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, 2011
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 73102-5010

 

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)	  	 	13	  	
		
Signatures	  	 	18	  	
 
2

Report of Independent R  egistered 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 as of December 31, 2011 and 2010, and the related statement of changes in net assets available for benefits for the year ended December 31, 2011. 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. The Plan is not required to have, nor were we engaged to perform an audit of its 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, 2011 and 2010, and the changes in net assets available for benefits for the year ended December 31, 2011 in conformity with accounting principles generally accepted in the United States of America.
Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule of assets (held at end of year) as of December 31, 2011 is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is 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 supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, 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 28, 2012
 
3

DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN
 STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

 	  	December 31,	 	
 	  	2011	 	  	2010	 	
ASSETS	  				  				
Investments, at fair value	  	$	579,474,149	  	  	$	613,531,972	  	
Employer contributions receivable	  	 	16,508,031	  	  	 	14,984,484	  	
Notes receivable from participants	  	 	10,354,047	  	  	 	10,000,959	  	
Other receivables	  	 	3,747,769	  	  	 	861,801	  	
	  	 	 	 	  	 	 	 	
Total assets	  	 	610,083,996	  	  	 	639,379,216	  	

LIABILITIES	  				  				
Other liabilities	  	 	820,080	  	  	 	2,826,276	  	
	  	 	 	 	  	 	 	 	
Total liabilities	  	 	820,080	  	  	 	2,826,276	  	

Net assets reflecting all investments at fair value	  	 	609,263,916	  	  	 	636,552,940	  	
			
Adjustment from fair value to contract value for fully benefit-responsive investment contracts held by a collective trust	  	 	198,924	  	  	 	543,173	  	

NET ASSETS AVAILABLE FOR BENEFITS	  	$	609,462,840	  	  	$	637,096,113	  	
	  	 	 	 	  	 	 	 	
See accompanying notes to financial statements
 
4

DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN
STATEMEN  T OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

 	  	Year Ended
December 31, 2011	 	
Additions:	  				
Investment loss:	  				
Net depreciation in fair value of investments	  	$	(35,472,709	) 	
Dividends	  	 	7,888,808	  	
Interest	  	 	77,850	  	
	  	 	 	 	
Net investment loss	  	 	(27,506,051	) 	
		
Interest income on notes receivable from participants	  	 	478,752	  	
		
Contributions:	  				
Participant, including rollovers	  	 	30,105,648	  	
Employer	  	 	32,255,886	  	
	  	 	 	 	
Total contributions	  	 	62,361,534	  	

Total additions	  	 	35,334,235	  	

Deductions:	  				
Distributions to participants	  	 	61,202,746	  	
Administrative expenses	  	 	1,764,762	  	
	  	 	 	 	
Total deductions	  	 	62,967,508	  	

Net decrease in net assets available for benefits	  	 	(27,633,273	) 	
		
Net assets available for benefits:	  				
Beginning of year	  	 	637,096,113	  	
	  	 	 	 	
End of year	  	$	609,462,840	  	
	  	 	 	 	
See accompanying notes to financial statements
 
5

DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN
NOTES TO FIN  ANCIAL 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 multiple employer defined contribution plan covering substantially all United States employees of each of Devon Energy Corporation (Devon) and Thunder Creek Gas Services, LLC 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 the employees to be eligible.
Fidelity Management Trust Company (the Trustee) is the Trustee of the Plan.
The plan administrator is a committee (Benefits Committee) of employees of Devon appointed by, and serving at the direction of Devon. The Benefits Committee has the sole responsibility for the administration of the Plan, except with respect to duties related to the selection and monitoring of investment options in the Plan. The selection and monitoring of investment options, along with related functions, is the responsibility of a separate committee (Investments Committee) of employees that is also appointed by, and serving at the direction of Devon. Devon’s Board of Directors, or a committee thereof, has the sole responsibility for appointing and removing the Trustee of the Plan. Under the terms of an agreement between the Trustee and the Plan, the Trustee administers the trust for the Plan, including receiving, investing and holding plan assets and paying benefits to participants in accordance with instructions from the plan administrator.
Contributions
As defined in the Plan, participants elect to contribute from 1% to 50% of their compensation to the Plan subject to limitations under the Internal Revenue Code (IRC). Amounts contributed are excluded from the participant’s taxable income for the year of contribution. Participants who have attained age 50 before the end of the Plan year are eligible to make 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 $1,921,000 for the year ended December 31, 2011.
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 may 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. For the year ended December 31, 2011, 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 $14,700. For participants with less than five years of service, Devon’s matching contribution was limited to the lesser of 3% of the participant’s compensation, or $7,350 (except that participants who were employed prior to October 1, 2007 and elected to continue to participate in a separate defined benefit plan were not eligible for enhanced contributions and received the higher matching contribution described in the preceding sentence even if they had less than five years of service).
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 2011, 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
 
6

DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS – CONTINUED
expenses. Allocations are based on participant earnings on account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.
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, 2011 consist of mutual funds, equity securities, Devon common stock, money market funds, 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
Participants are vested immediately in their contributions, plus actual earnings or losses thereon. For each year of service up to four years, participants become 25% vested in employer contributions to their account and the earnings or losses generated thereon. 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 or another participating employer.
Notes Receivable from Participants
Participants may borrow from their fund accounts up to 50% of their vested balance, but such loan may not be less than $1,000 or greater than $50,000. Participants may not have more than two loans outstanding at any time. 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 9.75% at December 31, 2011. 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 2012 to May 2021 at December 31, 2011. Principal and interest is repaid through biweekly payroll deductions from the participants’ wages.
Payment of Benefits
While still employed, Participants who are 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 his or her account or equal installments (monthly, quarterly, semi-annually or annually) for any period less than the life expectancy of the participant and his or her 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 his or her account at the time of his or her 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.
Forfeited Accounts
Upon termination of employment of participants who are not fully vested in Devon’s contributions, the nonvested portion is forfeited and used to reduce Devon’s future contributions. Employer contributions were reduced by $727,000 in 2011. As of December 31, 2011 and 2010, there were approximately $1,515,000 and $1,098,000, respectively, of forfeitures available to reduce future employer contributions.
 
7

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 Devon’s management and the plan administrator 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 represents 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 Statements of Net Assets Available for Benefits presents 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 Statement of Changes in Net Assets Available for Benefits is prepared on a contract value basis.
Notes Receivable From Participants
Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent participant loans are reclassified as distributions based upon the terms of the plan document.
Payment of Benefits
Benefits are recorded when paid.
 
8

DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS – CONTINUED
Administrative
Trustee, audit and certain other administrative fees for 2011 were paid by Devon on behalf of the Plan.
Recent Accounting Pronouncements Adopted
In May 2011, the FASB issued Accounting Standards Update No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS . This update changes certain fair value measurement principles and enhances the disclosure requirements particularly for level 3 fair value measurements. This update is effective for the Plan prospectively for the year ending December 31, 2012. The Plan does not expect the adoption of this update will materially impact its 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, 2011 and 2010.

 	  	As of December 31, 2011	 	
 	  	 	 	  	Fair Value Measurements Using:	 	
 	  	Total	 	  	Level 1 Inputs	 	  	Level 2 Inputs	 	
Mutual funds:	  				  				  				
Growth funds	  	$	50,680,396	  	  	$	50,680,396	  	  	$	—  	  	
Fixed income funds	  	 	94,446,068	  	  	 	94,446,068	  	  	 	—  	  	
Balanced funds	  	 	14,867,287	  	  	 	14,867,287	  	  	 	—  	  	
Other funds	  	 	12,092,463	  	  	 	12,092,463	  	  	 	—  	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Total mutual funds	  	 	172,086,214	  	  	 	172,086,214	  	  	 	—  	  	

Equity Securities:	  				  				  				
Employer stock	  	 	72,388,968	  	  	 	72,388,968	  	  	 	—  	  	
Domestic large cap value	  	 	50,406,623	  	  	 	50,406,623	  	  	 	—  	  	
Domestic large cap growth	  	 	46,579,746	  	  	 	46,579,746	  	  	 	—  	  	
Domestic small cap value	  	 	32,577,849	  	  	 	32,577,849	  	  	 	—  	  	
Domestic small cap growth	  	 	23,643,043	  	  	 	23,643,043	  	  	 	—  	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Total equity securities	  	 	225,596,229	  	  	 	225,596,229	  	  	 	—  	  	

Money market funds	  	 	54,097,012	  	  	 	54,097,012	  	  	 	—  	  	
				
Collective trust funds:	  				  				  				
U.S. equity index (1)	  	 	61,110,240	  	  	 	—  	  	  	 	61,110,240	  	
Stable value (2)	  	 	42,927,580	  	  	 	—  	  	  	 	42,927,580	  	
International equity index (3)	  	 	20,845,608	  	  	 	—  	  	  	 	20,845,608	  	
Real estate investment trust (4)	  	 	2,811,266	  	  	 	—  	  	  	 	2,811,266	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Total collective trust funds	  	 	127,694,694	  	  	 	—  	  	  	 	127,694,694	  	

Total investments	  	$	579,474,149	  	  	$	451,779,455	  	  	$	127,694,694	  	

9

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

 	  	As of December 31, 2010	 	
 	  	 	 	  	Fair Value Measurements Using:	 	
 	  	Total	 	  	Level 1 Inputs	 	  	Level 2 Inputs	 	
Mutual funds:	  				  				  				
Growth funds	  	$	58,583,003	  	  	$	58,583,003	  	  	$	—  	  	
Fixed income funds	  	 	82,854,976	  	  	 	82,854,976	  	  	 	—  	  	
Balanced funds	  	 	9,597,936	  	  	 	9,597,936	  	  	 	—  	  	
Other funds	  	 	9,643,054	  	  	 	9,643,054	  	  	 	—  	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Total mutual funds	  	 	160,678,969	  	  	 	160,678,969	  	  	 	—  	  	

Equity Securities:	  				  				  				
Employer stock	  	 	98,847,937	  	  	 	98,847,937	  	  	 	—  	  	
Domestic large cap value	  	 	60,582,670	  	  	 	60,582,670	  	  	 	—  	  	
Domestic large cap growth	  	 	46,488,958	  	  	 	46,488,958	  	  	 	—  	  	
Domestic small cap value	  	 	35,965,786	  	  	 	35,965,786	  	  	 	—  	  	
Domestic small cap growth	  	 	25,041,525	  	  	 	25,041,525	  	  	 	—  	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Total equity securities	  	 	266,926,876	  	  	 	266,926,876	  	  	 	—  	  	

