TEXT-Fitch release on Devon Energy

(The following statement was released by the rating agency)

May 16 - Fitch Ratings has upgraded Devon Energy Corporation's (Devon) Issuer Default Rating (IDR) to 'BBB+' from 'BBB'. The rating upgrade reflects the robust credit profile of the company and the anticipated debt reduction to occur in 2008.

In addition, Fitch has upgraded Devon's ratings as follows: Devon Energy Corporation:

--Long-term Issuer Default Rating (IDR) to 'BBB+' from 'BBB';

--Senior unsecured notes to 'BBB+' from 'BBB';

--Preferred stock to 'BBB-' from 'BB+';

--Short-term IDR at 'F2';

--Commercial paper (CP) remains at 'F2'. Devon Financing Corporation U.L.C.:

--Senior unsecured notes to 'BBB+' from 'BBB'. PennzEnergy Company: