Devon Energy Provides Preliminary Report on Severe Weather Damage to Cana Plant

OKLAHOMA CITY, May 26, 2011 (BUSINESS WIRE) --

Devon Energy Corporation (NYSE:DVN) today reported that its Cana gas processing plant in Canadian County, Oklahoma sustained significant damage from a tornado on May 24, 2011. Approximately 36 million cubic feet of natural gas and 2,000 barrels of natural gas liquids per day, net to Devon's interest, are curtailed as a result of the plant outage. In spite of the curtailment, Devon continues to produce approximately 100 million cubic feet per day of natural gas and 5,000 barrels of natural gas liquids per day from the Cana field.

At the time of the incident, the plant had been temporarily shut-in as a precautionary measure. In addition, all plant personnel had been evacuated to on-site storm shelters.

"Our preliminary assessment indicates that it could take up to three months to repair the plant and fully restore production," said Dave Hager, Devon's executive vice-president of exploration and production. "We expect the impact on Devon's full-year production to be less than one half of one percent."

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.

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. These risks include, but are not limited to the volatility of oil, natural gas and NGL prices; political, economic or public policy changes; uncertainties inherent in estimating oil, natural gas and NGL reserves; drilling risks; and environmental risks. 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

Devon Energy Corporation
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