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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 11-K

 
x	ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934	
For the fiscal year ended December 31, 2014
or
 
¨	TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934	
Commission File Number 001-32318

 
A.	Full title of the plan and the address of the plan, if different from that of the issuer named below:	
Devon Energy Corporation Incentive Savings Plan
 
B.	Name of the issuer of the securities held pursuant to the plan and the address of its principal executive office:	
Devon Energy Corporation
333 West Sheridan Avenue
Oklahoma City, OK 73102-5015

 

Table of Contents
DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN
FORM 11-K
 TABLE OF CONTENTS

Report of Independent Registered Public Accounting Firm		 	3	  	
		
Financial Statements					
Statements of Net Assets Available for Benefits		 	4	  	
Statement of Changes in Net Assets Available for Benefits		 	5	  	
Notes to Financial Statements		 	6	  	
		
Supplemental Schedule					
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)		 	14	  	
		
Signatures		 	22	  	
 
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 Report of Independent Registered Public Accounting Firm
Plan Administrator
Devon Energy Corporation Incentive Savings Plan
We have audited the accompanying statements of net assets available for benefits of Devon Energy Corporation Incentive Savings Plan (the “Plan”) as of December 31, 2014 and 2013, and the related statement of changes in net assets available for benefits for the year ended December 31, 2014. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Plan’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of Devon Energy Corporation Incentive Savings Plan as of December 31, 2014 and 2013, and the changes in net assets available for benefits for the year ended December 31, 2014 in conformity with accounting principles generally accepted in the United States of America.
The supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2014 has been subjected to audit procedures performed in conjunction with the audit of Devon Energy Corporation Incentive Savings Plan’s financial statements. The supplemental information is presented for purposes of additional analysis and is not a required part of the basic financial statements but include supplemental information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplementary information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the basic financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedule, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information referred to above is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole.
/s/ GRANT THORNTON LLP
Oklahoma City, Oklahoma
June 26, 2015
 
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DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN
 STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

 	  	December 31,	 	
 	  	2014	 	  	2013	 	
ASSETS	  				  				
Investments, at fair value	  	$	707,360,800	  	  	$	719,693,385	  	
Employer contributions receivable	  	 	6,403,761	  	  	 	5,166,083	  	
Notes receivable from participants	  	 	9,722,071	  	  	 	10,555,870	  	
Other receivables	  	 	1,079,340	  	  	 	1,558,260	  	
	  	 	 	 	  	 	 	 	
Total assets		 	724,565,972	  		 	736,973,598	  	
	  	 	 	 	  	 	 	 	
LIABILITIES									
Other liabilities		 	1,200,494	  		 	1,105,307	  	
	  	 	 	 	  	 	 	 	
Total liabilities		 	1,200,494	  		 	1,105,307	  	
	  	 	 	 	  	 	 	 	
Net assets reflecting all investments at fair value		 	723,365,478	  		 	735,868,291	  	
Adjustment from fair value to contract value for fully benefit-responsive investment contracts held by a collective trust		 	344,479	  		 	773,253	  	
	  	 	 	 	  	 	 	 	
NET ASSETS AVAILABLE FOR BENEFITS		$	 723,709,957	  		$	 736,641,544	  	
	  	 	 	 	  	 	 	 	
See accompanying notes to financial statements.
 
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DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN
 STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

 	  	Year Ended
December 31,	 	
 	  	2014	 	
Additions:	  				
Investment income:	  				
Net appreciation in fair value of investments	  	$	10,641,794	  	
Dividend income	  	 	13,925,824	  	
Interest income	  	 	18,189	  	
	  	 	 	 	
Net investment income		 	24,585,807	  	
	  	 	 	 	
Contributions:					
Participant, including rollovers		 	37,163,470	  	
Employer, net of forfeitures		 	42,679,911	  	
	  	 	 	 	
Total contributions		 	79,843,381	  	
	  	 	 	 	
Interest income on notes receivable from participants		 	414,985	  	
	  	 	 	 	
Total additions		 	104,844,173	  	
	  	 	 	 	
Deductions:					
Distributions to participants		 	115,361,405	  	
Administrative expenses		 	2,414,355	  	
	  	 	 	 	
Total deductions		 	117,775,760	  	
	  	 	 	 	
Net decrease in net assets available for benefits		 	(12,931,587	) 	
Net assets available for benefits:					
Beginning of year		 	736,641,544	  	
	  	 	 	 	
End of year		$	 723,709,957	  	
	  	 	 	 	
See accompanying notes to financial statements.
 
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DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN
 NOTES TO FINANCIAL STATEMENTS
1. Description of Plan
The following description of the Devon Energy Corporation Incentive Savings Plan (the “Plan”) is provided for general information purposes only. Participants should refer to the plan agreement and respective amendments for a more complete description of the Plan’s provisions.
General
The Plan is a defined contribution plan covering substantially all United States employees of Devon Energy Corporation (“Devon”) and is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). Employees are eligible to participate in the Plan as soon as administratively possible following the completion of one hour of service. There is no minimum age requirement for employees to be eligible.
The plan administrator is a committee of Devon employees who are appointed by and serve at the direction of Devon (the “Benefits Committee”). The Benefits Committee is responsible for administration of the Plan, except for the duties related to selecting and monitoring the Plan’s investment options. The selection and monitoring of investment options, and related functions, is the responsibility of a separate committee of Devon employees who are appointed by and serve at the direction of Devon (the “Investments Committee”).
Devon’s Board of Directors, or a committee thereof, has the sole responsibility for appointing and removing the Plan’s trustee, which is currently Fidelity Management Trust Company (the “Trustee”). Under the terms of an agreement between the Trustee and the Plan, the Trustee administers the Plan’s trust in accordance with instructions provided by the Benefits Committee.
Contributions
As defined in the Plan, participants may elect to contribute from 1% to 50% of their compensation to the Plan on a pre-tax basis or on an after-tax, designated Roth basis. The combined pre-tax and designated Roth contributions are subject to limitations under the Internal Revenue Code (the “Code”). Participants who have attained age 50 before the end of the Plan year are eligible to make pre-tax or designated Roth catch-up contributions. Participants may also contribute amounts representing distributions from other qualified defined benefit or defined contribution plans (“Rollover Contributions”). Participant Rollover Contributions were approximately $7,255,000 during 2014.
Participants may receive an employer match on their contribution to the Plan in an amount determined annually by Devon. The amount of the matching contribution will vary according to the participant’s years of service and whether the participant is eligible for enhanced contributions. Participants employed subsequent to October 1, 2007 and participants who opted out of a separate defined benefit plan sponsored by Devon are eligible for enhanced contributions. During 2014, for all participants with at least five years of service, Devon contributed amounts equal to 100% of each participant’s contributions to the Plan, with the matching contribution being limited to the lesser of 6% of the participant’s compensation or $15,600. For participants with less than five years of service, Devon’s matching contributions in 2014 were limited to the lesser of 3% of the participant’s compensation or $7,800.
Participants eligible for enhanced contributions also receive additional, nondiscretionary contributions by Devon calculated as a percentage of their compensation, as defined in the Plan. In 2014, the enhanced contribution percentage ranged from 8% to 16%, depending upon a participant’s years of service.
Participant Accounts
Each participant’s account is credited with the participant’s contribution, Devon’s contribution and allocations of earnings or losses on the investments selected by the participant and charged with an allocation of administrative expenses. Allocations are based on participant earnings, account balances or specific participant transactions, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.
 
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DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS – CONTINUED
 
Investments
Participants direct their account balances to be invested in a number of investment options. Participants may change their investment options on a daily basis. Investment options of the Plan as of December 31, 2014 consist of mutual funds, equity securities, Devon common stock, collective trust funds, stable value fund and Brokerage Link. Brokerage Link is a self-directed brokerage account that allows participants to invest in a wide variety of funds.
Vesting and Forfeitures
Participants are vested immediately in their contributions, plus the associated investment income or losses. For each year of service up to four years, a participant becomes 25% vested in employer contributions to their account and the associated investment income or losses. Participants will become vested upon a change of control of Devon, as defined in the Plan or if the participant dies, becomes totally disabled or reaches age 65 while employed by Devon.
Upon a termination of service that results in nonvested amounts in a participant’s account, the nonvested portion is forfeited and used to reduce Devon’s future contributions or pay expenses. Employer contributions were reduced by $2,090,600 in 2014 due to forfeitures. In 2014, Plan expenses of approximately $332,000 were paid by forfeitures. As of December 31, 2014 and 2013, there were approximately $1,231,000 and $1,739,000, respectively, of forfeitures available to reduce future employer contributions or pay expenses.
Notes Receivable from Participants
Participants may borrow from their fund accounts and may have up to two loans outstanding at any time. Total borrowings may not exceed the lesser of 50% of a participant’s vested balance or $50,000. The loans are secured by the balance in the participants’ accounts. The loans bear interest at a fixed rate, which approximates the rate generally charged for consumer loans secured by certificates of deposit or marketable securities. The interest rates ranged from 4.25% to 9.50% at December 31, 2014. The terms of the loans may not exceed five years, except for loans used to purchase a primary residence, in which case the loan term generally will not exceed 15 years. Maturity dates ranged from January 2015 to October 2029 at December 31, 2014. Principal and interest is repaid through biweekly payroll deductions from the participants’ wages.
Payment of Benefits
While still employed, a participant who is age 59  1 ⁄ 2 or older may withdraw all or part of the vested interest in their account at any time. Participants who are still employed also may withdraw their Rollover Contributions regardless of age. In addition, participants who are still employed and who have taken all other withdrawals and loans available under the Plan may also request a withdrawal in an amount necessary to satisfy an immediate and heavy financial need.
On termination of service due to death, disability or upon retirement, participants (or a beneficiary in the case of death) may elect to receive either a lump-sum amount equal to the value of the participant’s vested interest in their account or equal installments (monthly, quarterly, semi-annually or annually) for any period less than the life expectancy of the participant and their beneficiary. For termination of service for other reasons, participants may receive the value of the vested interest in their account as a lump-sum distribution. Depending on the value of the participant’s vested interest in their account at the time of their termination of service, the value of the participant’s vested interest may be automatically paid in a lump-sum distribution, paid in a direct rollover or automatically rolled over to an individual retirement account or annuity established in the participant’s or beneficiary’s name.
 
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DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS – CONTINUED
 
2. Summary of Significant Accounting Policies
The following are the significant accounting policies followed by the Plan in preparing the accompanying financial statements.
Basis of Presentation
The financial statements have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and changes therein and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
Investment Valuation and Income Recognition
The Plan’s investments are stated at fair value. Fair value is the price that would be received to sell the investment in an orderly transaction between market participants. This price is commonly referred to as the “exit price.” Fair value measurements are classified according to a hierarchy that prioritizes the inputs underlying the valuation techniques. This hierarchy consists of three broad levels:
 
 	•	 	Level 1 – Inputs consist of unadjusted quoted prices in active markets for identical assets and have the highest priority. When available, Level 1 inputs are used to measure fair value because they generally provide the most reliable evidence of fair value.	
 
 	•	 	Level 2 – Inputs consist of quoted prices that are generally observable for the asset. Common examples of Level 2 inputs include quoted prices for similar assets in active markets or quoted prices for identical assets in markets not considered to be active.	
 
 	•	 	Level 3 – Inputs are not observable from objective sources and have the lowest priority. The most common Level 3 fair value measurement is an internally developed cash flow model.	
Realized gains or losses are calculated based on proceeds from the sale of investments and the fair value of the investments at the beginning of the plan year or at time of purchase if acquired during the current plan year. Unrealized appreciation or depreciation of the investments is calculated based on the fair value of the investments at the end of the plan year and the fair value of the investments at the beginning of the plan year or at time of purchase if acquired during the current plan year. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date.
Investment contracts held by a defined contribution plan are required to be reported at fair value. However, contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined contribution plan attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. The accompanying Statements of Net Assets Available for Benefits present the fair value of the investment contracts as well as the adjustment of the fully benefit-responsive investment contracts from fair value to contract value. The accompanying Statement of Changes in Net Assets Available for Benefits is prepared on a contract value basis for fully benefit-responsive investment contracts. Contract value represents the principal balance of the underlying investment contracts, plus accrued interest at the stated contract rates, less withdrawals and administrative charges by the financial institutions. There are no material reserves against contract value for credit risk of the contract issuers or otherwise.
 
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DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS – CONTINUED
 
Notes Receivable from Participants
Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. No allowance for credit losses has been recorded as of December 31, 2014 or 2013. Delinquent participant loans are reclassified as distributions based upon the terms of the plan document.
Payment of Benefits
Benefits are recorded when paid.
Administrative Expenses
Trustee, audit and certain other administrative fees are paid by Devon on behalf of the Plan and are excluded from these financial statements. Fees related to the administration of notes receivable from participants are charged directly to the participant’s account and are included in administrative expenses. Investment-related expenses are included in net appreciation of fair value of investments.
Recently Issued Accounting Standards not yet Adopted
In May 2015, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent) . The update requires investments for which fair value is measured at net asset value (“NAV”) per share (or its equivalent) using the practical expedient should not be categorized in the fair value hierarchy. The provisions in this ASU become effective for interim and annual periods after December 15, 2015. Devon did not early adopt this standard and does not anticipate this update will have a material impact on the Plan’s financial statements.
3. Fair Value Measurements
The following tables provide the Plan’s investments at fair value according to the fair value hierarchy. The Plan had no Level 3 investments as of December 31, 2014 and 2013. There have been no changes in the methodologies used at December 31, 2014 and 2013.

