Devon Energy Increases Cash Dividend for Common Stockholders

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

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

Devon Energy Corporation is an Oklahoma City-based independent energy company engaged in oil and gas exploration and production. Devon is a leading U.S.-based independent oil and gas producer and is included in the S&P 500 Index. For additional information, visit www.devonenergy.com.