Devon Energy gives early results of exchange, consent solicitations for WPX notes

Chicago, May 24 – Devon Energy Corp. announced the early exchange results and the receipt of requisite consents to amend the outstanding notes originally issued by WPX Energy, Inc., according to a press release.

Devon is offering to exchange notes from the series of WPX notes listed below. As of the early deadline at 5 p.m. ET on May 21, the company has received tenders for the following amounts of notes:

• $224,079,000, or 92.45%, of the $242,374,000 outstanding of 8¼% notes due Aug. 1, 2023 (Cusip: 98212BAG8);

• $465,268,000, or 98.53%, of the $472.23 million outstanding of 5¼% notes due Sept. 15, 2024 (Cusip: 98212BAE3);

• $377,554,000, or 96.81%, of the $390 million outstanding of 5¼% notes due Oct. 15, 2027 (Cusip: 98212BAJ2);

• $322,388,000, or 99.2%, of the $325 million outstanding of 5 7/8% notes due June 15, 2028 (Cusip: 98212BAM5); and

• $569,429,000, or 97.34%, of the $585 million outstanding of 4½% notes due Jan. 15, 2030 (Cusip: 98212BAL7).

Devon was offering to exchange an equal amount of notes with the same interest payment and maturity dates, interest rate and, except as set forth in the offer to exchange, redemption provisions for noteholders who tender their notes by the early deadline.

Tendering noteholders will also receive a cash payment of $1 per note for participating in the offer.

Noteholders who tender after the early deadline will receive $970 per $1,000 of notes and no cash consideration.

In the consent solicitations, Devon was soliciting the consents of the eligible holders to amend the WPX notes and the WPX indenture to eliminate or revise certain of the restrictive covenants, including the merger covenant, events of default other than payment-related events of default and to reduce to three business days the minimum period for notices of redemption and make certain other conforming changes to the redemption provisions of the existing outstanding Devon notes. Noteholders representing a majority of each series of notes had to consent for the amendments to take effect.

Noteholders who tender their notes are deemed to have given consent. Consents cannot be delivered without tenders and vice versa.

The early tender deadline was also the withdrawal deadline.

The offer expires at 11:59 p.m. ET on June 7.

Settlement is scheduled for June 9.

D.F. King & Co., Inc is the information and tender agent for the offer (800 870-0653, 212 269-5550, www.dfking.com/devon).

Devon Energy is an oil and natural gas company based in Oklahoma City.

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