Market Overview

Devon Energy Establishes Target to Reduce Methane Emissions


Devon Energy Corp. (NYSE:DVN) announced today it is establishing a
voluntary, company-specific target to reduce methane emissions for its
U.S. oil and natural gas production operations, consistent with its core
value of being a good environmental steward. By 2025, Devon will achieve
a methane-intensity rate of 0.28 percent or lower. In 2018, Devon's
methane-intensity rate was estimated at 0.32 percent, which is pending
EPA review and third-party verification.

Setting this target signals the next step in Devon's continuing
proactive pursuit to reduce greenhouse gas emissions and reaffirms the
company's commitment to protecting the environment for future

Devon has established a comprehensive and transparent way of accounting
for emissions across all its operated assets that goes beyond what's
required by the EPA and represents a significant step toward managing
climate risk. The company's methane-intensity rate is calculated based
on emissions from Devon-operated oil and natural gas production
facilities as a percentage of natural gas produced. This includes all
sources of emissions as reported to the EPA, plus emissions from all
basins that fall below the threshold that require EPA reporting and
would otherwise go unreported.

"By continuing to operate responsibly and increasing our focus on leak
detection and repair, we're confident we can meet this ambitious
target," said Dave Hager, Devon president and CEO. "The actions we're
taking reaffirm our commitment to responsible production operations,
going beyond what is required by law in pursuit of continuous
improvement in environmental performance."

As part of its overall methane emissions management program and to help
achieve and maintain the intensity goal, Devon is proactively executing
leak detection and repair (LDAR) at sites where LDAR is not required by
federal or state regulation. Devon has trained personnel whose primary
focus is conducting infrared camera surveys and ensuring that any
necessary repairs are successful. The data collected through this
program will allow Devon to establish best management practices and
identify technology, equipment and materials for improved performance.

Devon's new methane-intensity measure will be a component of executive
and employee compensation, along with short-term emissions performance
that already exists.

For more information about Devon's past methane-intensity rate, please
see the performance
section of the company's Sustainability Report at

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. with an emphasis on achieving strong
corporate-level returns and capital-efficient cash-flow growth. For more
information, please visit

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:
the delay or failure to limit methane emissions; legislative, fiscal and
regulatory developments, including regulatory measures addressing
climate change and environmental laws; technological advances, changes
and impacts that could differ materially depending on political or
regulatory changes; operating factors; 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, 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.

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