Market Overview

Devon Energy Provides Update on $4 Billion Share-Repurchase Program

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Devon Energy Corp. (NYSE:DVN) announced today the completion of its
initial accelerated share repurchase ("ASR") program that commenced in
early August. The ASR program was completed as part of the company's $4
billion share repurchase authorization expiring at the end of 2019. To
date, Devon has repurchased approximately 50 million shares under the
authorization at a total cost of $2 billion, with an average share
purchase price of $41.

With the completion of the initial ASR program, the company continues to
advance its share repurchase activity in the open market. Through these
open market purchases, Devon expects to repurchase approximately an
incremental $500 million before its third quarter earnings call. The
company now expects to complete its $4 billion share-repurchase program
in early 2019 and is on track to repurchase nearly 20 percent of the
company's outstanding common stock.

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 www.devonenergy.com.

Forward-Looking Statements

This press release contains forward-looking statements within the
meaning of the federal securities laws. 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:
changes in market conditions or other circumstances that could
negatively impact the company's ability to successfully and timely
complete the share repurchase program; and the other risks identified in
the company's Annual Report on Form 10-K and its other filings with the
Securities and Exchange Commission. 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 hereof, and the company does not
undertake any obligation to update the forward-looking statements as a
result of new information, future events or otherwise.

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