions

  117,775,760   
  

 

 

 

Net decrease in net assets available for benefits

  (12,931,587

Net assets available for benefits:

Beginning of year

  736,641,544   
  

 

 

 

End of year

$  723,709,957   
  

 

 

 

See accompanying notes to financial statements.

 

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DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

1. Description of Plan

The following description of the Devon Energy Corporation Incentive Savings Plan (the “Plan”) is provided for general information purposes only. Participants should refer to the plan agreement and respective amendments for a more complete description of the Plan’s provisions.

General

The Plan is a defined contribution plan covering substantially all United States employees of Devon Energy Corporation (“Devon”) and is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). Employees are eligible to participate in the Plan as soon as administratively possible following the completion of one hour of service. There is no minimum age requirement for employees to be eligible.

The plan administrator is a committee of Devon employees who are appointed by and serve at the direction of Devon (the “Benefits Committee”). The Benefits Committee is responsible for administration of the Plan, except for the duties related to selecting and monitoring the Plan’s investment options. The selection and monitoring of investment options, and related functions, is the responsibility of a separate committee of Devon employees who are appointed by and serve at the direction of Devon (the “Investments Committee”).

Devon’s Board of Directors, or a committee thereof, has the sole responsibility for appointing and removing the Plan’s trustee, which is currently Fidelity Management Trust Company (the “Trustee”). Under the terms of an agreement between the Trustee and the Plan, the Trustee administers the Plan’s trust in accordance with instructions provided by the Benefits Committee.

Contributions

As defined in the Plan, participants may elect to contribute from 1% to 50% of their compensation to the Plan on a pre-tax basis or on an after-tax, designated Roth basis. The combined pre-tax and designated Roth contributions are subject to limitations under the Internal Revenue Code (the “Code”). Participants who have attained age 50 before the end of the Plan year are eligible to make pre-tax or designated Roth catch-up contributions. Participants may also contribute amounts representing distributions from other qualified defined benefit or defined contribution plans (“Rollover Contributions”). Participant Rollover Contributions were approximately $7,255,000 during 2014.

Participants may receive an employer match on their contribution to the Plan in an amount determined annually by Devon. The amount of the matching contribution will vary according to the participant’s years of service and whether the participant is eligible for enhanced contributions. Participants employed subsequent to October 1, 2007 and participants who opted out of a separate defined benefit plan sponsored by Devon are eligible for enhanced contributions. During 2014, for all participants with at least five years of service, Devon contributed amounts equal to 100% of each participant’s contributions to the Plan, with the matching contribution being limited to the lesser of 6% of the participant’s compensation or $15,600. For participants with less than five years of service, Devon’s matching contributions in 2014 were limited to the lesser of 3% of the participant’s compensation or $7,800.

Participants eligible for enhanced contributions also receive additional, nondiscretionary contributions by Devon calculated as a percentage of their compensation, as defined in the Plan. In 2014, the enhanced contribution percentage ranged from 8% to 16%, depending upon a participant’s years of service.

Participant Accounts

Each participant’s account is credited with the participant’s contribution, Devon’s contribution and allocations of earnings or losses on the investments selected by the participant and charged with an allocation of administrative expenses. Allocations are based on participant earnings, account balances or specific participant transactions, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.

 

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DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS – CONTINUED

 

Investments

Participants direct their account balances to be invested in a number of investment options. Participants may change their investment options on a daily basis. Investment options of the Plan as of December 31, 2014 consist of mutual funds, equity securities, Devon common stock, collective trust funds, stable value fund and Brokerage Link. Brokerage Link is a self-directed brokerage account that allows participants to invest in a wide variety of funds.

Vesting and Forfeitures

Participants are vested immediately in their contributions, plus the associated investment income or losses. For each year of service up to four years, a participant becomes 25% vested in employer contributions to their account and the associated investment income or losses. Participants will become vested upon a change of control of Devon, as defined in the Plan or if the participant dies, becomes totally disabled or reaches age 65 while employed by Devon.

Upon a termination of service that results in nonvested amounts in a participant’s account, the nonvested portion is forfeited and used to reduce Devon’s future contributions or pay expenses. Employer contributions were reduced by $2,090,600 in 2014 due to forfeitures. In 2014, Plan expenses of approximately $332,000 were paid by forfeitures. As of December 31, 2014 and 2013, there were approximately $1,231,000 and $1,739,000, respectively, of forfeitures available to reduce future employer contributions or pay expenses.

Notes Receivable from Participants

Participants may borrow from their fund accounts and may have up to two loans outstanding at any time. Total borrowings may not exceed the lesser of 50% of a participant’s vested balance or $50,000. The loans are secured by the balance in the participants’ accounts. The loans bear interest at a fixed rate, which approximates the rate generally charged for consumer loans secured by certificates of deposit or marketable securities. The interest rates ranged from 4.25% to 9.50% at December 31, 2014. The terms of the loans may not exceed five years, except for loans used to purchase a primary residence, in which case the loan term generally will not exceed 15 years. Maturity dates ranged from January 2015 to October 2029 at December 31, 2014. Principal and interest is repaid through biweekly payroll deductions from the participants’ wages.