Money market funds	  	 	56,224,721	  	  	 	56,224,721	  	  	 	—  	  	
				
Collective trust funds:	  				  				  				
Domestic large cap blend (5)	  	 	63,708,372	  	  	 	—  	  	  	 	63,708,372	  	
Stable value (2)	  	 	33,365,497	  	  	 	—  	  	  	 	33,365,497	  	
International value (6)	  	 	30,207,963	  	  	 	—  	  	  	 	30,207,963	  	
Real estate investment trust (4)	  	 	2,419,574	  	  	 	—  	  	  	 	2,419,574	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Total collective trust funds	  	 	129,701,406	  	  	 	—  	  	  	 	129,701,406	  	

Total investments	  	$	613,531,972	  	  	$	483,830,566	  	  	$	129,701,406	  	

 	(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 FTSE NAREIT Equity REITS Index. This fund allows for daily redemptions with no unfunded commitments.	
 	(5)	Investment fund sought to provide long-term growth of capital by primarily investing in a diversified portfolio of large and medium-sized US companies and sought to outperform its benchmark, the S&P 500 Index, within defined risk and return parameters. This fund allowed for daily redemptions.	
 	(6)	Investment fund sought to provide long-term growth of capital by investing in the stocks of large companies based outside of the United States. This fund allowed for daily redemptions.	
The following methods and assumptions were used to estimate the fair values in the tables above.
Level 1 Fair Value Measurements
Amounts consist 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 quoted market prices.
 
10

DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS – CONTINUED
Level 2 Fair Value Measurements
Amounts consist of collective trust funds. These funds can be redeemed upon demand. The fair values are based upon the net asset values provided by investment managers.
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 SEI Stable Asset Fund (the “Fund”) is a collective trust fund 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 $1 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 $1 per unit, but there is no guarantee that the Fund will be able to maintain this value.
Participants may direct the withdrawal or transfer of all or a portion of their investment in the Fund at contract value. Contract value represents contributions made to the Fund, plus earnings, less participant withdrawals and administrative expenses. The Fund imposes certain restrictions on the Plan, and the Fund itself may be subject to circumstances that impact its ability to transact at contract value. Plan management believes 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 termination, participants will 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, 2011 and 2010, and the fair value of such investments:

 	  	2011	 	  	2010	 	
 	  	Number of
shares or units	 	  	Fair value	 	  	Number of
shares or units	 	  	Fair value	 	
Vanguard Prime Money Market Fund	  	 	37,574,748	  	  	$	37,574,748	  	  	 	43,732,826	  	  	$	43,732,826	  	
Pimco Total Return Fund	  	 	6,473,534	  	  	 	70,367,314	  	  	 	5,977,552	  	  	 	64,856,442	  	
BlackRock, Inc. US Equity Index	  	 	4,881,010	  	  	 	61,110,241	  	  	 	—  	  	  	 	—  	  	
Artisan International Fund	  	 	1,580,116	  	  	 	31,333,701	  	  	 	2,578,393	  	  	 	55,951,134	  	
BlackRock, Inc. Large Cap Blend	  	 	—  	  	  	 	—  	  	  	 	3,648,819	  	  	 	63,708,372	  	
Devon Energy Corporation Common Stock	  	 	1,167,564	  	  	 	72,388,968	  	  	 	1,259,049	  	  	 	98,847,937	  	
SEI Stable Asset Fund	  	 	42,927,580	  	  	 	42,927,580	  	  	 	33,365,497	  	  	 	33,365,497	  	
During 2011, the Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) depreciated in value as follows:

Mutual funds	  	$	(4,929,446	) 	
Common collective trusts	  	 	(4,458,429	) 	
Equity securities	  	 	(26,084,834	) 	
	  	 	 	 	
	  	$	(35,472,709	) 	

11

DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS – CONTINUED
 
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 (IRS) 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 Internal Revenue Code (IRC). 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 plan administrator believes that the Plan is designed and is currently being operated in compliance with the applicable provisions of the IRC.
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 (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2011, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions. There are currently routine IRS audits for the tax periods of 2008 and 2009 in progress. The plan administrator believes it is no longer subject to income tax examinations for years prior to 2008. The plan administrator has responded to IRS requests for information in a timely manner and the IRS has made no adverse findings regarding the operation of the Plan.
 
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 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, 2011 and 2010 to the Form 5500 to be filed by October 15, 2012.

 	  	2011	 	 	2010	 	
Net assets available for benefits per the financial statements	  	$	609,462,840	  	 	$	637,096,113	  	
Adjustment from contract value to fair value for interest in collective trust relating to fully benefit-responsive investment contracts	  	 	(198,924	) 	 	 	(543,173	) 	
	  	 	 	 	 	 	 	 	
Net assets available for benefits per Form 5500	  	$	609,263,916	  	 	$	636,552,940	  	
	  	 	 	 	 	 	 	 	
The following is a reconciliation of investment income per the financial statements to the Form 5500, to be filed by October 15, 2012, for the year ended December 31, 2011:

Net investment loss per financial statements	  	$	(27,506,051	) 	
Interest income on notes receivable from participants	  	 	478,752	  	
Adjustment from contract value to fair value for interest in collective trust relating to fully benefit-responsive investment contracts	  	 	344,249	  	
	  	 	 	 	
Net investment income per Form 5500	  	$	(26,683,050	) 	

12

DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN
SCHEDULE H, LINE 4i-SCHEDULE O  F ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2011

