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DEVON ENERGY CORP. ANNOUNCES RECORD FIRST QUARTER PRODUCTION, REVENUES AND EARNINGS

 OKLAHOMA CITY, May 13 /PRNewswire/ -- Devon Energy Corp. (AMEX: DVN) today announced record first quarter production, revenues and earnings for the three months ended March 31, 1993. The boost in production resulted from the July 1992 acquisition of Hondo Oil and Gas Company's U.S. properties, and from increased production at Devon's Northeast Blanco Unit in the San Juan Basin. The production increase, coupled with stronger oil and natural gas prices, resulted in dramatically improved first quarter results.
 Earnings Up 557 Percent On 189 Percent Revenue Increase
 Net earnings for the 1993 quarter were $5.2 million, or 25 cents per share, as compared to $791,000, or 3 cents per share, for the first three months of 1992. In addition to the substantial gains in production and sales, the 1993 quarter included a $1.3 million benefit from the cumulative effect of a change in accounting principle. The change resulted from the adoption of Statement of Financial Accounting Standards No. 109 (Accounting for Income Taxes) in January. Earnings before the effect of this change were $3.9 million, or 19 cents per share, representing a 393 percent increase over first quarter 1992 results.
 Total revenues for the 1993 quarter were $23.9 million, up 189 percent from first quarter 1992's $8.3 million. Gas sales climbed 114 percent to $11.6 million on a 57 percent production gain, to 8 billion cubic feet. Oil sales jumped 489 percent to $11.1 million on a 454 percent production increase, to 616,000 barrels.
 Total And Per-Unit Operating Costs Increase
 Total production and operating expenses increased 194 percent to $8.7 million in the first quarter of 1993. This resulted from the additional costs of operating the oil and gas properties acquired from Hondo and as a result of higher oil and gas prices. Higher prices result in increased severance taxes, a component of production and operating expenses. On a per-unit-of-production basis, production and operating expenses increased 37 percent, due to the higher operating costs of the acquired properties and increased severance taxes. The properties acquired from Hondo are predominantly oil-producing, which generally have higher per-unit operating costs than Devon's other properties.
 Cash Flow From Operations Reduces Debt And Increases Working Capital
 Cash provided by operating activities climbed to over $11 million during the first quarter of 1993. In addition to funding $7.7 million in capital expenditures, internally generated cash flow was used to reduce long-term debt by nearly $3 million. Working capital also increased 48 percent to $18.7 million.
 Devon Energy Corp. is an independent energy company engaged primarily in oil and natural gas property acquisition, exploration and production, and oil and gas remarketing. The company ranks in the top 25 percent of U.S. publicly held oil and gas firms, measured by reserves. Devon's common shares trade on the American Stock Exchange under the symbol DVN.
 DEVON ENERGY CORP.
 Income Statement Data
 (In thousands, except per share and percent change data)
 Percent
 Quarter Ended March 31, 1993 1992 Change
 Total revenue $23,875 8,260 189
 Gas $11,639 5,429 114
 Oil $11,063 1,880 489
 Liquids $ 1,049 -- NM
 Other $ 124 951 -87
 Cash expenses $12,112 4,727 156
 Net earnings before cumulative
 effect of change in accounting
 principle $ 3,902 791 393
 Cumulative effect of change in
 accounting principle $ 1,300 -- NM
 Net earnings $ 5,202 791 557
 Preferred stock dividends -- 567 NM
 Earnings per common share:
 Before cumulative effect of change
 in accounting principle $0.19 0.03 533
 Cumulative effect of change in
 accounting principle 0.06 -- NM
 Net earnings $0.25 0.03 733
 Weighted average shares outstanding 20,773 8,693 139
 PRODUCTION DATA
 Total production (in equivalent
 billion cubic feet) 12.315 5.750 114
 Gas (billion cubic feet) 8.000 5.082 57
 Oil (thousands of barrels) 616 111 454
 Natural Gas Liquids (thousands of
 equivalent barrels) 103 -- NM
 Average Prices:
 Gas (per equivalent thousand cubic
 feet) $1.45 1.07 36
 Oil (per barrel) $17.96 16.89 6
 Natural gas liquids (per
 equivalent barrel) $10.17 -- NM
 Oil, gas and natural gas liquids
 (per equivalent thousand cubic
 feet) $1.93 1.27 52
 DEVON ENERGY CORP.
 Balance Sheet Data
 (In thousands, except percent change data)
 Percent
 3/31/93 12/31/92 Change
 Total assets $230,178 225,972 2
 Long-term debt $ 51,480 54,450 -5
 Stockholders' equity $159,363 153,267 4
 -0- 5/13/93
 /CONTACT: Vince White, manager of communications of Devon Energy, 405-235-3611; or Lynne Franklin, 312-266-7800; or Kathy Phelan, 212-661-8030, both of the Financial Relations Board (FRB)/
 (DVN)


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

SM -- NY061 -- 8163 05/13/93 13:50 EDT
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Date:May 13, 1993
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