Payment of Benefits

While still employed, a participant who is age 59 12 or older may withdraw all or part of the vested interest in their account at any time. Participants who are still employed also may withdraw their Rollover Contributions regardless of age. In addition, participants who are still employed and who have taken all other withdrawals and loans available under the Plan may also request a withdrawal in an amount necessary to satisfy an immediate and heavy financial need.

On termination of service due to death, disability or upon retirement, participants (or a beneficiary in the case of death) may elect to receive either a lump-sum amount equal to the value of the participant’s vested interest in their account or equal installments (monthly, quarterly, semi-annually or annually) for any period less than the life expectancy of the participant and their beneficiary. For termination of service for other reasons, participants may receive the value of the vested interest in their account as a lump-sum distribution. Depending on the value of the participant’s vested interest in their account at the time of their termination of service, the value of the participant’s vested interest may be automatically paid in a lump-sum distribution, paid in a direct rollover or automatically rolled over to an individual retirement account or annuity established in the participant’s or beneficiary’s name.

 

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DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS – CONTINUED

 

2. Summary of Significant Accounting Policies

The following are the significant accounting policies followed by the Plan in preparing the accompanying financial statements.

Basis of Presentation

The financial statements have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and changes therein and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.

Investment Valuation and Income Recognition

The Plan’s investments are stated at fair value. Fair value is the price that would be received to sell the investment in an orderly transaction between market participants. This price is commonly referred to as the “exit price.” Fair value measurements are classified according to a hierarchy that prioritizes the inputs underlying the valuation techniques. This hierarchy consists of three broad levels:

 

    Level 1 – Inputs consist of unadjusted quoted prices in active markets for identical assets and have the highest priority. When available, Level 1 inputs are used to measure fair value because they generally provide the most reliable evidence of fair value.

 

    Level 2 – Inputs consist of quoted prices that are generally observable for the asset. Common examples of Level 2 inputs include quoted prices for similar assets in active markets or quoted prices for identical assets in markets not considered to be active.

 

    Level 3 – Inputs are not observable from objective sources and have the lowest priority. The most common Level 3 fair value measurement is an internally developed cash flow model.

Realized gains or losses are calculated based on proceeds from the sale of investments and the fair value of the investments at the beginning of the plan year or at time of purchase if acquired during the current plan year. Unrealized appreciation or depreciation of the investments is calculated based on the fair value of the investments at the end of the plan year and the fair value of the investments at the beginning of the plan year or at time of purchase if acquired during the current plan year. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date.

Investment contracts held by a defined contribution plan are required to be reported at fair value. However, contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined contribution plan attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. The accompanying Statements of Net Assets Available for Benefits present the fair value of the investment contracts as well as the adjustment of the fully benefit-responsive investment contracts from fair value to contract value. The accompanying Statement of Changes in Net Assets Available for Benefits is prepared on a contract value basis for fully benefit-responsive investment contracts. Contract value represents the principal balance of the underlying investment contracts, plus accrued interest at the stated contract rates, less withdrawals and administrative charges by the financial institutions. There are no material reserves against contract value for credit risk of the contract issuers or otherwise.

 

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DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS – CONTINUED

 

Notes Receivable from Participants

Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. No allowance for credit losses has been recorded as of December 31, 2014 or 2013. Delinquent participant loans are reclassified as distributions based upon the terms of the plan document.

Payment of Benefits

Benefits are recorded when paid.

Administrative Expenses

Trustee, audit and certain other administrative fees are paid by Devon on behalf of the Plan and are excluded from these financial statements. Fees related to the administration of notes receivable from participants are charged directly to the participant’s account and are included in administrative expenses. Investment-related expenses are included in net appreciation of fair value of investments.

Recently Issued Accounting Standards not yet Adopted

In May 2015, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent). The update requires investments for which fair value is measured at net asset value (“NAV”) per share (or its equivalent) using the practical expedient should not be categorized in the fair value hierarchy. The provisions in this ASU become effective for interim and annual periods after December 15, 2015. Devon did not early adopt this standard and does not anticipate this update will have a material impact on the Plan’s financial statements.

3. Fair Value Measurements

The following tables provide the Plan’s investments at fair value according to the fair value hierarchy. The Plan had no Level 3 investments as of December 31, 2014 and 2013. There have been no changes in the methodologies used at December 31, 2014 and 2013.

 

     As of December 31, 2014  
            Fair Value Measurements Using:  
     Total      Level 1 Inputs      Level 2 Inputs  

Mutual funds:

        

Growth funds

   $ 47,739,300       $ 47,739,300       $ —     

Fixed income funds

     95,741,298         95,741,298         —     

Balanced funds

     37,363,445         37,363,445         —     

Other funds

     17,310,835         17,310,835         —     
  

 

 

    

 

 

    

 

 

 

Total mutual funds

  198,154,878      198,154,878      —     
  

 

 

    

 

 

    

 

 

 

Equity securities:

Employer stock

  51,319,382      51,319,382      —     

Domestic large cap value

  64,603,717      64,603,717      —     

Domestic large cap growth

  65,604,530      65,604,530      —     

Domestic small cap value

  48,062,518      48,062,518      —     

Domestic small cap growth

  30,227,024      30,227,024      —     
  

 

 

    

 

 

    

 

 

 

