10-QPeriod: Q2 FY2006

DEVON ENERGY CORP/DE Quarterly Report for Q2 Ended Jun 30, 2006

Filed August 4, 2006For Securities:DVN

Summary

Devon Energy Corp. filed its quarterly report on August 4, 2006, with no material changes reported in its market risk disclosures, legal proceedings, or risk factors compared to its 2005 Annual Report. The company confirmed that its disclosure controls and procedures were effective as of June 30, 2006, and there were no changes in internal control over financial reporting during the second quarter of 2006 that would materially affect them. Notably, Devon Energy's previously announced stock repurchase program, authorized for up to 50 million shares, was suspended as of the reporting period. The company also held its Annual Meeting of Stockholders on June 7, 2006, where directors were elected and independent auditors were ratified. An amendment to the 2005 Long-Term Incentive Plan was also adopted.

Key Highlights

  • 1No material changes in market risk, legal proceedings, or risk factors from the 2005 10-K.
  • 2Disclosure controls and procedures deemed effective as of June 30, 2006.
  • 3No material changes in internal control over financial reporting during Q2 2006.
  • 4Stock repurchase program of up to 50 million shares has been suspended.
  • 5Annual Stockholders Meeting held on June 7, 2006, with high shareholder attendance (89.4%).
  • 6Directors were elected and KPMG LLP ratified as independent auditors for 2006.
  • 7Amendment to the 2005 Long-Term Incentive Plan was adopted by stockholders.

Frequently Asked Questions

Devon Energy's previously announced stock repurchase program, authorized for up to 50 million shares, has been suspended and will be reevaluated at a later date. No shares were repurchased under this program during the second quarter of 2006.

The filing states there have been no material changes to the information included in the 'Legal Proceedings' or 'Risk Factors' sections of their 2005 Annual Report on Form 10-K. Investors should refer to the 2005 10-K for details on these matters.

No. The company's principal executive and financial officers concluded that Devon's disclosure controls and procedures were effective as of June 30, 2006. Furthermore, there were no changes in internal control over financial reporting during the second quarter of 2006 that materially affected or are likely to materially affect these controls.

The Annual Stockholders Meeting resulted in the election of four directors, the ratification of KPMG LLP as the company's independent auditors for 2006, and the adoption of an amendment to the Devon Energy Corporation 2005 Long-Term Incentive Plan. A significant majority of outstanding shares were represented at the meeting.