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Devon Energy Corporation

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Devon Energy like the other oil and gas operators is impacted by the ongoing weakness in commodity prices. Devon’s focus on high-quality North American properties has led to increased oil output for six quarters in a row. We expect continued strong production from the Eagle Ford and Permian Basin assets and Canadian heavy oil operations to help it to maintain strong production levels. Cost-saving initiatives and the decision to lower the dividend rate are prudent moves made by management but the prevailing weak commodity prices will continue to undermine Devon’s performance. Devon Energy reported mixed results in fourth-quarter 2015, wherein earnings per share beat the Zacks Consensus Estimate, while revenues lagged the same.

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