Total equity securities

  259,817,171      259,817,171      —     
  

 

 

    

 

 

    

 

 

 

Money market funds

  39,198,868      39,198,868      —     

Collective trust funds:

U.S. equity index (1)

  99,985,271      —        99,985,271   

Stable value (2)

  37,614,661      —        37,614,661   

International equity index (3)

  67,644,919      —        67,644,919   

Real estate investment trust (4)

  4,945,032      —        4,945,032   
  

 

 

    

 

 

    

 

 

 

Total collective trust funds

  210,189,883      —        210,189,883   
  

 

 

    

 

 

    

 

 

 

Total investments

$  707,360,800    $  497,170,917    $  210,189,883   
  

 

 

    

 

 

    

 

 

 

 

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DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS – CONTINUED

 

     As of December 31, 2013  
            Fair Value Measurements Using:  
     Total      Level 1 Inputs      Level 2 Inputs  

Mutual funds:

        

Growth funds

   $ 45,244,880       $ 45,244,880       $ —     

Fixed income funds

     97,728,799         97,728,799         —     

Balanced funds

     37,037,603         37,037,603         —     

Other funds

     16,049,371         16,049,371         —     
  

 

 

    

 

 

    

 

 

 

Total mutual funds

  196,060,653      196,060,653      —     
  

 

 

    

 

 

    

 

 

 

Equity securities:

Employer stock

  58,527,349      58,527,349      —     

Domestic large cap value

  66,596,374      66,596,374      —     

Domestic large cap growth

  65,305,737      65,305,737      —     

Domestic small cap value

  47,405,259      47,405,259      —     

Domestic small cap growth

  33,143,613      33,143,613      —     
  

 

 

    

 

 

    

 

 

 

Total equity securities

  270,978,332      270,978,332      —     
  

 

 

    

 

 

    

 

 

 

Money market funds

  41,856,688      41,856,688      —     

Collective trust funds:

U.S. equity index (1)

  93,521,199      —        93,521,199   

Stable value (2)

  39,870,835      —        39,870,835   

International equity index (3)

  72,857,556      —        72,857,556   

Real estate investment trust (4)

  4,548,122      —        4,548,122   
  

 

 

    

 

 

    

 

 

 

Total collective trust funds

  210,797,712      —        210,797,712   
  

 

 

    

 

 

    

 

 

 

Total investments

$  719,693,385    $  508,895,673    $  210,797,712   
  

 

 

    

 

 

    

 

 

 

 

(1) Investment fund seeks results that correspond generally to the price and yield performance, before fees and expenses, of the Russell 3000 index. This fund allows for daily redemptions with no unfunded commitments.
(2) Investment fund seeks preservation of principal and to earn current income while tracking interest rates over the intermediate term by investing in a diversified portfolio of stable value contracts, including wrap contracts issued by insurance companies, banks and other financial institutions. This fund allows for daily redemptions with no unfunded commitments.
(3) Investment fund seeks results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI ACWI ex-U.S. IMI Index. This fund allows for daily redemptions with no unfunded commitments.
(4) Investment fund seeks results through active management that correspond generally to the price and yield performance, after fees and expenses, of the FRSE NAREIT Equity REITS Index. This fund allows for daily redemptions with no unfunded commitments.

 

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DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS – CONTINUED

 

The following methods and assumptions were used to estimate the fair values in the tables above.

Level 1 Fair Value Measurements

Amounts consist primarily of mutual funds, equity securities and money market funds that are actively traded and can be redeemed upon demand. The fair values of these instruments are based upon unadjusted quoted market prices.

Level 2 Fair Value Measurements

Amounts consist primarily of collective trust funds. These funds can be redeemed upon demand. The fair values are based upon the NAV provided by investment managers. The NAV is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund less its liabilities. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported NAV. Participant purchases and sales transactions may occur daily. In the event the Plan initiates a full redemption of one of the collective trusts, the investment managers reserve the right to temporarily delay withdrawal from the trust in order to ensure that securities liquidations will be carried out in an orderly business manner.

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although these valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.

4. Stable Value Fund

The PIMCO Stable Income Fund (the “Fund”) is held by the PIMCO Collective Investment Trust II (the “Trust”) and is sponsored by SEI Trust Company. The beneficial interest of each participant is represented by units. Units are issued and redeemed daily at the Fund’s constant NAV of approximately $100 per unit. Distribution to the Fund’s unit holders are declared daily from the net investment income and automatically reinvested in the Fund on a monthly basis. It is the policy of the Fund to use its best efforts to maintain a stable net asset value of approximately $100 per unit, although, there is no guarantee that the Fund will be able to maintain this value.

The Fund has certain restrictions on withdrawals and transfers, as follows. Withdrawals directed by the Plan require written notice to the Trustee. The Trustee shall notify the Plan that such request will be fulfilled as either (1) a deferred book value plan withdrawal, which the Trustee will act in good faith to complete by the fifth business day of the month that follows the date that is 24 months after the Trustee’s receipt of the Plan’s request for a withdrawal or (2) an ordinary plan withdrawal to be completed on or prior to the first business day that is within 45 days of the Plan’s request for withdrawal. The methodology chosen by the Trustee will depend on the value of the Fund’s portfolio, taking into account any adverse market value adjustments applicable to such withdrawal under the Fund’s investment contracts.

