Devon Energy Reports Results of Midstream Divestitures

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Jan. 20 2005

Devon Energy Corporation (NYSE: DVN) announced today that it has completed a multi-year program to divest non-core midstream assets. The midstream divestiture program commenced in 2002 and has involved nine separate transactions. The final transaction, which is under contract, is expected to close by mid-year 2005. Aggregate proceeds from these transactions are approximately $330 million.

"Devon's midstream operations continue to perform exceptionally well," said Darryl G. Smette, senior vice president of marketing and midstream. "These divestitures, which are in addition to the divestitures of producing oil and gas properties we announced in September, have allowed us to bring increased focus to our core midstream assets."

The divested midstream assets include six gas processing plants and approximately 7,000 miles of gas gathering pipelines. The assets are located in the states of Oklahoma, Texas, Louisiana, Kansas and Wyoming. The midstream assets sold in 2004 and expected to be sold in 2005 contributed approximately $48 million to Devon's marketing and midstream operating margin in 2004.

Following the divestitures, Devon will continue to be one of the largest independent gas processors in North America. The company retains ownership in 64 gas processing plants in the United States and Canada with aggregate net processing capacity of nearly 2.1 billion cubic feet of natural gas per day. The company also owns an interest in 11,320 miles of gas gathering pipelines.

Devon's Bridgeport Gas Processing Plant in north Texas has gas processing capacity of 650 million cubic feet per day and natural gas liquids production capacity of 54,000 barrels per day. It serves the largest natural gas field in Texas, the Barnett Shale field. Devon produces about 550 million cubic feet of gas equivalent per day from the Barnett Shale field.


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