 	  	As of December 31, 2014	 	
 	  	 	 	  	Fair Value Measurements Using:	 	
 	  	Total	 	  	Level 1 Inputs	 	  	Level 2 Inputs	 	
Mutual funds:	  				  				  				
Growth funds	  	$	47,739,300	  	  	$	47,739,300	  	  	$	—  	  	
Fixed income funds	  	 	95,741,298	  	  	 	95,741,298	  	  	 	—  	  	
Balanced funds	  	 	37,363,445	  	  	 	37,363,445	  	  	 	—  	  	
Other funds	  	 	17,310,835	  	  	 	17,310,835	  	  	 	—  	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Total mutual funds		 	198,154,878	  		 	198,154,878	  		 	—  	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Equity securities:													
Employer stock		 	51,319,382	  		 	51,319,382	  		 	—  	  	
Domestic large cap value		 	64,603,717	  		 	64,603,717	  		 	—  	  	
Domestic large cap growth		 	65,604,530	  		 	65,604,530	  		 	—  	  	
Domestic small cap value		 	48,062,518	  		 	48,062,518	  		 	—  	  	
Domestic small cap growth		 	30,227,024	  		 	30,227,024	  		 	—  	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Total equity securities		 	259,817,171	  		 	259,817,171	  		 	—  	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Money market funds		 	39,198,868	  		 	39,198,868	  		 	—  	  	
Collective trust funds:													
U.S. equity index (1)		 	99,985,271	  		 	—  	  		 	99,985,271	  	
Stable value (2)		 	37,614,661	  		 	—  	  		 	37,614,661	  	
International equity index (3)		 	67,644,919	  		 	—  	  		 	67,644,919	  	
Real estate investment trust (4)		 	4,945,032	  		 	—  	  		 	4,945,032	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Total collective trust funds		 	210,189,883	  		 	—  	  		 	210,189,883	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Total investments		$	 707,360,800	  		$	 497,170,917	  		$	 210,189,883	  	

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DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS – CONTINUED

 	  	As of December 31, 2013	 	
 	  	 	 	  	Fair Value Measurements Using:	 	
 	  	Total	 	  	Level 1 Inputs	 	  	Level 2 Inputs	 	
Mutual funds:	  				  				  				
Growth funds	  	$	45,244,880	  	  	$	45,244,880	  	  	$	—  	  	
Fixed income funds	  	 	97,728,799	  	  	 	97,728,799	  	  	 	—  	  	
Balanced funds	  	 	37,037,603	  	  	 	37,037,603	  	  	 	—  	  	
Other funds	  	 	16,049,371	  	  	 	16,049,371	  	  	 	—  	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Total mutual funds		 	196,060,653	  		 	196,060,653	  		 	—  	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Equity securities:													
Employer stock		 	58,527,349	  		 	58,527,349	  		 	—  	  	
Domestic large cap value		 	66,596,374	  		 	66,596,374	  		 	—  	  	
Domestic large cap growth		 	65,305,737	  		 	65,305,737	  		 	—  	  	
Domestic small cap value		 	47,405,259	  		 	47,405,259	  		 	—  	  	
Domestic small cap growth		 	33,143,613	  		 	33,143,613	  		 	—  	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Total equity securities		 	270,978,332	  		 	270,978,332	  		 	—  	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Money market funds		 	41,856,688	  		 	41,856,688	  		 	—  	  	
Collective trust funds:													
U.S. equity index (1)		 	93,521,199	  		 	—  	  		 	93,521,199	  	
Stable value (2)		 	39,870,835	  		 	—  	  		 	39,870,835	  	
International equity index (3)		 	72,857,556	  		 	—  	  		 	72,857,556	  	
Real estate investment trust (4)		 	4,548,122	  		 	—  	  		 	4,548,122	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Total collective trust funds		 	210,797,712	  		 	—  	  		 	210,797,712	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Total investments		$	 719,693,385	  		$	 508,895,673	  		$	 210,797,712	  	

(1)	Investment fund seeks results that correspond generally to the price and yield performance, before fees and expenses, of the Russell 3000 index. This fund allows for daily redemptions with no unfunded commitments.	
(2)	Investment fund seeks preservation of principal and to earn current income while tracking interest rates over the intermediate term by investing in a diversified portfolio of stable value contracts, including wrap contracts issued by insurance companies, banks and other financial institutions. This fund allows for daily redemptions with no unfunded commitments.	
(3)	Investment fund seeks results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI ACWI ex-U.S. IMI Index. This fund allows for daily redemptions with no unfunded commitments.	
(4)	Investment fund seeks results through active management that correspond generally to the price and yield performance, after fees and expenses, of the FRSE NAREIT Equity REITS Index. This fund allows for daily redemptions with no unfunded commitments.	
 
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DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS – CONTINUED
 