Withdrawals made in order to accommodate distribution to participants, whether in-service or following termination of employment, may be made on any business day. Withdrawals made in order to accommodate a participant-directed exchange to another investment option may be made on any business day, provided that the exchange is not directed to competing investment options, which consist of the Vanguard Money Market Fund and Brokerage Link. Transferred amounts must be held in a non-competing investment option for 90 days before subsequent transfers to a competing fund can occur. The Trustee reserves the right to delay participant withdrawals up to 30 days in order to maintain liquidity for the Trust or if it determines that an immediate withdrawal would have an adverse impact on the Trust.

The average yield earned by the Trust at December 31, 2014, representing the annualized earnings of all investments in the Trust divided by the period-end fair value of all investments in the Trust, was 1.50%. The average yield earned by the Trust at December 31, 2014, representing the annualized earnings credited to participants in the Trust as of the last day of the period, divided by the period-end fair value of all investments in the Trust, was 0.98%. Certain events may limit the ability of the Fund to realize the contract value of investment contracts and may

 

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DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS – CONTINUED

 

therefore result in payments to participants that reflect fair value rather than contract value. Such events include, but are not limited to, certain amendments to the Plan documents or the Fund’s investment guidelines that are not approved by issuers of investment contracts, failure to comply with certain contract provisions, complete or partial termination of the Plan or merger with another plan or bankruptcy of the Plan. The Benefits and Investments Committees believe that the occurrence of events that would cause the Fund to transact at less than contract value is not probable.

5. Plan Termination

Although Devon has not expressed any intent to terminate the Plan, it may do so at any time. Benefits owed to participants are not actuarially determined and the aggregate vested benefits are limited to the Plan’s net assets available for plan benefits. In the event of the Plan’s termination, participants would become 100% vested in their accounts.

6. Plan Investment Assets

Following is a schedule of the Plan’s investments that exceed 5% of the Plan’s net assets at December 31, 2014 and 2013 and the fair value of such investments:

 

     2014      2013  
     Number of
Shares or
Units
     Fair Value      Number of
Shares or
Units
     Fair Value  

PIMCO Total Return Fund

     5,382,938       $  57,382,119         5,805,895       $  62,065,017   

BlackRock, Inc. U.S. Equity Index

     4,566,914       $ 99,985,271         4,807,991       $ 93,521,199   

BlackRock, Inc. International Equity Index

     5,476,125       $ 67,644,919         5,647,129       $ 72,857,556   

Devon Energy Corporation Common Stock

     838,415       $ 51,319,382         945,973       $ 58,527,349   

PIMCO Stable Income Fund

     374,646       $ 37,614,661         402,975       $ 39,870,835   

Harbor International Fund

     605,088       $ 39,197,596         537,950       $ 38,199,848   

During 2014, the Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated (depreciated) in value as follows:

 

Mutual funds

   $ (8,546,372

Collective trust funds

     9,794,478   

Equity securities

     9,393,688   
  

 

 

 
$  10,641,794   
  

 

 

 

7. Related Party Transactions

The Trustee and Devon are parties in interest as defined by ERISA. Certain plan investments are shares of mutual funds managed by Fidelity Management & Research Company, which is an affiliate of the Trustee. The Trustee also invests certain Plan assets in the Devon Stock Fund. Such transactions qualify as party-in-interest transactions permitted by the Department of Labor regulations.

8. Tax Status

The Internal Revenue Service has determined and informed Devon by a letter dated April 16, 2010 that the Plan and related trusts are designed in accordance with applicable sections of the Code. Prior to April 16, 2010, the Plan operated under a determination letter dated August 1, 2002. Although the Plan has been amended since receiving the determination letter, the Benefits Committee believes that the Plan is designed and is currently being operated in compliance with the applicable provisions of the Code.

Accounting principles generally accepted in the United States of America require plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain position that more

 

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DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS – CONTINUED

 

likely than not would not be sustained upon examination by the Internal Revenue Service. The Benefits Committee has analyzed the tax positions taken by the Plan and has concluded that there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements as of December 31, 2014 and 2013.

The Plan is subject to routine audits by taxing jurisdictions. The Benefits Committee believes it is no longer subject to income tax examinations for years prior to 2011.

9. Risk and Uncertainties

In general, the investments provided by the Plan are exposed to various risks, such as interest rate, credit and overall market volatility risks. Because of the risks associated with investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such change could materially affect the participants’ account balances and the amounts reported in the statements of net assets available for benefits.

10. Reconciliation of Financial Statement to Form 5500

The following is a reconciliation of net assets available for benefits per the financial statements at December 31, 2014 and 2013 to Form 5500.