Identity of issue, borrower, lessor or similar party	  	Description of investment	  	Number of shares
or units	 	  	Current
Value	 	
Devon Energy Corporation**	  	Devon common stock	  	 	1,167,564	  	  	$	72,388,968	  	
Cash equivalent fund:	  		  				  				
The Vanguard Group	  	Vanguard Money Market Fund	  	 	37,574,748	  	  	 	37,574,748	  	
Interest-bearing cash	  	Money-market securities	  				  	 	16,522,264	  	
Mutual Funds and Common Collective Trust:	  		  				  				
PIMCO Funds	  	PIMCO Total Return Fund	  	 	6,473,534	  	  	 	70,367,314	  	
PIMCO Funds	  	PIMCO All Asset All Authority	  	 	959,946	  	  	 	9,628,257	  	
Dwight Asset Management	  	SEI Stable Asset Fund	  	 	42,927,580	  	  	 	42,927,580	  	
Artisan Partners Group LP	  	Artisan International Fund	  	 	1,580,116	  	  	 	31,333,701	  	
Aberdeen	  	Aberdeen Emerging Markets Fund	  	 	245,786	  	  	 	3,123,944	  	
Harbor Funds	  	Harbor International Fund	  	 	298,786	  	  	 	15,671,314	  	
Neuberger Berman	  	Neuberger Berman High Yield Bond Fund	  	 	858,593	  	  	 	7,650,062	  	
Blackrock, Inc.	  	US Equity Index	  	 	4,881,010	  	  	 	61,110,241	  	
Blackrock, Inc.	  	International Equity Index	  	 	2,201,226	  	  	 	20,845,608	  	
Invesco	  	Invesco Equity Real Estate Securities Trust	  	 	36,529	  	  	 	2,811,266	  	
Western Asset	  	Inflation Indexed Plus Bond Portfolio	  	 	1,205,864	  	  	 	14,289,491	  	
				
Equity Investments:	  		  				  				
ACCENTURE PLC CL A	  	Common stock	  	 	17,050	  	  	 	907,571	  	
ALLERGAN INC	  	Common stock	  	 	11,300	  	  	 	991,461	  	
ALLIANCE DATA SYSTEMS CORP	  	Common stock	  	 	10,520	  	  	 	1,092,396	  	
AMAZON.COM INC	  	Common stock	  	 	6,800	  	  	 	1,177,080	  	
AMERICAN TOWER CORP CL A (OLD)	  	Common stock	  	 	16,180	  	  	 	970,962	  	
APPLE INC	  	Common stock	  	 	6,780	  	  	 	2,745,900	  	
BAKER HUGHES INC	  	Common stock	  	 	21,570	  	  	 	1,049,165	  	
CARDINAL HEALTH INC	  	Common stock	  	 	28,380	  	  	 	1,152,512	  	
CITRIX SYSTEMS INC	  	Common stock	  	 	14,420	  	  	 	875,582	  	
COACH INC	  	Common stock	  	 	20,800	  	  	 	1,269,632	  	
DISCOVER FIN SVCS	  	Common stock	  	 	50,710	  	  	 	1,217,040	  	
EBAY INC	  	Common stock	  	 	38,060	  	  	 	1,154,360	  	
EXPEDITORS INTL OF WASH INC	  	Common stock	  	 	26,240	  	  	 	1,074,790	  	
GOOGLE INC A	  	Common stock	  	 	3,520	  	  	 	2,273,568	  	
HALLIBURTON CO	  	Common stock	  	 	33,860	  	  	 	1,168,509	  	
HERSHEY CO (THE)	  	Common stock	  	 	16,390	  	  	 	1,012,574	  	
JOHNSON & JOHNSON	  	Common stock	  	 	18,820	  	  	 	1,234,216	  	
JOY GLOBAL INC	  	Common stock	  	 	13,590	  	  	 	1,018,842	  	
ESTEE LAUDER COS INC CL A	  	Common stock	  	 	8,320	  	  	 	934,502	  	
MARATHON OIL CORP	  	Common stock	  	 	46,860	  	  	 	1,371,592	  	
MCDONALDS CORP	  	Common stock	  	 	10,020	  	  	 	1,005,307	  	
MOSAIC CO NEW	  	Common stock	  	 	23,150	  	  	 	1,167,455	  	
NORDSTROM INC	  	Common stock	  	 	25,830	  	  	 	1,284,009	  	
ORACLE CORP	  	Common stock	  	 	63,390	  	  	 	1,625,954	  	
PARKER HANNIFIN CORP	  	Common stock	  	 	11,450	  	  	 	873,063	  	
PHILIP MORRIS INTL INC	  	Common stock	  	 	15,790	  	  	 	1,239,199	  	
PRECISION CASTPARTS CORP	  	Common stock	  	 	7,230	  	  	 	1,191,432	  	
QUALCOMM INC	  	Common stock	  	 	30,780	  	  	 	1,683,666	  	
SM ENERGY CO	  	Common stock	  	 	15,100	  	  	 	1,103,810	  	
SHERWIN WILLIAMS CO	  	Common stock	  	 	14,350	  	  	 	1,281,025	  	
STARBUCKS CORP	  	Common stock	  	 	26,870	  	  	 	1,236,289	  	
STRYKER CORP	  	Common stock	  	 	24,300	  	  	 	1,207,953	  	
 