The following methods and assumptions were used to estimate the fair values in the tables above.
Level 1 Fair Value Measurements
Amounts consist primarily of mutual funds, equity securities and money market funds that are actively traded and can be redeemed upon demand. The fair values of these instruments are based upon unadjusted quoted market prices.
Level 2 Fair Value Measurements
Amounts consist primarily of collective trust funds. These funds can be redeemed upon demand. The fair values are based upon the NAV provided by investment managers. The NAV is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund less its liabilities. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported NAV. Participant purchases and sales transactions may occur daily. In the event the Plan initiates a full redemption of one of the collective trusts, the investment managers reserve the right to temporarily delay withdrawal from the trust in order to ensure that securities liquidations will be carried out in an orderly business manner.
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although these valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.
4. Stable Value Fund
The PIMCO Stable Income Fund (the “Fund”) is held by the PIMCO Collective Investment Trust II (the “Trust”) and is sponsored by SEI Trust Company. The beneficial interest of each participant is represented by units. Units are issued and redeemed daily at the Fund’s constant NAV of approximately $100 per unit. Distribution to the Fund’s unit holders are declared daily from the net investment income and automatically reinvested in the Fund on a monthly basis. It is the policy of the Fund to use its best efforts to maintain a stable net asset value of approximately $100 per unit, although, there is no guarantee that the Fund will be able to maintain this value.
The Fund has certain restrictions on withdrawals and transfers, as follows. Withdrawals directed by the Plan require written notice to the Trustee. The Trustee shall notify the Plan that such request will be fulfilled as either (1) a deferred book value plan withdrawal, which the Trustee will act in good faith to complete by the fifth business day of the month that follows the date that is 24 months after the Trustee’s receipt of the Plan’s request for a withdrawal or (2) an ordinary plan withdrawal to be completed on or prior to the first business day that is within 45 days of the Plan’s request for withdrawal. The methodology chosen by the Trustee will depend on the value of the Fund’s portfolio, taking into account any adverse market value adjustments applicable to such withdrawal under the Fund’s investment contracts.
Withdrawals made in order to accommodate distribution to participants, whether in-service or following termination of employment, may be made on any business day. Withdrawals made in order to accommodate a participant-directed exchange to another investment option may be made on any business day, provided that the exchange is not directed to competing investment options, which consist of the Vanguard Money Market Fund and Brokerage Link. Transferred amounts must be held in a non-competing investment option for 90 days before subsequent transfers to a competing fund can occur. The Trustee reserves the right to delay participant withdrawals up to 30 days in order to maintain liquidity for the Trust or if it determines that an immediate withdrawal would have an adverse impact on the Trust.
The average yield earned by the Trust at December 31, 2014, representing the annualized earnings of all investments in the Trust divided by the period-end fair value of all investments in the Trust, was 1.50%. The average yield earned by the Trust at December 31, 2014, representing the annualized earnings credited to participants in the Trust as of the last day of the period, divided by the period-end fair value of all investments in the Trust, was 0.98%. Certain events may limit the ability of the Fund to realize the contract value of investment contracts and may
 
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DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS – CONTINUED
 
therefore result in payments to participants that reflect fair value rather than contract value. Such events include, but are not limited to, certain amendments to the Plan documents or the Fund’s investment guidelines that are not approved by issuers of investment contracts, failure to comply with certain contract provisions, complete or partial termination of the Plan or merger with another plan or bankruptcy of the Plan. The Benefits and Investments Committees believe that the occurrence of events that would cause the Fund to transact at less than contract value is not probable.
5. Plan Termination
Although Devon has not expressed any intent to terminate the Plan, it may do so at any time. Benefits owed to participants are not actuarially determined and the aggregate vested benefits are limited to the Plan’s net assets available for plan benefits. In the event of the Plan’s termination, participants would become 100% vested in their accounts.
6. Plan Investment Assets
Following is a schedule of the Plan’s investments that exceed 5% of the Plan’s net assets at December 31, 2014 and 2013 and the fair value of such investments:

 	  	2014	 	  	2013	 	
 	  	Number of
Shares or
Units	 	  	Fair Value	 	  	Number of
Shares or
Units	 	  	Fair Value	 	
PIMCO Total Return Fund	  	 	5,382,938	  	  	$	 57,382,119	  	  	 	5,805,895	  	  	$	 62,065,017	  	
BlackRock, Inc. U.S. Equity Index	  	 	4,566,914	  	  	$	99,985,271	  	  	 	4,807,991	  	  	$	93,521,199	  	
BlackRock, Inc. International Equity Index	  	 	5,476,125	  	  	$	67,644,919	  	  	 	5,647,129	  	  	$	72,857,556	  	
Devon Energy Corporation Common Stock	  	 	838,415	  	  	$	51,319,382	  	  	 	945,973	  	  	$	58,527,349	  	
PIMCO Stable Income Fund	  	 	374,646	  	  	$	37,614,661	  	  	 	402,975	  	  	$	39,870,835	  	
Harbor International Fund	  	 	605,088	  	  	$	39,197,596	  	  	 	537,950	  	  	$	38,199,848	  	
During 2014, the Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated (depreciated) in value as follows:

Mutual funds	  	$	(8,546,372	) 	
Collective trust funds	  	 	9,794,478	  	
Equity securities	  	 	9,393,688	  	
	  	 	 	 	
		$	 10,641,794	  	
	  	 	 	 	
7. Related Party Transactions
The Trustee and Devon are parties in interest as defined by ERISA. Certain plan investments are shares of mutual funds managed by Fidelity Management & Research Company, which is an affiliate of the Trustee. The Trustee also invests certain Plan assets in the Devon Stock Fund. Such transactions qualify as party-in-interest transactions permitted by the Department of Labor regulations.
8. Tax Status
The Internal Revenue Service has determined and informed Devon by a letter dated April 16, 2010 that the Plan and related trusts are designed in accordance with applicable sections of the Code. Prior to April 16, 2010, the Plan operated under a determination letter dated August 1, 2002. Although the Plan has been amended since receiving the determination letter, the Benefits Committee believes that the Plan is designed and is currently being operated in compliance with the applicable provisions of the Code.
Accounting principles generally accepted in the United States of America require plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain position that more
 
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DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS – CONTINUED
 
likely than not would not be sustained upon examination by the Internal Revenue Service. The Benefits Committee has analyzed the tax positions taken by the Plan and has concluded that there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements as of December 31, 2014 and 2013.
The Plan is subject to routine audits by taxing jurisdictions. The Benefits Committee believes it is no longer subject to income tax examinations for years prior to 2011.
9. Risk and Uncertainties
In general, the investments provided by the Plan are exposed to various risks, such as interest rate, credit and overall market volatility risks. Because of the risks associated with investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such change could materially affect the participants’ account balances and the amounts reported in the statements of net assets available for benefits.
10. Reconciliation of Financial Statement to Form 5500
The following is a reconciliation of net assets available for benefits per the financial statements at December 31, 2014 and 2013 to Form 5500.