 

     2014      2013  

Net assets available for benefits per the financial statements

   $ 723,709,957       $ 736,641,544   

Adjustment from contract value to fair value for interest in collective trust relating to fully benefit-responsive investment contracts

     (344,479      (773,253
  

 

 

    

 

 

 

Net assets available for benefits per Form 5500

$  723,365,478    $  735,868,291   
  

 

 

    

 

 

 

The following is a reconciliation of investment income per the financial statements for 2014 to Form 5500:

 

     2014  

Net investment income per financial statements

   $ 24,585,807   

Interest income on notes receivable from participants

     414,985   

Adjustment from contract value to fair value for interest in collective trust relating to fully benefit-responsive investment contracts

     428,774   
  

 

 

 

Net investment income per Form 5500

$  25,429,566   
  

 

 

 

 

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Devon Energy Corporation Incentive Savings Plan

Schedule H, Line 4i—Schedule of Assets (Held at End of Year)

December 31, 2014

 

Identity of issue, borrower, lessor or similar party

  

Description of investment

   Number of Shares
or Units
     Current Value  

Devon Energy Corporation**

   Devon common stock      838,415       $  51,319,382   

Cash equivalent fund:

        

INTEREST-BEARING CASH

   Money-market securities         16,088,583   

THE VANGUARD GROUP

   Vanguard Money Market Fund      23,110,284         23,110,284   

Mutual Funds and Collective Trust Funds:

        

ABERDEEN

   Aberdeen Emerging Markets Fund      591,331         7,977,056   

BLACKROCK, INC.

   US Equity Index      4,566,914         99,985,271   

BLACKROCK, INC.

   International Equity Index      5,476,125         67,644,919   

CAPITAL RESEARCH & MANAGEMENT COMPANY

   Europacific Growth Fund      74,075         3,488,208   

HARBOR FUNDS

   Harbor International Fund      605,088         39,197,596   

INVESCO

   Invesco Equity Real Estate Securities Trust      40,966         4,945,032   

NEUBERGER BERMAN

   Neuberger Berman High Yield Bond Fund      2,769,746         24,789,227   

PIMCO FUNDS

   PIMCO Total Return Fund      5,382,938         57,382,119   

PIMCO FUNDS

   PIMCO All Asset All Authority      3,189,988         29,124,591   

SEI TRUST COMPANY

   PIMCO Stable Income Fund      374,646         37,614,661   

WESTERN ASSET

   Inflation Indexed Plus Bond Portfolio      1,005,715         11,284,120   

Equity Securities:

        

ABERCROMBIE & FITCH CL A

   Common stock      13,800         395,232   

ABIOMED INC

   Common stock      8,751         333,063   

ACACIA RESEARCH—ACACIA

   Common stock      8,300         140,602   

ACADIA HEALTHCARE CO INC

   Common stock      4,979         304,765   

ADOBE SYSTEMS INC

   Common stock      28,922         2,102,629   

ADT CORP

   Common stock      22,800         826,044   

 

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Table of Contents

ADVISORY BOARD CO

Common stock   5,146      252,051   

AKORN INC

Common stock   25,737      931,679   

ALEXION PHARMACEUTICALS

Common stock   7,102      1,314,083   

ALIBABA GROUP HLD SPON AD

Common stock   13,189      1,370,865   

ALIGN TECHNOLOGY INC

Common stock   5,479      306,331   

ALLEGHANY CORP DEL

Common stock   1,900      880,650   

ALLIANT ENERGY CORPORATION

Common stock   7,900      524,718   

ALTISOURCE PORTFOLIO SOLUTIONS

Common stock   8,500      287,215   

ALTRIA GROUP INC

Common stock   22,100      1,088,867   

AMAZON.COM INC

Common stock   2,260      701,391   

AMDOCS LTD

Common stock   15,700      732,484   

AMERICAN EXPRESS CO

Common stock   7,000      651,280   

AMERICAN INTERNATIONAL GROUP

Common stock   14,800      828,948   

AMERICAN PUBLIC EDUCATION

Common stock   17,100      630,477   

AMERICAN WATER WORKS COMPANY

Common stock   13,900      740,870   

AMERIPRISE FINANCIAL INC

Common stock   7,200      952,200   

ANIKA THERAPEUTICS INC

Common stock   9,800      399,252   

ANTHEM INC

Common stock   6,900      867,123   

APOLLO EDUCATION GROUP CL

Common stock   7,700      262,647   

APPLE INC

Common stock   19,716      2,176,252   

APPLIED MATERIALS INC

Common stock   101,932      2,540,145   

ARRIS GROUP INC

Common stock   14,200      428,698   

ASCENA RETAIL GROUP INC

Common stock   56,700      712,152   

ASSURED GUARANTY LTD

Common stock   20,400      530,196   

AVG TECHNOLOGIES NV

Common stock   16,200      319,788   

BABCOCK & WILCOX CO

Common stock   24,500      742,350   

BANK OF AMERICA CORPORATION

Common stock   85,900      1,536,751   

BENEFITFOCUS INC

Common stock   15,135      497,033   

BLOCK H & R INC

Common stock   22,500      757,800   

BOEING CO

Common stock   5,142      668,357   

BP PLC SPON ADR

Common stock   18,900      720,468   

BRUKER CORP

Common stock   31,800      623,916   

BUFFALO WILD WINGS INC

Common stock   2,248      405,494   

CA INC

Common stock   27,000      822,150   

CALIFORNIA RESOURCES CORP

Common stock   2,624      14,458   

CANADIAN SOLAR INC

Common stock   17,489      423,059   

CAPITAL ONE FINANCIAL CORP

Common stock   19,900      1,642,745   

 

