Duane Radtke Elected Vice-Chairman of Devon Energy Board; Chairman John Richels to Retire in June 2019

Devon Energy Corp. DVN announced today that the company's board of directors has elected Duane C. Radtke as its new vice-chairman.

Radtke has served as a member of the Devon board since 2010. He currently chairs the board's Compensation Committee and serves on the Reserves Committee. He has more than 45 years of experience in the energy industry.

Devon also announced that board chairman John Richels will not stand for re-election at the annual meeting in June 2019 and plans to retire from the board at that time. Richels served as Devon's president and CEO from 2010 until July 2015 and has served as chairman of the board since June 2016.

"The opportunity to work with the incredible team of people at Devon for the last 20 years and to succeed Larry Nichols as president, CEO and chairman has clearly been the highlight of my career," Richels said. "We've done a lot of great work together, and we've built a great company. We've done it the right way, true to our values and with the highest integrity. I have complete confidence in our management team at Devon as they lead the company in the years to come."

In the coming months, Richels will lead the process to ensure a smooth and orderly transition.

"John Richels is well versed in the art of transition," said Dave Hager, Devon president and CEO. "He took the reins from Devon's co-founder, Larry Nichols, guided the company through a key period of its history and then handed the reins to me. John has served as an important mentor to many people, including Duane Radtke and me, and we look forward with confidence to the coming transition."

Since 2008, Radtke has served as president and CEO of Valiant Exploration LLC, a private, family-owned investment company. Previously, he was president and CEO of Dominion Exploration and Production, a subsidiary of Dominion Resources Inc., from 2001 to 2008, at the same time serving as executive vice president of Dominion subsidiary Consolidated Natural Gas Co.

Radtke holds a bachelor's degree in mining engineering from the University of Wisconsin. He also is a director of Kris Energy Ltd., serving on the compensation and governance committees. He previously served as chairman of the American Exploration and Production Council, a director of Smith International Inc. and a director of Consolidated Natural Gas Co.

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.

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