 	  	2014	 	  	2013	 	
Net assets available for benefits per the financial statements	  	$	723,709,957	  	  	$	736,641,544	  	
Adjustment from contract value to fair value for interest in collective trust relating to fully benefit-responsive investment contracts	  	 	(344,479	) 	  	 	(773,253	) 	
	  	 	 	 	  	 	 	 	
Net assets available for benefits per Form 5500		$	 723,365,478	  		$	 735,868,291	  	
	  	 	 	 	  	 	 	 	
The following is a reconciliation of investment income per the financial statements for 2014 to Form 5500:

 	  	2014	 	
Net investment income per financial statements	  	$	24,585,807	  	
Interest income on notes receivable from participants	  	 	414,985	  	
Adjustment from contract value to fair value for interest in collective trust relating to fully benefit-responsive investment contracts	  	 	428,774	  	
	  	 	 	 	
Net investment income per Form 5500		$	 25,429,566	  	

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Devon Energy Corporation Incentive Savings Plan
 Schedule H, Line 4i—Schedule of Assets (Held at End of Year)
December 31, 2014

Identity of issue, borrower, lessor or similar party	  	Description of investment	  	Number of Shares
or Units	 	  	Current Value	 	
Devon Energy Corporation**	  	Devon common stock	  	 	838,415	  	  	$	 51,319,382	  	
Cash equivalent fund:	  		  				  				
INTEREST-BEARING CASH	  	Money-market securities	  				  	 	16,088,583	  	
THE VANGUARD GROUP	  	Vanguard Money Market Fund	  	 	23,110,284	  	  	 	23,110,284	  	
Mutual Funds and Collective Trust Funds:	  		  				  				
ABERDEEN	  	Aberdeen Emerging Markets Fund	  	 	591,331	  	  	 	7,977,056	  	
BLACKROCK, INC.	  	US Equity Index	  	 	4,566,914	  	  	 	99,985,271	  	
BLACKROCK, INC.	  	International Equity Index	  	 	5,476,125	  	  	 	67,644,919	  	
CAPITAL RESEARCH & MANAGEMENT COMPANY	  	Europacific Growth Fund	  	 	74,075	  	  	 	3,488,208	  	
HARBOR FUNDS	  	Harbor International Fund	  	 	605,088	  	  	 	39,197,596	  	
INVESCO	  	Invesco Equity Real Estate Securities Trust	  	 	40,966	  	  	 	4,945,032	  	
NEUBERGER BERMAN	  	Neuberger Berman High Yield Bond Fund	  	 	2,769,746	  	  	 	24,789,227	  	
PIMCO FUNDS	  	PIMCO Total Return Fund	  	 	5,382,938	  	  	 	57,382,119	  	
PIMCO FUNDS	  	PIMCO All Asset All Authority	  	 	3,189,988	  	  	 	29,124,591	  	
SEI TRUST COMPANY	  	PIMCO Stable Income Fund	  	 	374,646	  	  	 	37,614,661	  	
WESTERN ASSET	  	Inflation Indexed Plus Bond Portfolio	  	 	1,005,715	  	  	 	11,284,120	  	
Equity Securities:	  		  				  				
ABERCROMBIE & FITCH CL A	  	Common stock	  	 	13,800	  	  	 	395,232	  	
ABIOMED INC	  	Common stock	  	 	8,751	  	  	 	333,063	  	
ACACIA RESEARCH—ACACIA	  	Common stock	  	 	8,300	  	  	 	140,602	  	
ACADIA HEALTHCARE CO INC	  	Common stock	  	 	4,979	  	  	 	304,765	  	
ADOBE SYSTEMS INC	  	Common stock	  	 	28,922	  	  	 	2,102,629	  	
ADT CORP	  	Common stock	  	 	22,800	  	  	 	826,044	  	
 
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ADVISORY BOARD CO		Common stock		 	5,146	  		 	252,051	  	
AKORN INC		Common stock		 	25,737	  		 	931,679	  	
ALEXION PHARMACEUTICALS		Common stock		 	7,102	  		 	1,314,083	  	
ALIBABA GROUP HLD SPON AD		Common stock		 	13,189	  		 	1,370,865	  	
ALIGN TECHNOLOGY INC		Common stock		 	5,479	  		 	306,331	  	
ALLEGHANY CORP DEL		Common stock		 	1,900	  		 	880,650	  	
ALLIANT ENERGY CORPORATION		Common stock		 	7,900	  		 	524,718	  	
ALTISOURCE PORTFOLIO SOLUTIONS		Common stock		 	8,500	  		 	287,215	  	
ALTRIA GROUP INC		Common stock		 	22,100	  		 	1,088,867	  	
AMAZON.COM INC		Common stock		 	2,260	  		 	701,391	  	
AMDOCS LTD		Common stock		 	15,700	  		 	732,484	  	
AMERICAN EXPRESS CO		Common stock		 	7,000	  		 	651,280	  	
AMERICAN INTERNATIONAL GROUP		Common stock		 	14,800	  		 	828,948	  	
AMERICAN PUBLIC EDUCATION		Common stock		 	17,100	  		 	630,477	  	
AMERICAN WATER WORKS COMPANY		Common stock		 	13,900	  		 	740,870	  	
AMERIPRISE FINANCIAL INC		Common stock		 	7,200	  		 	952,200	  	
ANIKA THERAPEUTICS INC		Common stock		 	9,800	  		 	399,252	  	
ANTHEM INC		Common stock		 	6,900	  		 	867,123	  	
APOLLO EDUCATION GROUP CL		Common stock		 	7,700	  		 	262,647	  	
APPLE INC		Common stock		 	19,716	  		 	2,176,252	  	
APPLIED MATERIALS INC		Common stock		 	101,932	  		 	2,540,145	  	
ARRIS GROUP INC		Common stock		 	14,200	  		 	428,698	  	
ASCENA RETAIL GROUP INC		Common stock		 	56,700	  		 	712,152	  	
ASSURED GUARANTY LTD		Common stock		 	20,400	  		 	530,196	  	
AVG TECHNOLOGIES NV		Common stock		 	16,200	  		 	319,788	  	
BABCOCK & WILCOX CO		Common stock		 	24,500	  		 	742,350	  	
BANK OF AMERICA CORPORATION		Common stock		 	85,900	  		 	1,536,751	  	
BENEFITFOCUS INC		Common stock		 	15,135	  		 	497,033	  	
BLOCK H & R INC		Common stock		 	22,500	  		 	757,800	  	
BOEING CO		Common stock		 	5,142	  		 	668,357	  	
BP PLC SPON ADR		Common stock		 	18,900	  		 	720,468	  	
BRUKER CORP		Common stock		 	31,800	  		 	623,916	  	
BUFFALO WILD WINGS INC		Common stock		 	2,248	  		 	405,494	  	
CA INC		Common stock		 	27,000	  		 	822,150	  	
CALIFORNIA RESOURCES CORP		Common stock		 	2,624	  		 	14,458	  	
CANADIAN SOLAR INC		Common stock		 	17,489	  		 	423,059	  	
CAPITAL ONE FINANCIAL CORP		Common stock		 	19,900	  		 	1,642,745	  	
 