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Table of Contents

CARDINAL HEALTH INC

Common stock   10,100      815,373   

CARNIVAL CORP

Common stock   23,400      1,060,722   

CDW CORPORATION

Common stock   8,100      284,877   

CELGENE CORP

Common stock   16,044      1,794,682   

CENTENE CORP

Common stock   14,176      1,472,178   

CEPHEID INC

Common stock   12,823      694,237   

CHIPOTLE MEXICAN GRILL

Common stock   2,200      1,505,922   

CHURCHILL DOWNS INC

Common stock   1,300      123,890   

CIGNA CORP

Common stock   7,200      740,952   

CIRRUS LOGIC INC

Common stock   16,200      381,834   

CIT GROUP INC

Common stock   28,400      1,358,372   

CITIGROUP INC

Common stock   33,050      1,788,336   

CMS ENERGY CORP

Common stock   27,200      945,200   

COGNEX CORP

Common stock   8,749      361,596   

COGNIZANT TECH SOLUTIONS CL A

Common stock   19,289      1,015,759   

COMMUNITY HEALTH SYSTEMS INC NEW

Common stock   5,500      296,560   

COMPUTER SCIENCES CORP

Common stock   5,800      365,690   

CONOCOPHILLIPS

Common stock   12,000      828,720   

COPA HOLDINGS SA CL A

Common stock   6,600      684,024   

COSTAR GROUP INC

Common stock   2,631      483,131   

COSTCO WHOLESALE CORP

Common stock   13,540      1,919,295   

COVANTA HOLDING CORP

Common stock   17,700      389,577   

CRH PLC SPON ADR

Common stock   41,900      1,006,019   

CUMMINS INC

Common stock   4,909      707,730   

DEALERTRACK TECH INC

Common stock   12,790      566,725   

DELEK US HOLDINGS INC

Common stock   13,600      371,008   

DELPHI AUTOMOTIVE PLC

Common stock   15,900      1,156,248   

DIAMOND FOODS INC

Common stock   377      10,643   

DIAMONDBACK ENERGY INC

Common stock   4,241      253,527   

DIGITALGLOBE INC

Common stock   23,500      727,795   

DIRECTV

Common stock   7,900      684,930   

DISCOVER FINANCIAL SERVICES INC

Common stock   14,700      962,703   

DR HORTON INC

Common stock   14,015      354,439   

DST SYSTEMS INC

Common stock   6,400      602,560   

E TRADE FINANCIAL CORP

Common stock   20,600      499,653   

EAGLE MATERIALS INC

Common stock   7,182      546,047   

EATON CORP PLC

Common stock   12,900      876,684   

 

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Table of Contents

ECHOSTAR CORP CL A

Common stock   14,900      782,250   

ELLIE MAE INC

Common stock   2,088      84,188   

EMERSON ELECTRIC CO

Common stock   12,500      771,625   

ENERGY XXI (USA)

Common stock   40,100      130,726   

ENSTAR GROUP LTD

Common stock   3,600      550,404   

ENTROPIC COMMUNICATIONS INC

Common stock   130,800      330,924   

ESSENT GROUP LTD

Common stock   15,367      395,086   

EXELIS INC

Common stock   35,600      624,068   

EXPRESS INC

Common stock   43,700      641,953   

F5 NETWORKS INC

Common stock   11,452      1,494,085   

FACEBOOK INC A

Common stock   25,868      2,018,221   

FAIRCHILD SEMICONDUCTOR INTERNATIONAL INC

Common stock   54,500      919,960   

FASTENAL CO

Common stock   23,349      1,110,478   

FEDEX CORP

Common stock   10,846      1,883,516   

FIESTA RESTAURANT GROUP

Common stock   14,293      869,014   

FIFTH THIRD BANCORP

Common stock   38,500      784,438   

FIRST NIAGARA FINANCIAL GROUP

Common stock   72,700      612,861   

FIRST REPUBLIC BANK

Common stock   14,700      766,164   

FMC CORP NEW

Common stock   8,900      507,567   

FMSA HOLDINGS INC

Common stock   21,200      146,704   

FNF GROUP

Common stock   22,300      768,235   

FNFV GROUP

Common stock   18,899      297,470   

FTI CONSULTING INC

Common stock   16,900      652,847   

GAMING AND LEISURE PROPERTIES INC

Common stock   30,100      883,134   

GENCORP INC

Common stock   42,400      775,920   

GENERAL DYNAMICS CORPORATION

Common stock   5,600      770,672   

GILEAD SCIENCES INC

Common stock   10,033      945,710   

GLOBAL CASH ACCESS HOLDINGS

Common stock   82,600      590,590   

GOGO INC

Common stock   13,975      231,007   

GOOGLE INC CL A

Common stock   2,200      1,167,452   

GOOGLE INC CL C

Common stock   2,200      1,158,080   

GRANITE CONSTRUCTION INC

Common stock   14,085      535,512   

GREENBRIER COMPANIES INC

Common stock   7,865      422,586   

GUIDEWIRE SOFTWARE INC

Common stock   11,336      573,942   

HANESBRANDS INC

Common stock   10,000      1,116,200   

HANOVER INSURANCE GROUP

Common stock   10,700      763,124   

HCC INSURANCE HOLDINGS INC

Common stock   14,700      786,744   

 

