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1、Devon Energy 2010 Letter to Shareholders and Form 10-KChangEs to DEvons 2010 annual REpoRtIn an effort to improve the overall value of our annual report,we have transitioned to an online format.This approach reduces printing and distribution costs,minimizes our environmental impact and provides more
2、 timely and targeted information to our investors.This document contains our Letter to Shareholders and Form 10-K.The remaining components found in past annual reports,including financial and operational data,property highlights,and corporate stewardship information,are now available on our website
3、at .Dear Fellow Shareholders:2010 was a year of significant change and achievement for Devon.With the sale of our Gulf of Mexico and international properties and the enhancement of our onshore growth portfolio,we successfully transitioned Devon into a North American onshore company.Furthermore,in th
4、e midst of this transition,Devon delivered outstanding financial and operational results.Production from our retained North American onshore business grew throughout the year,driving net earnings to a record$4.6 billion.Remarkably,in spite of selling roughly 200 million equivalent barrels of proved
5、reserves associated with the Gulf and international operations,Devon increased proved oil and gas reserves to a record 2.9 billion barrels.Letter to Shareholderspotential of our go-forward North American onshore business.This included$500 million to purchase 50 percent of BPs interest in the Pike oi
6、l sands lease in Alberta,Canada.The Pike lease is located immediately adjacent to our highly successful Jackfish project,and Devon is operator of both projects.Pike substantially increases our oil sands presence.It will allow Devon to grow its low-risk thermal oil production from our current 30,000