Devon Energy Reports Impact of Third-Party Pipeline Damage in East Texas

OKLAHOMA CITY, Feb. 13 /PRNewswire-FirstCall/ -- Devon Energy Corporation (NYSE: DVN) today reported the impact to its oil and gas production due to an outage of third-party owned natural gas processing facilities in east Texas. A third-party natural gas pipeline near the Carthage Hub was damaged by an explosion and fire that occurred on February 11, 2009.

Contrary to previous reports, the gas processing plant facilities were not damaged. For safety reasons, other pipelines leading into the area were also temporarily shut in.

Currently, approximately 80 million cubic feet of natural gas per day and 7,900 barrels per day of oil and natural gas liquids are curtailed as a result of the outages. This represents about three percent of Devon's net company-wide oil and gas production. Devon expects to restore the curtailed volumes within two weeks.

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

This press release includes "forward-looking statements" as defined by the Securities and Exchange Commission. 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. 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.

SOURCE Devon Energy Corporation 02/13/2009
CONTACT: Investors, Zack Hager, 1-405-552-4526, or Media, Chip Minty,
1-405-228-8647, both of Devon Energy Corporation
Company News On-Call:
http://www.prnewswire.com/comp/118040.html/ Web Site: http://www.devonenergy.com (DVN)