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Table of Contents

HEALTH NET INC

Common stock   9,154      490,014   

HEICO CORP

Common stock   5,924      357,810   

HELIX ENERGY SOLUTIONS GROUP INC

Common stock   17,300      375,410   

HOMEAWAY INC

Common stock   19,544      582,020   

HONEYWELL INTERNATIONAL INC

Common stock   7,000      699,440   

HUMANA INC

Common stock   10,060      1,444,918   

HUNT J B TRANSPORT SERVICES IN

Common stock   7,398      623,282   

IDACORP INC

Common stock   8,000      529,520   

ILLUMINA INC

Common stock   9,298      1,716,225   

INSULET CORP

Common stock   15,813      728,347   

INTEL CORP

Common stock   29,100      1,056,039   

IPG PHOTONICS CORP

Common stock   8,405      629,703   

IRON MOUNTAIN INC

Common stock   10,500      405,930   

JOHNSON & JOHNSON

Common stock   9,400      982,958   

JOHNSON CONTROLS INC

Common stock   22,500      1,087,650   

JOY GLOBAL INC

Common stock   16,500      767,580   

JPMORGAN CHASE & CO

Common stock   24,300      1,520,694   

K12 INC

Common stock   29,500      350,165   

KANSAS CITY SOUTHERN

Common stock   26,903      3,282,973   

KATE SPADE & CO

Common stock   14,056      449,933   

KBR INC

Common stock   34,900      591,555   

KNIGHT TRANSPORTATION INC

Common stock   21,936      738,366   

KULICKE & SOFFA INDUSTRIES INC

Common stock   30,300      438,138   

LABORATORY CORP OF AMERICA HOLDINGS

Common stock   6,000      647,400   

LAM RESEARCH CORP

Common stock   2,900      230,086   

LIFELOCK INC

Common stock   58,732      1,087,129   

LINKEDIN CORP CL A

Common stock   6,848      1,573,054   

LULULEMON ATHLETICA INC

Common stock   12,521      698,546   

MARKEL CORP

Common stock   1,000      682,840   

MARKETAXESS HOLDINGS INC

Common stock   5,568      399,281   

MASTERCARD INC CL A

Common stock   27,867      2,401,021   

MEDIVATION INC

Common stock   7,153      712,510   

MEDNAX INC

Common stock   5,500      363,605   

MEDTRONIC INC

Common stock   13,300      960,260   

MERCK & CO INC NEW

Common stock   14,200      806,418   

MFA FINANCIAL INC

Common stock   150,600      1,203,294   

MICROCHIP TECHNOLOGY

Common stock   21,000      947,310   

 

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Table of Contents

MICROSOFT CORP

Common stock   20,750      963,838   

MKS INSTRUMENTS INC

Common stock   6,700      245,220   

NABORS INDUSTRIES LTD

Common stock   30,200      391,996   

NATIONAL CINEMEDIA INC

Common stock   49,200      707,004   

NAVIENT CORP

Common stock   60,000      1,296,600   

NCI BUILDING SYSTEMS INC NEW

Common stock   40,673      753,264   

NETFLIX INC

Common stock   5,120      1,749,043   

NETSUITE INC

Common stock   19,975      2,180,670   

NEUSTAR INC CL A

Common stock   19,100      530,980   

NEW SENIOR INVESTMENT GROUP

Common stock   37,666      619,606   

NEW YORK COMMUNITY BANCORP INC

Common stock   49,900      798,400   

NEWCASTLE INVESTMENT CORP REIT

Common stock   80,066      359,496   

NEWPARK RESOURCES INC

Common stock   38,900      371,106   

NORTHWESTERN CORP

Common stock   15,200      860,016   

NVR INC

Common stock   870      1,109,537   

NXSTAGE MEDICAL INC

Common stock   17,681      317,020   

OCCIDENTAL PETROLEUM CORP

Common stock   6,560      528,802   

OCWEN FINANCIAL CORP

Common stock   35,900      542,090   

OMNICARE INC

Common stock   16,800      1,225,224   

ORACLE CORP

Common stock   24,000      1,079,280   

OWENS CORNING INC

Common stock   29,100      1,042,071   

PACIRA PHARMACE

Common stock   7,826      693,853   

PALO ALTO NETWORKS INC

Common stock   5,015      614,689   

PBF ENERGY INC CL A

Common stock   25,000      666,000   

PEOPLES UNITED FINANCIAL INC

Common stock   55,700      845,526   

PFIZER INC

Common stock   27,170      846,346   

PHARMERICA CORP

Common stock   34,200      708,282   

PHILIP MORRIS INTL INC

Common stock   9,950      810,428   

PNC FINANCIAL SERVICES GROUP INC

Common stock   11,600      1,058,268   

POLARIS INDUSTRIES INC

Common stock   12,062      1,824,257   

PRA GROUP INC

Common stock   10,310      597,258   

PRICELINE GROUP INC

Common stock   1,859      2,119,650   

PUBLIC SERVICE ENTERPRISE GROUP

Common stock   10,800      447,228   

RADIAN GROUP INC

Common stock   16,800      280,896   

RAYTHEON CO

Common stock   6,550      708,514   

REGENERON PHARMACEUTICALS

Common stock   3,772      1,547,463   

RENT A CENTER INC

Common stock   19,900      722,768   

 

