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View Annual Report Discover the Difference www.devonenergy.com Devon Energy 2008 Summary Annual Report Contents Investor Information Letter to Shareholders 2 Corporate Headquarters Shareholder Assistance Media Contact Chairman and CEO Larry Nichols reviews Devon Energy Corporation For information about transfer or exchange of Chip Minty, Manager, Media Relations 20 North Broadway shares, dividends, address changes, account Telephone: (405) 228-8647 2008 and how Devon is positioned for the future. Oklahoma City, OK 73102-8260 consolidation, multiple mailings, lost certificates E-mail: [email protected] Five-Year Highlights 5 Telephone: (405) 235-3611 and Form 1099, contact: Fax: (405) 552-4550 Computershare Trust Company, N.A. Annual Meeting Discover our Strategy 6 PO Box 43078 Our annual shareholders’ meeting will be held at Management answers investor questions. Permian, Mid-Continent, Providence, RI 02940-3078 8 a.m. Central Time on Wednesday, June 3, 2009, Making a Difference Above the Surface 8 Rocky Mountains and Toll free: (877) 860-5820 at the Skirvin Hotel, Continental Room, Marketing and Midstream Operations E-mail: [email protected] 1 Park Avenue, Oklahoma City, OK. We discuss our commitment to communities Devon Energy Corporation and environmental stewardship. 20 North Broadway Investor Relations Contacts Independent Auditors Discover our Assets 10 Oklahoma City, OK 73102-8260 Vince White, Senior Vice President KPMG LLP Telephone: (405) 235-3611 Investor Relations Oklahoma City, OK Devon provides discussions of significant Fax: (405) 552-4550 Telephone: (405) 552-4505 oil and gas properties. E-mail: [email protected] Stock Trading Data 11-Year Property Data 14 Gulf, Gulf Coast and International Operations Devon Energy Corporation’s common stock Devon Energy Corporation Zack Hager, Senior Manager, Investor Relations is traded on the New York Stock Exchange Operating Statistics by Area 15 Devon Energy Tower Telephone: (405) 552-4526 (symbol: DVN). There are approximately 14,000 Property Highlights 16 1200 Smith Street E-mail: [email protected] shareholders of record. Houston, TX 77002-4313 Selected Five-Year Comparisons 21 Telephone: (713) 286-5700 Shea Snyder, Manager, Investor Relations Online Publications Selected 11-Year Financial Data 22 Telephone: (405) 552-4782 A copy of Devon’s Summary Annual Report, Canadian Operations E-mail: [email protected] SEC Form 10-K and Corporate Responsibility Consolidated Financial Statements 24 Devon Canada Corporation Report are available at: www.devonenergy.com. Directors 29 2000, 400 - 3rd Avenue S.W. Scott Coody, Supervisor, Investor Relations Calgary, Alberta T2P 4H2 Telephone: (405) 552-4735 A print version of the publications are available Senior Officers 30 Telephone: (403) 232-7100 E-mail: [email protected] upon request to: Investor Information and Stock Trading Data 31 Judy Roberts, Shareholders Services Royalty Owner Assistance Adminstrator Telephone: (405) 228-4800 Telephone: (405) 552-4570 E-mail: [email protected] Email: [email protected] Volume Acronyms Discover the difference Bbls / Barrels of oil. One barrel equals Common Stock Trading Data 42 U.S. gallons. MBbls / Thousand barrels 2007 MMBbls / Million barrels Devon Energy 2008-2009 Corporate Responsibility Report QUARTER HIGH LOW LAST TOTAl VOLUME MBbld / Thousand barrels per day First $ 71.24 62.80 69.22 267,618,540 Mcf / A standard measurement unit for Second $ 83.92 69.30 78.29 226,144,705 volumes of natural gas that equals one Third $ 85.20 69.01 83.20 217,392,650 Corporate Form 10-K thousand cubic feet. Fourth $ 94.75 80.05 88.91 222,106,857 Responsibility Report MMcf / Million cubic feet 2008 Bcf / Billion cubic feet QUARTER HIGH LOW LAST TOTAl VOLUME Tcf / Trillion cubic feet First $ 108.13 74.56 104.33 280,696,802 Second $ 127.16 101.31 120.16 272,445,836 MMcfd / Million cubic feet per day Third $ 127.43 82.10 91.20 465,638,876 Boe / A method of equating oil, gas and Corporate Profile Fourth $ 91.69 54.40 65.71 437,273,430 natural gas liquids. Gas is converted to oil Devon is the largest U.S.-based independent natural gas and oil based on its relative energy content at the producer. Devon’s operations are focused primarily in the United rate of six Mcf of gas to one barrel of oil. States and Canada; however, the company also explores for and NGLs are converted based upon volume: one Forward-Looking Statements This Summary Annual Report includes “forward-looking statements” as defined produces natural gas and oil in select international areas. Devon barrel of natural gas liquids equals one barrel by securities laws. These statements refer to our objectives, estimates, expectations, and strategic plans for of oil. also owns natural gas pipelines and processing and treatment our future operations. Other than statements of historical facts, all statements included in this