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CARDINAL HEALTH INC		Common stock		 	10,100	  		 	815,373	  	
CARNIVAL CORP		Common stock		 	23,400	  		 	1,060,722	  	
CDW CORPORATION		Common stock		 	8,100	  		 	284,877	  	
CELGENE CORP		Common stock		 	16,044	  		 	1,794,682	  	
CENTENE CORP		Common stock		 	14,176	  		 	1,472,178	  	
CEPHEID INC		Common stock		 	12,823	  		 	694,237	  	
CHIPOTLE MEXICAN GRILL		Common stock		 	2,200	  		 	1,505,922	  	
CHURCHILL DOWNS INC		Common stock		 	1,300	  		 	123,890	  	
CIGNA CORP		Common stock		 	7,200	  		 	740,952	  	
CIRRUS LOGIC INC		Common stock		 	16,200	  		 	381,834	  	
CIT GROUP INC		Common stock		 	28,400	  		 	1,358,372	  	
CITIGROUP INC		Common stock		 	33,050	  		 	1,788,336	  	
CMS ENERGY CORP		Common stock		 	27,200	  		 	945,200	  	
COGNEX CORP		Common stock		 	8,749	  		 	361,596	  	
COGNIZANT TECH SOLUTIONS CL A		Common stock		 	19,289	  		 	1,015,759	  	
COMMUNITY HEALTH SYSTEMS INC NEW		Common stock		 	5,500	  		 	296,560	  	
COMPUTER SCIENCES CORP		Common stock		 	5,800	  		 	365,690	  	
CONOCOPHILLIPS		Common stock		 	12,000	  		 	828,720	  	
COPA HOLDINGS SA CL A		Common stock		 	6,600	  		 	684,024	  	
COSTAR GROUP INC		Common stock		 	2,631	  		 	483,131	  	
COSTCO WHOLESALE CORP		Common stock		 	13,540	  		 	1,919,295	  	
COVANTA HOLDING CORP		Common stock		 	17,700	  		 	389,577	  	
CRH PLC SPON ADR		Common stock		 	41,900	  		 	1,006,019	  	
CUMMINS INC		Common stock		 	4,909	  		 	707,730	  	
DEALERTRACK TECH INC		Common stock		 	12,790	  		 	566,725	  	
DELEK US HOLDINGS INC		Common stock		 	13,600	  		 	371,008	  	
DELPHI AUTOMOTIVE PLC		Common stock		 	15,900	  		 	1,156,248	  	
DIAMOND FOODS INC		Common stock		 	377	  		 	10,643	  	
DIAMONDBACK ENERGY INC		Common stock		 	4,241	  		 	253,527	  	
DIGITALGLOBE INC		Common stock		 	23,500	  		 	727,795	  	
DIRECTV		Common stock		 	7,900	  		 	684,930	  	
DISCOVER FINANCIAL SERVICES INC		Common stock		 	14,700	  		 	962,703	  	
DR HORTON INC		Common stock		 	14,015	  		 	354,439	  	
DST SYSTEMS INC		Common stock		 	6,400	  		 	602,560	  	
E TRADE FINANCIAL CORP		Common stock		 	20,600	  		 	499,653	  	
EAGLE MATERIALS INC		Common stock		 	7,182	  		 	546,047	  	
EATON CORP PLC		Common stock		 	12,900	  		 	876,684	  	
 
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ECHOSTAR CORP CL A		Common stock		 	14,900	  		 	782,250	  	
ELLIE MAE INC		Common stock		 	2,088	  		 	84,188	  	
EMERSON ELECTRIC CO		Common stock		 	12,500	  		 	771,625	  	
ENERGY XXI (USA)		Common stock		 	40,100	  		 	130,726	  	
ENSTAR GROUP LTD		Common stock		 	3,600	  		 	550,404	  	
ENTROPIC COMMUNICATIONS INC		Common stock		 	130,800	  		 	330,924	  	
ESSENT GROUP LTD		Common stock		 	15,367	  		 	395,086	  	
EXELIS INC		Common stock		 	35,600	  		 	624,068	  	
EXPRESS INC		Common stock		 	43,700	  		 	641,953	  	
F5 NETWORKS INC		Common stock		 	11,452	  		 	1,494,085	  	
FACEBOOK INC A		Common stock		 	25,868	  		 	2,018,221	  	
FAIRCHILD SEMICONDUCTOR INTERNATIONAL INC		Common stock		 	54,500	  		 	919,960	  	
FASTENAL CO		Common stock		 	23,349	  		 	1,110,478	  	
FEDEX CORP		Common stock		 	10,846	  		 	1,883,516	  	
FIESTA RESTAURANT GROUP		Common stock		 	14,293	  		 	869,014	  	
FIFTH THIRD BANCORP		Common stock		 	38,500	  		 	784,438	  	
FIRST NIAGARA FINANCIAL GROUP		Common stock		 	72,700	  		 	612,861	  	
FIRST REPUBLIC BANK		Common stock		 	14,700	  		 	766,164	  	
FMC CORP NEW		Common stock		 	8,900	  		 	507,567	  	
FMSA HOLDINGS INC		Common stock		 	21,200	  		 	146,704	  	
FNF GROUP		Common stock		 	22,300	  		 	768,235	  	
FNFV GROUP		Common stock		 	18,899	  		 	297,470	  	
FTI CONSULTING INC		Common stock		 	16,900	  		 	652,847	  	
GAMING AND LEISURE PROPERTIES INC		Common stock		 	30,100	  		 	883,134	  	
GENCORP INC		Common stock		 	42,400	  		 	775,920	  	
GENERAL DYNAMICS CORPORATION		Common stock		 	5,600	  		 	770,672	  	
GILEAD SCIENCES INC		Common stock		 	10,033	  		 	945,710	  	
GLOBAL CASH ACCESS HOLDINGS		Common stock		 	82,600	  		 	590,590	  	
GOGO INC		Common stock		 	13,975	  		 	231,007	  	
GOOGLE INC CL A		Common stock		 	2,200	  		 	1,167,452	  	
GOOGLE INC CL C		Common stock		 	2,200	  		 	1,158,080	  	
GRANITE CONSTRUCTION INC		Common stock		 	14,085	  		 	535,512	  	
GREENBRIER COMPANIES INC		Common stock		 	7,865	  		 	422,586	  	
GUIDEWIRE SOFTWARE INC		Common stock		 	11,336	  		 	573,942	  	
HANESBRANDS INC		Common stock		 	10,000	  		 	1,116,200	  	
HANOVER INSURANCE GROUP		Common stock		 	10,700	  		 	763,124	  	
HCC INSURANCE HOLDINGS INC		Common stock		 	14,700	  		 	786,744	  	
 
