Devon Energy Corporation announced that Robert H. Henry and Duane C. Radtke have been appointed to its board of directors. Robert H. Henry, 57, currently serves as president of Oklahoma City University. Mr. Henry was appointed judge to the United States Court of Appeals for the Tenth Circuit in 1994 by former President Bill Clinton where he served most recently as chief judge until June of this year. Duane C. Radtke, 61, currently serves as president and chief executive officer of Valiant Exploration LLC.

Devon Energy Corporation expected to report Q3 2010 results on November 3, 2010. This event was calculated by Capital IQ (Created on August 5, 2010).

Devon Energy Corporation reported consolidated earnings results for the second quarter and six months ended June 30, 2010. For the quarter, the company reported net earnings of $706 million or $1.58 per diluted common share. This is a 125% increase compared with Devon's second-quarter 2009 net earnings of $314 million, or $0.70 per diluted common share. The company's second-quarter 2010 financial results were impacted by certain items securities analysts typically exclude from their published estimates. Excluding these adjusting items, the company earned $685 million, or $1.53 per diluted common share. The company reported earnings from continuing operations before income taxes of $613 million, earnings from continuing operations of $352 million or $0.79 per diluted share on the total revenue of $2,232 million compared to the earnings from continuing operations before income taxes of $299 million, earnings from continuing operations of $190 million or $0.42 per diluted share on the total revenue of $1,822 million for the same period a year ago. The earnings increase was driven by higher revenues from the sale of oil natural gas and natural gas liquids. Second-quarter sales of oil, natural gas and natural gas liquids increased 23% to $1.8 billion. Higher realized prices for all three products more than offset a 3% decrease in overall production. Oil and gas production from continuing operations averaged 643,000 oil-equivalent barrels (Boe) per day in the second quarter of 2010. This compares with second quarter 2009 average production of 666,000 Boe per day. The most significant component of this production decline was the impact of property divestitures in the Gulf of Mexico. Additionally, in the second quarter of 2010, current income tax from continuing operations increased to $707 million while deferred taxes declined to a benefit of $446 million. The company generated $1.4 billion of cash flow from operating activities in the second quarter of 2010. In addition, the company received $2.6 billion of after-tax divestiture proceeds. The company utilized this cash in the second quarter to fully fund its capital program, to repurchase $495 million of common stock and to reduce debt balances by $461 million. The company ended the quarter with cash on hand of $2.9 billion and a net debt to adjusted capitalization ratio of just 14%. For the six months ended June 30, 2010, the company reported net earnings of $1.9 billion, or $4.24 per diluted common share. This compared with a net loss for the six months ended June 30, 2009, of $3.6 billion, or $8.21 per diluted common share. The company reported earnings from continuing operations before income taxes of $2,201 million, earnings from continuing operations of $1,426 million or $3.19 per diluted share on the total revenue of $5,452 million compared to the loss from continuing operations before income taxes of $5,863 million, loss from continuing operations of $3,692 million or $8.32 per diluted share on the total revenue of $3,722 million for the same period a year ago. Net cash from operating activities was reported as $2,892 million compared to $2,077 million for the same period a year ago. Capital expenditures were reported as $3,221 million compared to $2,945 million for the same period a year ago. The company reported Non-GAAP net debt of $2,708 million compared to $6,701 million for the same period a year ago.