Devon Energy Increases Dividend By 50%



Devon Energy Corporation (NYSE: DVN) 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 2005 is seven and one-half cents per share. This is a 50 percent increase over the previous quarterly dividend of five cents per share. The dividend is payable on March 31, 2005, based on a record date of March 15, 2005.

"We increased the common stock dividend in 2004 and are doing so again in 2005," said J. Larry Nichols, chairman and chief executive officer. "Devon is committed to delivering value to our shareholders. Dividends are one of the ways in which we do this."

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, 2005. The record date for the dividend is March 15, 2005.

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