13

DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN
SCHEDULE H, LINE 4i-SCHEDULE OF ASSETS (HELD AT END OF YEAR) – CONTINUED
DECEMBER 31, 2011

Identity of issue, borrower, lessor or similar party	  	Description of investment	  	Number of shares
or units	 	  	Current
Value	 	
TJX COMPANIES INC NEW	  	Common stock	  	 	20,480	  	  	 	1,321,984	  	
TERADATA CORP	  	Common stock	  	 	21,970	  	  	 	1,065,765	  	
TRANSDIGM GROUP INC	  	Common stock	  	 	12,880	  	  	 	1,232,358	  	
VMWARE INC CL A	  	Common stock	  	 	11,940	  	  	 	993,289	  	
WHOLE FOODS MARKET INC	  	Common stock	  	 	15,420	  	  	 	1,072,924	  	
WYNN RESORTS LTD	  	Common stock	  	 	10,180	  	  	 	1,124,788	  	
WILLIS GROUP HOLDINGS PLC	  	Common stock	  	 	12,900	  	  	 	500,520	  	
AEROPOSTALE INC	  	Common stock	  	 	10,400	  	  	 	158,600	  	
ALASKA AIR GROUP INC	  	Common stock	  	 	2,200	  	  	 	165,198	  	
ALLIANT ENERGY CORPORATION	  	Common stock	  	 	9,500	  	  	 	419,045	  	
AMEDISYS INC	  	Common stock	  	 	15,800	  	  	 	172,378	  	
AMERIGROUP CORP	  	Common stock	  	 	5,500	  	  	 	324,940	  	
BASIC ENERGY SERVICES INC	  	Common stock	  	 	500	  	  	 	9,850	  	
BERKLEY (WR) CORP	  	Common stock	  	 	15,800	  	  	 	543,362	  	
BLOCK H & R INC	  	Common stock	  	 	33,500	  	  	 	547,055	  	
CMS ENERGY CORP	  	Common stock	  	 	32,900	  	  	 	726,432	  	
CVR ENERGY INC	  	Common stock	  	 	14,700	  	  	 	275,331	  	
CACI INTERNATIONAL INC CL A	  	Common stock	  	 	6,300	  	  	 	352,296	  	
CASEY GENERAL STORES	  	Common stock	  	 	9,000	  	  	 	463,590	  	
CENTERPOINT ENERGY INC	  	Common stock	  	 	16,400	  	  	 	329,476	  	
CLEARWATER PAPER CORP	  	Common stock	  	 	9,000	  	  	 	320,490	  	
COMERICA INC	  	Common stock	  	 	10,800	  	  	 	278,640	  	
ASPEN INSURANCE HLDGS LTD	  	Common stock	  	 	23,900	  	  	 	633,350	  	
AMDOCS LTD	  	Common stock	  	 	16,000	  	  	 	456,480	  	
CROWN HOLDINGS INC	  	Common stock	  	 	18,800	  	  	 	631,304	  	
CUBIC CORP	  	Common stock	  	 	8,400	  	  	 	366,156	  	
CURTISS WRIGHT CORPORATION	  	Common stock	  	 	7,900	  	  	 	279,107	  	
WHITE MOUNTAINS INS GROUP LTD	  	Common stock	  	 	1,400	  	  	 	634,844	  	
DEVRY INC	  	Common stock	  	 	10,100	  	  	 	388,446	  	
DIAMOND FOODS INC	  	Common stock	  	 	9,600	  	  	 	309,792	  	
DIGITALGLOBE INC	  	Common stock	  	 	20,300	  	  	 	347,333	  	
DIGITAL GENERATION INC	  	Common stock	  	 	13,900	  	  	 	165,688	  	
DOMTAR CORP	  	Common stock	  	 	4,200	  	  	 	335,832	  	
PARTNERRE LTD	  	Common stock	  	 	7,800	  	  	 	500,838	  	
RENAISSANCERE HLDGS LTD	  	Common stock	  	 	6,700	  	  	 	498,279	  	
EAST WEST BANCORP INC	  	Common stock	  	 	8,400	  	  	 	165,900	  	
ECHOSTAR CORP CL A	  	Common stock                                         	  	 	            14,300	  	  	 	299,442	  	
EMCOR GROUP INC	  	Common stock	  	 	12,400	  	  	 	332,444	  	
ENDO PHARMACEUTICALS HLDGS INC	  	Common stock	  	 	15,000	  	  	 	517,950	  	
FTI CONSULTING INC	  	Common stock	  	 	13,500	  	  	 	572,670	  	
FAIR ISSAC CORP	  	Common stock	  	 	8,400	  	  	 	301,056	  	
FIRST REPUBLIC BANK	  	Common stock	  	 	13,400	  	  	 	410,174	  	
GT ADVANCED TECHNOLOGIES INC	  	Common stock	  	 	36,800	  	  	 	266,432	  	
GAMESTOP CORP CL A	  	Common stock	  	 	19,200	  	  	 	463,296	  	
GLOBAL CASH ACCESS HLDGS INC	  	Common stock	  	 	49,900	  	  	 	222,055	  	
GLOBAL PAYMENTS INC	  	Common stock	  	 	10,000	  	  	 	473,800	  	
HCC INSURANCE HOLDINGS INC	  	Common stock	  	 	19,100	  	  	 	525,250	  	
HAEMONETICS CORP MASS	  	Common stock	  	 	9,300	  	  	 	569,346	  	
HANOVER INSURANCE GROUP INC	  	Common stock	  	 	15,400	  	  	 	538,230	  	
HENRY (JACK) & ASSOCIATES INC	  	Common stock	  	 	4,800	  	  	 	161,328	  	
HOLOGIC INC	  	Common stock	  	 	19,300	  	  	 	337,943	  	
ICONIX BRAND GROUP INC	  	Common stock	  	 	17,400	  	  	 	283,446	  	
IDACORP INC	  	Common stock	  	 	14,600	  	  	 	619,186	  	
 