Report that facilities in many of its producing areas, making it one of North MBoe / Thousand barrels of oil equivalent address activities, events, or developments that Devon expects, believes, or anticipates may or will occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks, and America’s larger processors of natural gas liquids. Devon is MMBoe / Million barrels of oil equivalent uncertainties, many of which are beyond the control of Devon. We discuss our principal assumptions, risks, This report was printed on certified recycled paper. included in the S&P 500 Index and trades on the New York Stock MBoed / Thousand barrels of oil and uncertainties in our most recent Form 10-K. We encourage our investors to review and consider those Exchange under the ticker symbol DVN. equivalent per day matters as they may cause Devon’s actual results to differ materially from our expectations. The forward- looking statements in this Report are made as of the date of this Report, even if this Report is subsequently made available by us on our 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. 31 Devon’s 2008 Summary Annual Report, Discover the Difference, is a departure in format from our previous annual reports. However, as you turn the pages much of the book should be familiar. You will find a letter to shareholders from Chairman and CEO Larry Nichols, responses to investor questions, articles about significant operating projects and a detailed fold-out section highlighting our oil and gas properties. You also will find consolidated financial statements and five- and 11-year tables of key financial results. What you will not find in this Summary Annual Report are the more than 70 pages of detailed financial information we have included in the past. We also have reduced the number of pages dedicated to what has become known as corporate social responsibility. Corporate social responsibility covers a broad range of topics concerning Devon’s commitment to safety, protecting the environment and being a responsible corporate citizen. Rather than combining all this information in one lengthy book, we now are providing it in three separate reports: this Summary Annual Report, SEC Form 10-K and this year’s Corporate Responsibility Report. This approach reduces printing and distribution costs and allows us to better target information to investors according to their interests. Each of the three documents is intended to stand alone. However, for a comprehensive look at Devon and to help you discover what we believe are important differences to investors, you may choose to read all three. Form 10-K and the Corporate Responsibility Report are available by contacting Investor Relations or by accessing them from Devon’s website at www.devonenergy.com. Letter to Shareholders Dear Fellow Shareholders: headlines and believe that energy markets will never improve again, our 2008 was a year of extremes for Devon experience tells us otherwise. and for our industry. In July we saw the Accordingly, our commitment to manage Devon to achieve sustainable benchmark WTI oil price climb to $147 per long-term success is unchanged. Long- term supply and demand fundamentals barrel, its highest level ever. By year end, for oil and natural gas remain compelling. following the collapse of the credit markets World economies will recover, and today’s over-supplies will be absorbed. We are and the resulting impact on the global confident that Devon’s financial strength, economy, the price of oil had dropped to near the durability of our asset base and the abilities of our people will enable us to $40 per barrel, its lowest level since 2004. weather this down cycle and emerge Natural gas prices followed a similar course. even stronger. Financial Strength Makes a Difference This extreme price volatility was Throughout our history, Devon has reflected in Devon’s financial results. In taken advantage of periods of strong the third quarter of 2008 we reported the commodity prices to repay debt and highest quarterly earnings in our history strengthen our balance sheet – 2008 at $2.6 billion. Plummeting product prices was no exception. With record cash in the fourth quarter not only reduced flow and the proceeds from divesting sales revenues but also led to a $10.4 our operations in Africa, we funded billion non-cash impairment charge to exploration and production capital of the book value of our oil and natural gas $8.5 billion, repaid $2.1 billion of debt properties. As a result, Devon reported and repurchased 6.5 million shares of its largest ever quarterly loss of $6.8 common stock. billion in the fourth quarter. Among the financial transactions J. Larry Nichols Chairman and Chief Executive Officer These events amid deteriorating we completed in 2008 was an innovative world economic conditions are a stark asset trade with Chevron.
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