Devon Energy Increases Common Dividend and Announces Quarterly Preferred Dividend

    OKLAHOMA CITY, March 7 /CNW/ -- Devon Energy Corporation (NYSE:   DVN)
today announced that its board of directors has increased the amount of the
quarterly cash dividend on its common stock.  The amount of the dividend
declared for the first quarter of 2007 is 14 cents per share.  This is
approximately a 25 percent increase over the previous quarterly dividend of
11.25 cents per share.  The dividend is payable on March 30, 2007, based on a
record date of March 15, 2007.
    "This is Devon's fourth consecutive annual dividend increase," said J.
Larry Nichols, chairman and chief executive officer.  "Dividends and share
repurchases are important components of our strategy to optimize the value of
Devon's shares."
    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 30, 2007.  The
record date for the dividend is March 15, 2007.

    Devon Energy Corporation is an Oklahoma City-based independent energy
company engaged in oil and gas exploration and production.  Devon is one of
the world's leading independent oil and gas producers and is included in the
S&P 500 Index.  For additional information, visit .

For further information:

For further information: investors, Zack Hager, +1-405-552-4526, or
media,  Brian Engel, +1-405-228-7750, both of Devon Energy Corporation Web

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