DBRS Assigns Rating of BBB (high) to Devon Energy’s New Issues

DBRS has today assigned a rating of BBB (high) with a Stable trend to the $500 million of 2.40%, $500 million of 4.00% and $1.25 billion of 5.6% senior unsecured notes (the Notes) issued by Devon Energy Corporation (the Company), maturing on July 15, 2016, July 15, 2021 and July 15, 2041, respectively. The offering is expected to settle on July 12, 2011.

The Notes will rank equally with the Company’s existing and future senior unsecured and unsubordinated debt, and a substantial portion of the net proceeds from the offering will be used to repay the Company’s $1.75 billion senior notes due in September 2011, with the remainder for general corporate purposes.

Note:
All figures are in U.S. dollars unless otherwise noted.

The applicable methodology is Rating Oil and Gas Companies, which can be found on our website at www.dbrs.com.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.