Devon Energy Increases Common Dividend and Announces Quarterly Preferred Dividend



    OKLAHOMA CITY, March 5 /CNW/ -- Devon Energy Corporation (NYSE:   DVN)
today announced that its board of directors has increased the amount of the
quarterly cash dividend on Devon's common stock by approximately 14 percent.
The amount of the dividend declared for the first quarter of 2008 is $0.16 per
share. The dividend is payable on March 31, 2008, based on a record date of
March 17, 2008.
    Devon also announced that its board of directors declared a quarterly
cash dividend on its 6.49 percent cumulative preferred stock, series A. The
dividend rate is $1.6225 per share and is payable on March 31, 2008. The
record date for the dividend is March 17, 2008.
    Devon Energy Corporation is an Oklahoma City-based independent energy
company engaged in oil and gas exploration and production. 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.




For further information:

For further information: Investor, Zack Hager, +1-405-552-4526, or
Media,  Chip Minty, +1-405-228-8647, both of Devon Energy Corporation Web
Site: http://www.devonenergy.com

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DEVON ENERGY CORPORATION

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