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HEALTH NET INC		Common stock		 	9,154	  		 	490,014	  	
HEICO CORP		Common stock		 	5,924	  		 	357,810	  	
HELIX ENERGY SOLUTIONS GROUP INC		Common stock		 	17,300	  		 	375,410	  	
HOMEAWAY INC		Common stock		 	19,544	  		 	582,020	  	
HONEYWELL INTERNATIONAL INC		Common stock		 	7,000	  		 	699,440	  	
HUMANA INC		Common stock		 	10,060	  		 	1,444,918	  	
HUNT J B TRANSPORT SERVICES IN		Common stock		 	7,398	  		 	623,282	  	
IDACORP INC		Common stock		 	8,000	  		 	529,520	  	
ILLUMINA INC		Common stock		 	9,298	  		 	1,716,225	  	
INSULET CORP		Common stock		 	15,813	  		 	728,347	  	
INTEL CORP		Common stock		 	29,100	  		 	1,056,039	  	
IPG PHOTONICS CORP		Common stock		 	8,405	  		 	629,703	  	
IRON MOUNTAIN INC		Common stock		 	10,500	  		 	405,930	  	
JOHNSON & JOHNSON		Common stock		 	9,400	  		 	982,958	  	
JOHNSON CONTROLS INC		Common stock		 	22,500	  		 	1,087,650	  	
JOY GLOBAL INC		Common stock		 	16,500	  		 	767,580	  	
JPMORGAN CHASE & CO		Common stock		 	24,300	  		 	1,520,694	  	
K12 INC		Common stock		 	29,500	  		 	350,165	  	
KANSAS CITY SOUTHERN		Common stock		 	26,903	  		 	3,282,973	  	
KATE SPADE & CO		Common stock		 	14,056	  		 	449,933	  	
KBR INC		Common stock		 	34,900	  		 	591,555	  	
KNIGHT TRANSPORTATION INC		Common stock		 	21,936	  		 	738,366	  	
KULICKE & SOFFA INDUSTRIES INC		Common stock		 	30,300	  		 	438,138	  	
LABORATORY CORP OF AMERICA HOLDINGS		Common stock		 	6,000	  		 	647,400	  	
LAM RESEARCH CORP		Common stock		 	2,900	  		 	230,086	  	
LIFELOCK INC		Common stock		 	58,732	  		 	1,087,129	  	
LINKEDIN CORP CL A		Common stock		 	6,848	  		 	1,573,054	  	
LULULEMON ATHLETICA INC		Common stock		 	12,521	  		 	698,546	  	
MARKEL CORP		Common stock		 	1,000	  		 	682,840	  	
MARKETAXESS HOLDINGS INC		Common stock		 	5,568	  		 	399,281	  	
MASTERCARD INC CL A		Common stock		 	27,867	  		 	2,401,021	  	
MEDIVATION INC		Common stock		 	7,153	  		 	712,510	  	
MEDNAX INC		Common stock		 	5,500	  		 	363,605	  	
MEDTRONIC INC		Common stock		 	13,300	  		 	960,260	  	
MERCK & CO INC NEW		Common stock		 	14,200	  		 	806,418	  	
MFA FINANCIAL INC		Common stock		 	150,600	  		 	1,203,294	  	
MICROCHIP TECHNOLOGY		Common stock		 	21,000	  		 	947,310	  	
 
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MICROSOFT CORP		Common stock		 	20,750	  		 	963,838	  	
MKS INSTRUMENTS INC		Common stock		 	6,700	  		 	245,220	  	
NABORS INDUSTRIES LTD		Common stock		 	30,200	  		 	391,996	  	
NATIONAL CINEMEDIA INC		Common stock		 	49,200	  		 	707,004	  	
NAVIENT CORP		Common stock		 	60,000	  		 	1,296,600	  	
NCI BUILDING SYSTEMS INC NEW		Common stock		 	40,673	  		 	753,264	  	
NETFLIX INC		Common stock		 	5,120	  		 	1,749,043	  	
NETSUITE INC		Common stock		 	19,975	  		 	2,180,670	  	
NEUSTAR INC CL A		Common stock		 	19,100	  		 	530,980	  	
NEW SENIOR INVESTMENT GROUP		Common stock		 	37,666	  		 	619,606	  	
NEW YORK COMMUNITY BANCORP INC		Common stock		 	49,900	  		 	798,400	  	
NEWCASTLE INVESTMENT CORP REIT		Common stock		 	80,066	  		 	359,496	  	
NEWPARK RESOURCES INC		Common stock		 	38,900	  		 	371,106	  	
NORTHWESTERN CORP		Common stock		 	15,200	  		 	860,016	  	
NVR INC		Common stock		 	870	  		 	1,109,537	  	
NXSTAGE MEDICAL INC		Common stock		 	17,681	  		 	317,020	  	
OCCIDENTAL PETROLEUM CORP		Common stock		 	6,560	  		 	528,802	  	
OCWEN FINANCIAL CORP		Common stock		 	35,900	  		 	542,090	  	
OMNICARE INC		Common stock		 	16,800	  		 	1,225,224	  	
ORACLE CORP		Common stock		 	24,000	  		 	1,079,280	  	
OWENS CORNING INC		Common stock		 	29,100	  		 	1,042,071	  	
PACIRA PHARMACE		Common stock		 	7,826	  		 	693,853	  	
PALO ALTO NETWORKS INC		Common stock		 	5,015	  		 	614,689	  	
PBF ENERGY INC CL A		Common stock		 	25,000	  		 	666,000	  	
PEOPLES UNITED FINANCIAL INC		Common stock		 	55,700	  		 	845,526	  	
PFIZER INC		Common stock		 	27,170	  		 	846,346	  	
PHARMERICA CORP		Common stock		 	34,200	  		 	708,282	  	
PHILIP MORRIS INTL INC		Common stock		 	9,950	  		 	810,428	  	
PNC FINANCIAL SERVICES GROUP INC		Common stock		 	11,600	  		 	1,058,268	  	
POLARIS INDUSTRIES INC		Common stock		 	12,062	  		 	1,824,257	  	
PRA GROUP INC		Common stock		 	10,310	  		 	597,258	  	
PRICELINE GROUP INC		Common stock		 	1,859	  		 	2,119,650	  	
PUBLIC SERVICE ENTERPRISE GROUP		Common stock		 	10,800	  		 	447,228	  	
RADIAN GROUP INC		Common stock		 	16,800	  		 	280,896	  	
RAYTHEON CO		Common stock		 	6,550	  		 	708,514	  	
REGENERON PHARMACEUTICALS		Common stock		 	3,772	  		 	1,547,463	  	
RENT A CENTER INC		Common stock		 	19,900	  		 	722,768	  	
 
