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
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