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DEVON ENERGY CORP. ANNOUNCES ITS FIRST CASH DIVIDEND FOR COMMON SHAREHOLDERS

 OKLAHOMA CITY, June 1 /PRNewswire/ -- Devon Energy Corp. (AMEX: DVN) today announced the declaration of the first quarterly cash dividend on the company's $.10 par value common stock. The dividend is payable on June 30, 1993, to shareholders of record on June 15, 1993, at the rate of $.03 per share.
 "As of Dec. 31, 1992, Devon's oil and gas reserves were over seven times those of only five years ago. Our annual cash flow has grown more than four-fold during the same period. We have reached a size and level of stability that allows us to begin the payment of regular cash dividends to our shareholders,'' said J. Larry Nichols, Devon's president.
 Devon Energy Corp. is an independent energy company engaged primarily in oil and gas property acquisition, exploration and production, and oil and natural gas remarketing. The company ranks in the top 25 percent of U.S. publicly held oil and gas firms, measured by oil and gas reserves. Devon's common shares trade on the American Stock Exchange under the symbol DVN.
 For further information dial 1-800-PRO-INFO, use code 047.
 -0- 6/1/93
 /CONTACT: Vince White of Devon Energy Corp., 405-552-4505; or Lynne Franklin, 312-266-7800, or Kathy Phelan, 212-661-8030, both of Financial Relations Board/
 (DVN)


CO: Devon Energy Corp. ST: Oklahoma IN: OIL SU: DIV

SM -- NY038 -- 3878 06/01/93 10:56 EDT
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Publication:PR Newswire
Date:Jun 1, 1993
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