Energy Prospectus

Devon Energy Reports Fourth-Quarter and Full-Year 2014 Results; Provides 2015 Capital and Production Outlook

• Achieved record Q4 oil production exceeding company guidance
• Generated U.S. oil production growth of 82 percent in Q4 year over year
• Increased proved oil reserves to highest level in company history
• Maintained excellent financial strength and liquidity
• Reiterated 2015 oil production growth outlook of 20 to 25 percent
• Decreased 2015 E&P capital budget by 20 percent

Updating forecast model now. Will post it to the website tonight. - Dan

Total production from Devon’s retained assets averaged 664,000 oil-equivalent barrels (Boe) per day during the fourth quarter of 2014. This result exceeded the company’s guidance range by 9,000 Boe per day and represents a 20 percent increase compared to the fourth quarter of 2013. This high-margin growth increased liquids production to 57 percent of the company’s retained asset mix in the fourth quarter.

Q4 production was above my forecast.