14

DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN
SCHEDULE H, LINE 4i-SCHEDULE OF ASSETS (HELD AT END OF YEAR) – CONTINUED
DECEMBER 31, 2011

Identity of issue, borrower, lessor or similar party	  	Description of investment	  	Number of shares
or units	 	  	Current
Value	 	
IMPAX LABORATORIES INC	  	Common stock	  	 	33,600	  	  	 	677,712	  	
KEMET CORP	  	Common stock	  	 	32,600	  	  	 	229,830	  	
KEYCORP	  	Common stock	  	 	36,100	  	  	 	277,609	  	
KIRBY CORP	  	Common stock	  	 	5,600	  	  	 	368,704	  	
KULICKE & SOFFA INDUSTRIES INC	  	Common stock	  	 	31,100	  	  	 	287,675	  	
LAM RESEARCH CORP	  	Common stock	  	 	11,200	  	  	 	414,624	  	
LENDER PROCESSING SVCS INC	  	Common stock	  	 	18,600	  	  	 	280,302	  	
LEXMARK INTERNATIONAL INC CL A	  	Common stock	  	 	13,400	  	  	 	443,138	  	
LIFEPOINT HOSPITALS INC	  	Common stock	  	 	12,800	  	  	 	475,520	  	
MFA FINANCIAL INC	  	Common stock	  	 	89,400	  	  	 	600,768	  	
MARKEL CORP	  	Common stock	  	 	1,200	  	  	 	497,604	  	
MEDICIS PHARMACEUTICAL CL A	  	Common stock	  	 	14,900	  	  	 	495,425	  	
MEDNAX INC	  	Common stock	  	 	7,300	  	  	 	525,673	  	
NETSCOUT SYSTEMS INC	  	Common stock	  	 	9,300	  	  	 	163,680	  	
NEUSTAR INC CL A	  	Common stock	  	 	8,000	  	  	 	273,360	  	
NEUTRAL TANDEM INC	  	Common stock	  	 	18,700	  	  	 	199,903	  	
NEWPARK RESOURCES INC	  	Common stock	  	 	17,600	  	  	 	167,200	  	
OGE ENERGY CORP	  	Common stock	  	 	5,900	  	  	 	334,589	  	
OCWEN FINANCIAL CORP	  	Common stock	  	 	26,500	  	  	 	383,720	  	
OSHKOSH CORP	  	Common stock	  	 	1,100	  	  	 	23,518	  	
PATTERSON-UTI ENERGY INC	  	Common stock	  	 	7,600	  	  	 	151,848	  	
PINNACLE WEST CAPITAL CORP	  	Common stock	  	 	13,700	  	  	 	660,066	  	
POWER-ONE INC	  	Common stock	  	 	68,300	  	  	 	267,053	  	
SXC HEALTH SOLUTIONS CORP	  	Common stock	  	 	2,900	  	  	 	163,792	  	
SANDRIDGE ENERGY INC	  	Common stock	  	 	34,200	  	  	 	279,072	  	
SILICON IMAGE INC	  	Common stock	  	 	51,500	  	  	 	242,050	  	
SIRONA DENTAL SYSTEMS INC	  	Common stock	  	 	6,800	  	  	 	299,472	  	
SUNOCO INC	  	Common stock	  	 	10,200	  	  	 	418,404	  	
TELLABS INC	  	Common stock	  	 	64,600	  	  	 	260,984	  	
TERADYNE INC	  	Common stock	  	 	23,600	  	  	 	321,668	  	
TESSERA TECHNOLOGIES INC	  	Common stock	  	 	28,500	  	  	 	477,375	  	
TOTAL SYS SVCS INC	  	Common stock	  	 	21,400	  	  	 	418,584	  	
URS CORP NEW	  	Common stock	  	 	9,800	  	  	 	344,176	  	
USEC INC	  	Common stock	  	 	77,000	  	  	 	87,780	  	
UNISYS CORP NEW	  	Common stock	  	 	11,200	  	  	 	220,752	  	
UNITED ONLINE INC	  	Common stock	  	 	33,600	  	  	 	182,784	  	
VALASSIS COMMUNICATIONS INC	  	Common stock	  	 	16,700	  	  	 	321,141	  	
VONAGE HOLDINGS CORP	  	Common stock	  	 	116,400	  	  	 	285,180	  	
WASHINGTON POST CO CL B	  	Common stock	  	 	1,000	  	  	 	376,810	  	
WELLCARE HEALTH PLANS INC	  	Common stock	  	 	5,200	  	  	 	273,000	  	
WESTAR ENERGY INC	  	Common stock	  	 	28,800	  	  	 	828,864	  	
WILEY (JOHN) & SONS INC CL A	  	Common stock	  	 	8,600	  	  	 	381,840	  	
INGERSOLL RAND PLC	  	Common stock	  	 	28,200	  	  	 	859,254	  	
ANGLOGOLD ASHANTI LTD SPON ADR	  	Common stock	  	 	56,713	  	  	 	2,407,467	  	
AON CORP	  	Common stock	  	 	34,900	  	  	 	1,633,320	  	
APACHE CORP	  	Common stock	  	 	24,700	  	  	 	2,237,326	  	
BARRICK GOLD CORP	  	Common stock	  	 	37,400	  	  	 	1,692,350	  	
CVS CAREMARK CORP	  	Common stock	  	 	34,000	  	  	 	1,386,520	  	
CA INC	  	Common stock	  	 	128,800	  	  	 	2,603,692	  	
CANADIAN NATL RESOURCES LTD	  	Common stock	  	 	36,800	  	  	 	1,375,216	  	
CISCO SYSTEMS INC	  	Common stock	  	 	83,600	  	  	 	1,511,488	  	
CITIGROUP INC	  	Common stock	  	 	53,250	  	  	 	1,401,008	  	
GENERAL MOTORS CO	  	Common stock	  	 	36,700	  	  	 	743,909	  	
 
