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Quarter Financial Highlights - Devon Energy 3Q Highlights 2006

Source: www.gulfoilandgas.com 11/1/2006, Location: North America

Devon Energy Corporation reported net earnings for the quarter ended September 30, 2006, of $ 705 million, or $1.59 per common share ($1.57 per diluted common share). These results compare with third-quarter 2005 net earnings of $744 million, or $1.66 per common share ($.1063 per diluted common share).

For the nine months ended September 30, 2006, Devon earned $2.3 billion, or $50.11 per common share ($5.05 per diluted common share). Net earnings for the nine months ended September 30, 2005, were $2.0 billion, or $4.22 per common share ($4.15 per diluted common share).

Third-quarter 2006 reported net earnings of $705 million were reduced by certain items securities analysts typically exclude from their published estimates. Adjusting for these items, Devon earned $743 million, or $1.66 per diluted share/ the adjusting items are described in detail in this news release.

“Our third-quarter exploration results were highlighted by the successful test of the deepwater Jack # 2 well and drilling our fourth significant discovery in the lower Tertiary trend,” said J. Larry Nichols, chairman and chief executive officer. “ Our producing properties are also performing well. Oil and gas production in the third quarter was up both year- over-year and sequentially as we produced more than 600 thousand equivalent barrels per day.”

Lower Tertiary Achievements Lead Operations Highlights
Devon drilled 740 exploration and development wells in the third quarter of 2006. Of the total wells drilled, 731 were successful. Following are highlights of third-quarter exploration and development activity: Devon and its co-owners announced the results of production test of the deepwater Jack # 2 well in the Gulf of Mexico’s lower Tertiary trend. During the test, the Jack #2 flowed at a sustained rate of 6,000 barrels of oil per day from approximately 40 percent of the total net pay measured in the well. The successful production test was an important milestone in moving the Jack project toward sanctioning and development. Devon has a 25 percent working interest in the Jack prospect.

Also in the lower Tertiary trend, the company increased its working interest in the Cascade project from 2 percent to 50 percent. Devon and equal-partner Petrobras plan to develop Cascade using a floating production, storage and offloading vessel. The partners anticipate first production from Cascade in late 2009.

Elsewhere in the lower Tertiary trend, Devon and its co-owners announced an oil discovery on the Kaskida prospect. Kaskida is Devon’s fourth discovery in the lower Tertiary trend and its first in the Keathley Canyon deepwater lease area. Devon has identified 12 additional exploratory prospects on its acreage in Keathley Canyon The company believes that Kaskida is the largest of its four lower Tertiary discoveries to date.

In the Barnett Shale in north Texas, Devon began integrating the properties of Chief Holdings LLC in the third quarter. Devon acquired Chief on June 29, 2006. The company drilled and completed 141 wells in the Barnett Shale in the Third quarter bringing its total producing wells in the field to 2,607. Devon exited the third quarter producing approximately 660 million cubic feet of gas equivalents per day from the Barnett Shale.

Devon continued its successful horizontal drilling program in the Groesbeck area in east Texas. The company’s third 100 percent working interest well in the Nan-Su-Gail field flowed natural gas at an initial rate of 32 million cubic feet per day. The company also commenced drilling high working interest horizontal wells in three additional fields in the Groesbeck area in the quarter. The three wells are in various stages of drilling and completion.

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