Devon to Disclose Capital Expenditures Budget in Early '09

Devon plans to disclose its 2009 capital expenditures budget in early 2009, in conjunction with disclosure of its 2008 results. In previous years, Devon has announced its capital budget for the upcoming year in December.

"With the markets experiencing so much volatility, we have chosen to see how conditions continue to evolve before we announce our 2009 capital plans," said John Richels, Devon's president. "Although we are not yet ready to
announce our 2009 budget, we intend to roughly match our capital expenditures to cash flow. This will result in decreased activity as compared to 2008. However, we will remain flexible as the year unfolds and modify our capital investments accordingly."