Market Overview

Devon Energy Elects John Krenicki Jr. to Board of Directors


Devon Energy Corp. (NYSE:DVN) announced today that shareholders have
elected John Krenicki Jr. to the board of directors. The board
previously nominated Krenicki, and shareholders approved his selection
at the company's annual meeting today, during which the company's
existing board members were re-elected to one-year terms. The addition
of Krenicki expands Devon's board to 10 members, of whom eight are
independent directors.

Krenicki, 56, is a senior operating partner at the private-equity
investment firm Clayton, Dubilier & Rice LLC. Previously, Krenicki built
a 29-year career at General Electric Co., where he served as vice
chairman as well as president and CEO of GE Energy, among other
executive positions. His responsibilities included oversight of GE's oil
and gas, power and water and energy management businesses.

Krenicki also serves as chairman of Brand Industrial Services Inc. and
Wilsonart International Holdings LLC and is lead director of Ply Gem
Holdings Inc., all of which are privately held entities controlled by
Clayton, Dubilier & Rice. He previously served as board chairman of
ServiceMaster Global Holdings and CHC Group and as a director of Hess

"We are extremely pleased to have John join our board," Devon Board
Chairman John Richels said. "He brings a wealth of industrial and energy
experience and has a proven track record as a leader and strategic
thinker. This is a tremendous addition for Devon."

Krenicki has a master's degree in management from Purdue University and
a bachelor's degree in mechanical engineering from the University of
Connecticut. He also is a member of the National Petroleum Council.

About Devon Energy

Devon Energy is a leading independent energy company engaged in finding
and producing oil and natural gas. Based in Oklahoma City and included
in the S&P 500, Devon operates in several of the most prolific oil and
natural gas plays in the U.S. and Canada with an emphasis on achieving
strong returns and capital-efficient cash-flow growth. For more
information, please visit

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