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ACCOUNTING CHANGE TO ADD $1.3M TO DEVON ENERGY'S FIRST QUARTER 1993 EARNINGS; RAISES DRILLING BUDGET, ANTICIPATES $6M OF PROPOERTY SALES

 OKLAHOMA CITY, April 1 /PRNewswire/ -- In its annual report on Form 10-K filed yesterday with the Securities and Exchange Commission Devon Energy disclosed that it anticipates adopting Statement of Financial Accounting Standards No. 109 during the first quarter of 1993. This accounting change, which relates to a change in the method of accounting for deferred income taxes will result in a one-time, non cash addition to after-tax earnings of $1.3 million, or 6 cents per share. Adoption of the new accounting method in 1993 is required. The company did not disclose any estimates of first quarter earnings from continuing operations.
 Devon also disclosed that its anticipated capital budget for drilling and development activities has been raised to $25 to $35 million for 1993. Previously, the comapny indicated a preliminary estimate of $23 to $28 million. By comparison, Devon Energy's drilling and development budget for 1992 was only $16 million. J. Michael Lacey, vice president of operations and exploration said, "The acquisition of the Hondo properties has provided us with substantially expanded drilling opportunities. During the first quarter of 1993 we have completed drilling operations on 21 wells and have ongoing operations on 21 more."
 The company has also been selling some of its marginal or less strategic properties. During the first quarter the company entered into several contracts to sell its interests in a total of 572 wells for approximately $6 million. Depending upon the actual closing dates, the eventual sales price may be altered somewhat. Lacey noted that, "These sales are part of our continuing efforts to streamline our operations and make them more efficient. It is our intention to drive our operating costs as low as possible. Our operating expenses are already below industry averages, but we believe there is room for additional improvement."
 Devon has also entered into some hedging transactions for approximately 30 percent of its gas production for April through July of this year. The company has effectively sold 30 million cubic feet of gas per day at an average price of $1.74. "This provides us with a `floor' price on some of our gas during the summer months when gas prices have been historically lower," said Lacey.
 Devon Energy Corporation is an independent energy company engaged primarily in oil and gas property acquisitions, 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 on Devon Energy by FAX, Dial 1-800-PRO-INFO, ext. 047.
 -0- 4/1/93
 /CONTACT: Marian J. Moon, manager-corporate communications of Devon Energy, 405-235-3611; or Julie Creed, 312-266-7800 or Kathy Phelan, 212-661-8030, of the Financial Relations Board, for Devon Energy/
 (DVN)


CO: Devon Energy ST: Oklahoma IN: OIL SU:

TS -- NY100 -- 2181 04/01/93 15:54 EST
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Date:Apr 1, 1993
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