SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
Date of Report (Date of earliest event report): February 22, 1999
DEVON ENERGY CORPORATION
(Exact Name of Registrant as Specified in its Charter)
OKLAHOMA 1-10067 73-1474008
(State or Other Jurisdiction of (Commission File Number) (IRS Employer
Incorporation or Organization) Identification
Number)
20 NORTH BROADWAY, SUITE 1500, OKLAHOMA CITY, OK 73102
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (405) 235-3611
Page 1 of 4 pages
<PAGE>
Item 5. Other Events
Devon Energy Corporation ("Devon") and Northstar Energy
Corporation ("Northstar") consummated their combination on
December 10, 1998. The combination was accounted for under
the pooling-of-interests method of accounting for business
combinations. Combinations accounted for as poolings must
conform with the overriding thrust of the pooling concept
that requires a sharing of risks and rights among the
stockholders of the combining companies. The Securities and
Exchange Commission's (the "SEC") rules and regulations
prohibit affiliates of companies involved in a pooling to
sell or in any other way reduce their risk relative to any
common shares received in the business combination until the
"risk period" has expired. Under the SEC's rules and
regulations, the risk period expires once financial results
covering at least thirty days of post-merger combined
operations have been published.
In order to terminate the risk period of the Devon-
Northstar combination, Devon is providing the following
unaudited operating results for the month ended January 31,
1999.
<PAGE>
<TABLE>
DEVON ENERGY CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations
Month Ended January 31, 1999
(Unaudited)
(In Thousands, Except Production Volumes, Per Share and Per
Unit Data)
<CAPTION>
United States Canada Total
Revenues
<S> <C> <C> <C>
Oil sales $ 4,700 4,108 8,808
Gas sales 9,286 8,884 18,170
Natural gas liquids sales 713 420 1,133
Other 341 368 709
Total revenues 15,040 13,780 28,820
Costs and expenses
Lease operating expenses 5,074 4,018 9,092
Production taxes 936 98 1,034
Depreciation, depletion and amortization 5,958 4,971 10,929
General and administrative expenses 941 935 1,876
Interest expense 176 1,924 2,100
Deferred effect of changes in foreign
currency exchange rate on subsidiary's
long-term debt - (2,883) (2,883)
Distributions on preferred securities of
subsidiary trust 810 - 810
Total costs and expenses 13,895 9,063 22,958
Earnings before income taxes 1,145 4,717 5,862
Income tax expense
Current 217 165 382
Deferred 25 1,892 1,917
Total income tax expense 242 2,057 2,299
Net earnings $ 903 2,660 3,563
Net earnings per average common share
outstanding - basic and diluted $ 0.07
Weighted average common shares
outstanding - basic 48,453
Production volumes
Oil (thousands of barrels) 452 437 889
Gas (millions of cubic feet) 5,289 6,266 11,555
Natural gas liquids (thousands of barrels) 104 51 155
Average prices
Oil (per barrel) $ 10.40 9.40 9.91
Gas (per thousand cubic feet) $ 1.76 1.42 1.57
Natural gas liquids (per barrel) $ 6.86 8.24 7.31
</TABLE>
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities and
Exchange Act of 1934, the registrant has duly caused this
report to be signed on its behalf by the undersigned hereto
duly authorized.
DEVON ENERGY CORPORATION
By: /s/ Danny J. Heatly
Controller
Date: February 22, 1999