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ROCKWOOD HOLDINGS INC		Common stock		 	5,100	  		 	401,880	  	
ROVI CORPORATION		Common stock		 	16,600	  		 	374,994	  	
ROYAL CARIBBEAN CRUISES		Common stock		 	12,300	  		 	1,013,889	  	
RPX CORP		Common stock		 	46,800	  		 	644,904	  	
SALESFORCE.COM INC		Common stock		 	39,072	  		 	2,317,360	  	
SALIX PHARMACEUTICALS LTD		Common stock		 	26,628	  		 	3,060,622	  	
SANOFI SPON ADR		Common stock		 	21,500	  		 	980,615	  	
SCHLUMBERGER LTD		Common stock		 	15,224	  		 	1,300,282	  	
SCHOLASTIC CORP		Common stock		 	15,500	  		 	564,510	  	
SCRIPPS (EW) CO CL A		Common stock		 	30,600	  		 	683,910	  	
SEADRILL LTD (USA)		Common stock		 	25,700	  		 	306,858	  	
SEAWORLD ENTERTAINMENT INC		Common stock		 	48,800	  		 	873,520	  	
SERVICENOW INC		Common stock		 	27,362	  		 	1,856,512	  	
SHUTTERFLY INC		Common stock		 	7,693	  		 	320,760	  	
SHUTTERSTOCK INC		Common stock		 	10,334	  		 	714,079	  	
SILICON IMAGE INC		Common stock		 	71,600	  		 	395,232	  	
SIRIUS XM HOLDINGS INC		Common stock		 	367,217	  		 	1,285,259	  	
SLM CORP		Common stock		 	88,400	  		 	900,796	  	
SPIRIT AEROSYSTEM HL CL A		Common stock		 	21,200	  		 	912,448	  	
SPX CORP		Common stock		 	7,600	  		 	652,992	  	
STAGE STORES INC		Common stock		 	3,000	  		 	62,100	  	
STANLEY BLACK & DECKER		Common stock		 	11,800	  		 	1,133,744	  	
STARBUCKS CORP		Common stock		 	20,851	  		 	1,710,825	  	
STATE STREET CORP		Common stock		 	14,800	  		 	1,161,800	  	
STEWART INFORMATION SERVICES		Common stock		 	21,200	  		 	785,248	  	
TABLEAU SOFTWARE INC CL A		Common stock		 	4,414	  		 	374,131	  	
TARGET CORP		Common stock		 	13,900	  		 	1,055,149	  	
TEAM HEALTH HOLDINGS INC		Common stock		 	14,127	  		 	812,726	  	
TERADYNE INC		Common stock		 	13,400	  		 	265,186	  	
TEVA PHARMACEUTICAL IND A		Common stock		 	15,600	  		 	897,156	  	
TEXAS INSTRUMENTS INC		Common stock		 	18,000	  		 	962,370	  	
THE CHILDRENS PLACE INC		Common stock		 	11,300	  		 	644,100	  	
TIVO INC		Common stock		 	30,100	  		 	356,384	  	
TOTAL SYSTEM SERVICES INC		Common stock		 	24,100	  		 	818,436	  	
TREEHOUSE FOODS INC		Common stock		 	9,500	  		 	812,535	  	
TRIPADVISOR INC		Common stock		 	9,361	  		 	698,892	  	
ULTA SALON COSMETICS & FR		Common stock		 	3,721	  		 	475,693	  	
 
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ULTIMATE SOFTWARE GROUP		Common stock		 	4,946	  		 	726,147	  	
UNDER ARMOUR INC CL A		Common stock		 	12,897	  		 	875,706	  	
UNION PACIFIC CORP		Common stock		 	19,536	  		 	2,327,324	  	
UNITED RENTALS INC		Common stock		 	19,963	  		 	2,036,426	  	
UNITEDHEALTH GROUP INC		Common stock		 	8,400	  		 	849,156	  	
VEEVA SYSTEMS INC CL A		Common stock		 	16,049	  		 	423,854	  	
VERIZON COMMUNICATIONS INC		Common stock		 	22,002	  		 	1,029,254	  	
VIRTUSA CORP		Common stock		 	7,632	  		 	318,025	  	
VISA INC CL A		Common stock		 	8,375	  		 	2,195,925	  	
VIVINT SOLAR INC		Common stock		 	21,268	  		 	196,091	  	
VODAFONE GROUP PLC SPON A		Common stock		 	9,645	  		 	329,570	  	
VONAGE HOLDINGS CORP		Common stock		 	170,400	  		 	649,224	  	
WABCO HOLDINGS INC		Common stock		 	2,728	  		 	285,840	  	
WAL MART STORES INC		Common stock		 	13,400	  		 	1,150,792	  	
WELLCARE HEALTH PLANS INC		Common stock		 	4,500	  		 	369,270	  	
WELLS FARGO & CO		Common stock		 	32,300	  		 	1,770,686	  	
WESTAR ENERGY INC		Common stock		 	23,300	  		 	960,892	  	
WHITE MOUNTAINS INS GROUP		Common stock		 	1,200	  		 	756,132	  	
WILLIS GROUP HOLDINGS PLC		Common stock		 	13,700	  		 	613,897	  	
WORKDAY INC CL A		Common stock		 	14,596	  		 	1,191,180	  	
WORLD FUEL SERVICES CORP		Common stock		 	7,800	  		 	366,054	  	
WORLD WRESTLING ENTERTAINMENT CL A		Common stock		 	31,900	  		 	393,646	  	
YELP INC		Common stock		 	11,834	  		 	647,675	  	
ZOES KITCHEN INC		Common stock		 	19,929	  		 	596,076	  	
Brokerage Link		Participant directed accounts including certain Fidelity investment funds**						 	25,150,526	  	
Notes receivable from participants**		Installment loans due from participants with maturity dates ranging from January 2015 to October 2029 and interest rates ranging from 4.25% to 9.50%.						 	9,722,071	  	
	  		  				  	 	 	 	
								$	 717,082,871	  	

**	Represents party in interest to the Plan.	
 
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 SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan Administrator of the Plan has duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized.

 		Devon Energy Incentive Savings Plan	
		
Date: June 26, 2015		/s/ Frank W. Rudolph	
		Frank W. Rudolph	
		Executive Vice President Human Resources	
 
22

Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We have issued our report dated June 26, 2015, with respect to the financial statements and supplemental schedule included in the Annual Report of Devon Energy Corporation Incentive Savings Plan on Form 11-K for the year ended December 31, 2014. We hereby consent to the incorporation by reference of said report in the Registration Statement of Devon Energy Corporation on Form S-8 (File No. 333-179181, effective January 26, 2012).
/s/ GRANT THORNTON LLP
Oklahoma City, Oklahoma
June 26, 2015