Devon Energy Completes Sale of Ownership Interests in EnLink Midstream

Devon Energy Corp. (NYSE: DVN) announced today it has completed the sale
of its ownership interests in EnLink Midstream Partners, LP (NYSE: ENLK)
and EnLink Midstream, LLC (NYSE: ENLC) for $3.125 billion to affiliates
of Global Infrastructure Partners (GIP), a leading global, independent
infrastructure fund manager.

With the closing of this transaction, the financial results of EnLink
Midstream will no longer be consolidated with Devon’s upstream business
and historical results related to EnLink will be presented as
discontinued operations in the company’s consolidated financial
statements. Devon will provide pro forma financial statements for its
upstream business in a separate Form 8-K filing in the near future.

As previously announced, in conjunction with the EnLink transaction,
Devon’s board of directors has authorized an increase in the company’s
share-repurchase program to $4 billion. With this increased
authorization, the company plans to utilize an accelerated
share-repurchase program and will provide additional details on this
initiative within its second-quarter earnings materials.

About Devon Energy

Devon Energy is a leading independent energy company engaged in finding
and producing oil and natural gas. Based in Oklahoma City and included
in the S&P 500, Devon operates in several of the most prolific oil and
natural gas plays in the U.S. and Canada with an emphasis on achieving
strong returns and capital-efficient cash-flow growth. For more
information, please visit www.devonenergy.com.

Forward-Looking Statements

This press release contains forward-looking statements within the
meaning of the federal securities laws. Such statements are subject to a
number of assumptions, risks and uncertainties, many of which are beyond
the control of the company. These risks include, but are not limited to:
changes in commodity prices, market conditions or other circumstances
that could negatively impact the company’s ability to complete the
share-repurchase program; and the other risks identified in the
Company’s Annual Report on Form 10-K and its other filings with the
Securities and Exchange Commission (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 press release are made as of the date hereof, and the
company does not undertake any obligation to update the forward-looking
statements as a result of new information, future events or otherwise.

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