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Devon Energy Announces Two-for-One Stock Split

OKLAHOMA CITY, Sept. 27 /PRNewswire-FirstCall/ -- Devon Energy Corporation (Amex: DVN) announced today that its board of directors has declared a two- for-one split of Devon's outstanding common stock. The stock split is applicable to shareholders of record at the close of business on October 29, 2004. The stock split will be accomplished through a stock dividend to be issued on November 15, 2004. Devon will have approximately 485 million common shares outstanding after the split.

"We are very optimistic about the outlook for Devon and the oil and gas industry," commented Brian J. Jennings, senior vice president and chief financial officer. "Splitting the stock will further enhance liquidity and make Devon's shares available to an even larger group of potential shareholders."

In separate news releases today, Devon also announced plans to divest certain oil and gas properties, to repurchase shares and to list its common stock on the New York Stock Exchange. These plans will be discussed further at Devon's annual Executive Briefing on September 28, 2004. A webcast of this half-day event will commence at 8:30 a.m. Eastern Time. The webcast can be accessed from Devon's internet home page at http://www.devonenergy.com .

Devon Energy Corporation is an Oklahoma City-based independent energy company engaged in oil and gas exploration, production and property acquisitions. Devon is the largest U.S.-based independent oil and gas producer and is included in the S&P 500 Index. For additional information, visit http://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 results. 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. 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.

SOURCE Devon Energy Corporation

CONTACT: investors, Zack Hager, +1-405-552-4526, or media, Brian Engel,
+1-405-228-7750, both of Devon Energy Corporation
Web site: http://www.devonenergy.com
(DVN)