Devon Energy Corpde (DVN) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

Exhibit 99.1

NEWS RELEASE

Devon Energy Reports First-Quarter 2019 Results

Highlights

OKLAHOMA CITY – April 30, 2019 – Devon Energy Corp. (NYSE: DVN) today reported operational and financial results for the first quarter of 2019. Supplemental financial tables for first-quarter results and updated guidance for the second quarter and full-year 2019 are available on the company’s website at www.devonenergy.com.

“Devon’s tremendous first-quarter operating results showcase the world-class capabilities of our U.S. oil business,” said Dave Hager, president and CEO. “Our quarterly performance was highlighted by improving well productivity and capital efficiency that drove our light-oil production above guidance with a total capital investment below forecast. Furthermore, we made substantial progress improving our corporate cost structure with G&A expenses declining 23 percent year over year.

“With these strong first-quarter results, we are raising the full-year growth outlook for our U.S. oil business,” Hager said. “We now expect 2019 light-oil production growth to reach 17 percent, a 200 basis point improvement from our previous guidance. Importantly, we are delivering this incremental production growth without any increase in capital spending and our margins will benefit from operating and G&A cost-saving initiatives that are tracking ahead of plan.”

Delaware Basin Drives U.S. Oil Production Outperformance

First-quarter production was highlighted by results from Devon’s retained U.S. oil business. Light-oil production from these assets averaged 138,000 barrels per day, a 24 percent increase compared to the first quarter of 2018. This result exceeded the high-end of guidance by 8,000 barrels per day.

The strongest asset-level performance during the first quarter was from the company’s Delaware Basin properties that delivered prolific growth in high-margin production. Net production increased 76 percent year over year, driving total volumes in the Delaware to 107,000 oil-equivalent barrels (Boe) per day. First-quarter operating results in the Delaware were highlighted by five prolific Cat Scratch Fever wells targeting a second Bone Spring interval in southwest Lea County, New Mexico. These wells averaged initial 24-hour production rates in excess of 10,000 Boe per day per well, of which approximately 80 percent was oil.

Overall, net production for retained U.S. assets averaged 308,000 Boe per day during the first quarter, exceeding midpoint guidance by 27,000 Boe per day. Of this total, oil and liquids production accounted for nearly 70 percent of total volumes.