Selected Eleven-Year Financial Data (1)

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  1997   1998   1999   2000   2001   2002   2003  
OPERATING RESULTS (In millions, except per share data)
   Revenues (Net of royalties):
      Oil sales		 $ 497     236     436     906     784     909     1,218  
      Gas sales   367     335     616     1,474     1,878     2,133     3,879  
      NGL sales   36     25     68     154     131     275     404  
      Marketing and midstream revenues   10     8     20     53     71     999     1,461  
      Other income   36     6     23     37     58     35     104  

         Total revenues		   946     610     1,163     2,624     2,922     4,351     7,066  

   Production and operating expenses		   288     231     328     544     666     886     1,224  
   Marketing and midstream costs and expenses   4     3     10     28     47     808     1,174  
   Depreciation, depletion and amortization of property
      and equipment		   268     212     379     662     831     1,211     1,609  
   Accretion of asset retirement obligation   —     —     —     —     —     —     35  
   Amortization of goodwill (2)   —     —     16     41     34     —     —  
   General and administrative expenses   56     48     83     96     114     219     306  
   Expenses related to mergers   —     13     17     60     1     —     7  
   Interest expense   51     53     122     155     220     533     502  
   Change in fair value of financial instruments   —     —     —     —     2     (28 )   (1 )
   Reduction of carrying value of oil and gas properties   633     354     476     —     979     651     40  
   Impairment of Chevron Corporation common stock   —     —     —     —     —     205     —  
   Income tax expense (benefit)   (128 )   (103 )   (75 )   377     5     (193 )   453  

         Total expenses		   1,172     811     1,356     1,963     2,899     4,292     5,349  

   Net earnings (loss) before minority interest, cumulative effect of
       change in accounting principle and discontinued operations (3)		   (226 )   (201 )   (193 )   661     23     59     1,717  
   Net earnings (loss)   (218 )   (236 )   (154 )   730     103     104     1,747  
   Preferred stock dividends   12     —     4     10     10     10     10  
   Net earnings (loss) to common stockholders $ (230 )   (236 )   (158 )   720     93     94     1,737  
   Net earnings (loss) per common share:
      Basic		 $ (1.67 )   (1.66 )   (0.84 )   2.83     0.37     0.31     4.16  
      Diluted $ (1.67 )   (1.66 )   (0.84 )   2.75     0.36     0.30     4.04  
   Weighted average shares outstanding:
      Basic		   137     142     187     255     255     309     417  
      Diluted   151     154     199     263     259     313     433  

BALANCE SHEET DATA (In millions)

    Total assets		 $ 1,965     1,931     6,096     6,860     13,184     16,225     27,162  
   Debentures exchangeable into shares of
      Chevron Corporation common stock (4)		 $ —     —     760     760     649     662     677  
   Other long-term debt $ 576     885     1,656     1,289     5,940     6,900     7,903  
   Deferred income taxes $ 50     15     313     634     2,149     2,627     3,799  
   Stockholders' equity $ 1,006     750     2,521     3,277     3,259     4,653     11,056  
   Common shares outstanding   142     142     253     257     252     314     472  

  2004   2005   2006   2007   5-YEAR
COMPOUND
GROWTH RATE		 10-YEAR
COMPOUND
GROWTH RATE
OPERATING RESULTS (In millions, except per share data)
   Revenues (Net of royalties):
      Oil sales		   1,589     1,794     2,434     3,493     31 %   22 %
      Gas sales   4,711     5,761     4,912     5,163     19 %   30 %
      NGL sales   548     680     749     970     29 %   39 %
      Marketing and midstream revenues   1,701     1,792     1,672     1,736     12 %   N/M  
      Other income   126     198     115     98     23 %   11 %

         Total revenues		   8,675     10,225     9,882     11,460     21 %   28 %

   Production and operating expenses		   1,439     1,579     1,766     2,168     20 %   22 %
   Marketing and midstream costs and expenses   1,339     1,342     1,236     1,227     9 %   N/M  
   Depreciation, depletion and amortization of property
      and equipment		   1,982     1,924     2,231     2,858     19 %   27 %
   Accretion of asset retirement obligation   42     42     47     74     N/M     N/M  
   Amortization of goodwill (2)   —     —     —     —     N/M     N/M  
   General and administrative expenses   277     291     397     513     19 %   25 %
   Expenses related to mergers   —     —     —     —     N/M     N/M  
   Interest expense   475     533     421     430     -4 %   24 %
   Change in fair value of financial instruments   62     94     178     (34 )   4 %   N/M  
   Reduction of carrying value of oil and gas properties   —     42     36     —     N/M     N/M  
   Impairment of Chevron Corporation common stock   —     —     —     —     N/M     N/M  
   Income tax expense (benefit)   970     1,481     936     1,078     N/M     N/M  

         Total expenses		   6,586     7,328     7,248     8,314     14 %   22 %

   Net earnings (loss) before minority interest, cumulative effect of
      change in accounting principle and discontinued operations (3)		   2,089     2,897     2,634     3,146     122 %   N/M  
   Net earnings (loss)   2,186     2,930     2,846     3,606     103 %   N/M  
   Preferred stock dividends   10     10     10     10     0 %   -2 %
   Net earnings (loss) to common stockholders   2,176     2,920     2,836     3,596     107 %   N/M  
   Net earnings (loss) per common share:
      Basic		   4.51     6.38     6.42     8.08     93 %   N/M  
      Diluted   4.38     6.26     6.34     8.00     93 %   N/M  
   Weighted average shares outstanding:
      Basic		   482     458     442     445     8 %   12 %
      Diluted   499     470     448     450     8 %   12 %

BALANCE SHEET DATA (In millions)

   Total assets		   30,025     30,273     35,063     41,456     21 %   36 %
   Debentures exchangeable into shares of
      Chevron Corporation common stock (4)		   692     709     727     641     -1 %   N/M  
   Other long-term debt   6,339     5,248     4,841     6,283     -2 %   27 %
   Deferred income taxes   4,596     4,977     5,290     6,042     18 %   62 %
   Stockholders' equity   13,674     14,862     17,442     22,006     36 %   36 %
   Common shares outstanding   484     443     444     444     7 %   12 %

(1) The years 1997 to 2002 exclude results from Devon's operations in Indonesia, Argentina and Egypt that were discontinued in 2002. The years 2003 through 2007 exclude results from operations in Africa that were discontinued in 2006 and 2007. All periods prior to the November 15, 2004 two-for-one stock split have been adjusted to reflect the split.

(2) Amortization of goodwill in 1999, 2000 and 2001 resulted from Devon's 1999 acquisition of PennzEnergy. As of January 1, 2002, goodwill is no longer amortized.

(3) Before minority interest in Monterrey Resources, Inc. of ($5) million in 1997, and the cumulative effect of change in accounting principle of $49 and $16 million in 2001 and 2003, respectively, and the results of discontinued operations of $13, ($35) $39, $69, $31, $45, $14, $97, $33, $212 and $460 million in 1997 through 2007, respectively.

(4) Devon owns 14.2 million shares of Chevron Corporation common stock. The majority of these shares are on deposit with an exchange agent for possible exchange for $652 million principal amount of exchangeable debentures. The Chevron shares and debentures were acquired through the 1999 acquisition of PennzEnergy.

N/M Not a meaningful number.