Devon Energy Announces Final Step to Complete Transformation to U.S. Oil Growth Company - Seite 3

With the steps announced today, the company’s highly concentrated U.S. oil business is expected to generate 13 to 18 percent oil growth in 2019, with 10 percent less upstream capital than 2018, and is self-funded at $46 oil prices (assuming flat service and supply pricing relative to 2018). With this plan, New Devon is now positioned to deliver substantially higher price realizations, significantly improved per-unit costs, superior operating margins and sustainable long-term growth through its deep inventory of high-caliber oil growth opportunities.

Detailed 2019 Guidance and Three-Year Performance Targets

More detailed information regarding Devon’s retained U.S. oil assets is available within its fourth-quarter 2018 earnings materials available at www.devonenergy.com. Included within these documents are operating and financial metrics by key asset, detailed guidance for 2019 and updated three-year performance targets for the business.

Advisors

Devon has retained J.P. Morgan Securities LLC and Goldman Sachs to assist the company in exploring strategic alternatives for its Canadian business. Devon has retained Jefferies as financial advisor to assist the company in exploring strategic alternatives for the Barnett Shale.

Forward-Looking Statements

This release includes "forward-looking statements" as defined by the Securities and Exchange Commission (SEC). Such statements include those concerning strategic plans, expectations and objectives for future operations, and are often identified by use of the words and phrases “expects,” “believes,” “will,” “would,” “could,” “continue,” “may,” “aims,” “likely to be,” “intends,” “forecasts,” “projections,” “estimates,” “plans,” “expectations,” “targets,” “opportunities,” “potential,” “anticipates,” “outlook” and other similar terminology. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the company expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company. Statements regarding our business and operations are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of oil and gas. These risks include, but are not limited to: our ability to successfully complete the separation transactions in a timely manner or at all; the amount of proceeds received (if any) in such separation transactions, and the ultimate use of those proceeds; our ability to realize the anticipated cost savings and other benefits with respect to the retained business; changes in commodity prices, market conditions or other circumstances that could negatively impact the company’s ability to complete the stock repurchase program or maintain our quarterly dividend; and any of the other risks and uncertainties identified in our Form 10-K and our other filings with the SEC. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. The forward-looking statements in this release are made as of the date of this release, even if subsequently made available by Devon on its website or otherwise. Devon does not undertake any obligation to update the forward-looking statements as a result of new information, future events or otherwise.