15

DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN
SCHEDULE H, LINE 4i-SCHEDULE OF ASSETS (HELD AT END OF YEAR) – CONTINUED
DECEMBER 31, 2011

Identity of issue, borrower, lessor or similar party	  	Description of investment	  	Number of shares
or units	 	  	Current
Value	 	
GENWORTH FINANCIAL INC A	  	Common stock	  	 	126,500	  	  	 	828,575	  	
GOLDMAN SACHS GROUP INC	  	Common stock	  	 	11,400	  	  	 	1,030,902	  	
HALLIBURTON CO	  	Common stock	  	 	14,800	  	  	 	510,748	  	
HARTFORD FINL SVCS GROUP INC	  	Common stock	  	 	35,200	  	  	 	572,000	  	
HESS CORP	  	Common stock	  	 	11,800	  	  	 	670,240	  	
JPMORGAN CHASE & CO	  	Common stock	  	 	27,200	  	  	 	904,400	  	
LINCOLN NATIONAL CORP	  	Common stock	  	 	31,100	  	  	 	603,962	  	
LOEWS CORP	  	Common stock	  	 	38,300	  	  	 	1,441,995	  	
MERCK & CO INC NEW	  	Common stock	  	 	25,100	  	  	 	946,270	  	
METLIFE INC	  	Common stock	  	 	45,100	  	  	 	1,406,218	  	
MICROSOFT CORP	  	Common stock	  	 	48,050	  	  	 	1,247,378	  	
MOTOROLA SOLUTIONS INC	  	Common stock	  	 	22,342	  	  	 	1,034,211	  	
NRG ENERGY INC	  	Common stock	  	 	27,700	  	  	 	501,924	  	
NOBLE ENERGY INC	  	Common stock	  	 	14,000	  	  	 	1,321,460	  	
OCCIDENTAL PETROLEUM CORP	  	Common stock	  	 	9,060	  	  	 	848,922	  	
PACCAR INC	  	Common stock	  	 	21,750	  	  	 	814,973	  	
PFIZER INC	  	Common stock	  	 	118,400	  	  	 	2,562,176	  	
PHILIP MORRIS INTL INC	  	Common stock	  	 	10,450	  	  	 	820,116	  	
PITNEY-BOWES INC	  	Common stock	  	 	27,650	  	  	 	512,631	  	
RAYTHEON CO	  	Common stock	  	 	23,250	  	  	 	1,124,835	  	
SANOFI SPON ADR	  	Common stock	  	 	64,000	  	  	 	2,338,560	  	
TALISMAN ENERGY INC (CANA)	  	Common stock	  	 	118,800	  	  	 	1,514,700	  	
TEVA PHARMACEUTICAL IND ADR	  	Common stock	  	 	29,200	  	  	 	1,178,512	  	
TIME WARNER INC	  	Common stock	  	 	38,800	  	  	 	1,402,232	  	
UNION PACIFIC CORP	  	Common stock	  	 	10,000	  	  	 	1,059,400	  	
UNUM GROUP	  	Common stock	  	 	64,400	  	  	 	1,356,908	  	
VIACOM INC CL B	  	Common stock	  	 	52,600	  	  	 	2,388,566	  	
WELLS FARGO & CO	  	Common stock	  	 	58,500	  	  	 	1,612,260	  	
ADVISORY BOARD CO	  	Common stock	  	 	9,394	  	  	 	697,129	  	
ANSYS INC	  	Common stock                                         	  	 	        10,136	  	  	 	580,590	  	
ARIBA INC	  	Common stock	  	 	14,202	  	  	 	398,792	  	
ARUBA NETWORKS INC	  	Common stock	  	 	17,610	  	  	 	326,137	  	
BANKRATE INC	  	Common stock	  	 	31,544	  	  	 	678,196	  	
BE AEROSPACE INC	  	Common stock	  	 	17,521	  	  	 	678,238	  	
BJ'S RESTAURANTS INC	  	Common stock	  	 	9,621	  	  	 	436,024	  	
BORGWARNER INC	  	Common stock	  	 	4,687	  	  	 	298,749	  	
CARBO CERAMICS INC	  	Common stock	  	 	2,641	  	  	 	325,715	  	
CATALYST HEALTH SOLUTIONS	  	Common stock	  	 	13,152	  	  	 	683,904	  	
CHICAGO BRIDGE & IRON (NY REG)	  	Common stock	  	 	20,488	  	  	 	774,446	  	
CHIPOTLE MEXICAN GRILL INC	  	Common stock	  	 	2,010	  	  	 	678,857	  	
COMPLETE PRODUCTION SERVCS INC	  	Common stock	  	 	8,213	  	  	 	275,628	  	
CONCUR TECHNOLOGIES INC	  	Common stock	  	 	14,030	  	  	 	712,584	  	
CROCS INC	  	Common stock	  	 	14,511	  	  	 	214,327	  	
EQUINIX INC	  	Common stock	  	 	7,278	  	  	 	737,989	  	
EXLSERVICE HOLDINGS INC	  	Common stock	  	 	13,108	  	  	 	293,226	  	
FARO TECHNOLOGIES INC	  	Common stock	  	 	13,060	  	  	 	600,760	  	
GENESEE & WYOMING INC CL A	  	Common stock	  	 	7,082	  	  	 	429,028	  	
GENTEX CORP	  	Common stock	  	 	21,455	  	  	 	634,853	  	
HMS HOLDINGS CORP	  	Common stock	  	 	29,700	  	  	 	949,806	  	
HEICO CORP	  	Common stock	  	 	9,324	  	  	 	545,268	  	
HITTITE MICROWAVE CORP	  	Common stock	  	 	6,646	  	  	 	328,179	  	
HOMEAWAY INC	  	Common stock	  	 	12,816	  	  	 	297,972	  	
HUB GROUP INC CL A	  	Common stock	  	 	7,914	  	  	 	256,651	  	
 