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Table of Contents

ROCKWOOD HOLDINGS INC

Common stock   5,100      401,880   

ROVI CORPORATION

Common stock   16,600      374,994   

ROYAL CARIBBEAN CRUISES

Common stock   12,300      1,013,889   

RPX CORP

Common stock   46,800      644,904   

SALESFORCE.COM INC

Common stock   39,072      2,317,360   

SALIX PHARMACEUTICALS LTD

Common stock   26,628      3,060,622   

SANOFI SPON ADR

Common stock   21,500      980,615   

SCHLUMBERGER LTD

Common stock   15,224      1,300,282   

SCHOLASTIC CORP

Common stock   15,500      564,510   

SCRIPPS (EW) CO CL A

Common stock   30,600      683,910   

SEADRILL LTD (USA)

Common stock   25,700      306,858   

SEAWORLD ENTERTAINMENT INC

Common stock   48,800      873,520   

SERVICENOW INC

Common stock   27,362      1,856,512   

SHUTTERFLY INC

Common stock   7,693      320,760   

SHUTTERSTOCK INC

Common stock   10,334      714,079   

SILICON IMAGE INC

Common stock   71,600      395,232   

SIRIUS XM HOLDINGS INC

Common stock   367,217      1,285,259   

SLM CORP

Common stock   88,400      900,796   

SPIRIT AEROSYSTEM HL CL A

Common stock   21,200      912,448   

SPX CORP

Common stock   7,600      652,992   

STAGE STORES INC

Common stock   3,000      62,100   

STANLEY BLACK & DECKER

Common stock   11,800      1,133,744   

STARBUCKS CORP

Common stock   20,851      1,710,825   

STATE STREET CORP

Common stock   14,800      1,161,800   

STEWART INFORMATION SERVICES

Common stock   21,200      785,248   

TABLEAU SOFTWARE INC CL A

Common stock   4,414      374,131   

TARGET CORP

Common stock   13,900      1,055,149   

TEAM HEALTH HOLDINGS INC

Common stock   14,127      812,726   

TERADYNE INC

Common stock   13,400      265,186   

TEVA PHARMACEUTICAL IND A

Common stock   15,600      897,156   

TEXAS INSTRUMENTS INC

Common stock   18,000      962,370   

THE CHILDRENS PLACE INC

Common stock   11,300      644,100   

TIVO INC

Common stock   30,100      356,384   

TOTAL SYSTEM SERVICES INC

Common stock   24,100      818,436   

TREEHOUSE FOODS INC

Common stock   9,500      812,535   

TRIPADVISOR INC

Common stock   9,361      698,892   

ULTA SALON COSMETICS & FR

Common stock   3,721      475,693   

 

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Table of Contents

ULTIMATE SOFTWARE GROUP

Common stock   4,946      726,147   

UNDER ARMOUR INC CL A

Common stock   12,897      875,706   

UNION PACIFIC CORP

Common stock   19,536      2,327,324   

UNITED RENTALS INC

Common stock   19,963      2,036,426   

UNITEDHEALTH GROUP INC

Common stock   8,400      849,156   

VEEVA SYSTEMS INC CL A

Common stock   16,049      423,854   

VERIZON COMMUNICATIONS INC

Common stock   22,002      1,029,254   

VIRTUSA CORP

Common stock   7,632      318,025   

VISA INC CL A

Common stock   8,375      2,195,925   

VIVINT SOLAR INC

Common stock   21,268      196,091   

VODAFONE GROUP PLC SPON A

Common stock   9,645      329,570   

VONAGE HOLDINGS CORP

Common stock   170,400      649,224   

WABCO HOLDINGS INC

Common stock   2,728      285,840   

WAL MART STORES INC

Common stock   13,400      1,150,792   

WELLCARE HEALTH PLANS INC

Common stock   4,500      369,270   

WELLS FARGO & CO

Common stock   32,300      1,770,686   

WESTAR ENERGY INC

Common stock   23,300      960,892   

WHITE MOUNTAINS INS GROUP

Common stock   1,200      756,132   

WILLIS GROUP HOLDINGS PLC

Common stock   13,700      613,897   

WORKDAY INC CL A

Common stock   14,596      1,191,180   

WORLD FUEL SERVICES CORP

Common stock   7,800      366,054   

WORLD WRESTLING ENTERTAINMENT CL A

Common stock   31,900      393,646   

YELP INC

Common stock   11,834      647,675   

ZOES KITCHEN INC

Common stock   19,929      596,076   

Brokerage Link

Participant directed accounts including certain Fidelity investment funds**   25,150,526   

Notes receivable from participants**

Installment loans due from participants with maturity dates ranging from January 2015 to October 2029 and interest rates ranging from 4.25% to 9.50%.   9,722,071   
        

 

 

 
$  717,082,871   
        

 

 

 

 

** Represents party in interest to the Plan.

 

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan Administrator of the Plan has duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized.

 

  Devon Energy Incentive Savings Plan
Date: June 26, 2015 /s/ Frank W. Rudolph
Frank W. Rudolph
Executive Vice President Human Resources

 

22