Devon Energy Corporation
Industry: Oil & Gas Operations

Devon Energy Corporation, including its subsidiaries, is an energy company engaged primarily in oil and gas exploration, development and production and in the acquisition of producing properties. Devon owns oil and gas properties concentrated in five operating divisions, the Permian/Mid-Continent, Rocky Mountain and Gulf divisions, which include onshore properties in the continental United States and offshore properties primarily in the Gulf of Mexico, the Canadian division, which includes properties in the Western Canadian Sedimentary Basin in Alberta and British Columbia, and the International Division, which includes properties in Azerbaijan, South America, Southeast Asia and West Africa. Devon sells its gas production to pipelines, utilities, gas marketing firms, industrial users and local distribution companies. The Company's crude oil production is sold to refiners, remarketers and other companies, some of which have pipeline facilities near the producing properties.

Business Summary
Devon Energy Corporation (Devon) is an independent energy company engaged primarily in oil and gas exploration, development and production, the acquisition of producing properties, the transportation of oil, gas and natural gas liquids (NGLs) and the processing of natural gas. Devon operates oil and gas properties in the United States, Canada and various regions located outside North America. Devon's North American properties are concentrated within five geographic areas. Operations in the United States are focused in the Permian Basin, the Mid-Continent, the Rocky Mountains and onshore and offshore Gulf Coast. Canadian properties are focused in the Western Canadian Sedimentary Basin in Alberta and British Columbia. Properties outside North America are located primarily in Azerbaijan, China, Egypt, and areas in West Africa, including Equatorial Guinea, Gabon and Cote d'Ivoire.

Financial Summary
DVN is an independent energy company engaged in oil and gas exploration, development and production and the acquisition of producing properties. For the 6 months ended 6/30/05, revenues rose 8% to $4.82B. Net income applicable to Common rose 22% to $1.21B. Revenues reflect higher oil and gas production due to the acquisition of Ocean and new drilling and development in the Barnett Shale. Net income also reflects lower S/G/A expenses.