16

DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN
SCHEDULE H, LINE 4i-SCHEDULE OF ASSETS (HELD AT END OF YEAR) – CONTINUED
DECEMBER 31, 2011

Identity of issue, borrower, lessor or similar party	  	Description of investment	  	Number of shares
or units	 	  	Current
Value	 	
HUNT J B TRANSPORT SERVICES IN	  	Common stock	  	 	16,066	  	  	 	724,095	  	
KANSAS CITY SOUTHERN	  	Common stock	  	 	12,215	  	  	 	830,742	  	
LUFKIN INDUSTRIES INC	  	Common stock	  	 	3,742	  	  	 	251,874	  	
LULULEMON ATHLETICA INC	  	Common stock	  	 	9,023	  	  	 	421,013	  	
NETSUITE INC	  	Common stock	  	 	15,744	  	  	 	638,419	  	
NORTHERN OIL AND GAS INC	  	Common stock	  	 	25,232	  	  	 	605,063	  	
PEGASYSTEMS INC	  	Common stock	  	 	8,256	  	  	 	242,726	  	
POLYPORE INTERNATIONAL INC	  	Common stock	  	 	5,268	  	  	 	231,739	  	
PORTFOLIO RECOVERY ASSOC INC	  	Common stock	  	 	5,210	  	  	 	351,779	  	
QLIK TECHNOLOGIES INC	  	Common stock	  	 	10,559	  	  	 	255,528	  	
QUESTCOR PHARMACEUTICALS INC	  	Common stock	  	 	9,610	  	  	 	399,584	  	
RTI INTERNATIONAL METALS INC	  	Common stock	  	 	9,189	  	  	 	213,277	  	
REALPAGE INC	  	Common stock	  	 	25,402	  	  	 	641,909	  	
RUE21 INC	  	Common stock	  	 	9,459	  	  	 	204,314	  	
SXC HEALTH SOLUTIONS CORP	  	Common stock	  	 	16,385	  	  	 	925,425	  	
SALIX PHARMACEUTICALS LTD	  	Common stock	  	 	15,025	  	  	 	718,946	  	
ULTA SALON COSMETICS & FRG INC	  	Common stock	  	 	6,428	  	  	 	417,306	  	
ULTIMATE SOFTWARE GROUP INC	  	Common stock	  	 	11,913	  	  	 	775,775	  	
UNDER ARMOUR INC CL A	  	Common stock	  	 	5,828	  	  	 	418,392	  	
UNITED THERAPEUTICS CORP DEL	  	Common stock	  	 	5,828	  	  	 	275,373	  	
VERIFONE SYSTEMS INC	  	Common stock	  	 	18,145	  	  	 	644,510	  	
VOLCANO CORP	  	Common stock	  	 	8,027	  	  	 	190,962	  	
WABTEC	  	Common stock	  	 	6,165	  	  	 	431,242	  	
Brokerage Link**	  	Participant directed accounts including certain Fidelity investment funds	  				  	 	20,199,353	  	
	  		  				  	 	 	 	
	  		  				  	$	579,474,149	  	

**	Represents party in interest to the Plan.	
 
17

SIG  NATURE
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 28, 2012	 		 		 	/s/ Frank W. Rudolph	
	 		 		 	Frank W. Rudolph	
	 		 		 	Executive Vice President Human Resources	
 
18

Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We have issued our report dated June 28, 2012, with respect to the financial statements and supplemental schedule included in the Annual Report of Devon Energy Corporation Savings Incentive Plan on Form 11-K for the year ended December 31, 2011. We hereby consent to the incorporation by reference of said report in the Registration Statement of Devon Energy Corporation Savings Incentive Plan on Form S-8 (File No. 333-179181, effective January 26, 2012).
/s/ GRANT THORNTON LLP
Oklahoma City, Oklahoma
June 28, 2012