Devon Energy (DVN)

not the United States) have ratified the Protocol. Pursuant to its ratification of the Protocol in April 2007, the federal government of Canada released its Regulatory Framework for Air Emissions, a plan to implement mandatory reductions in GHG emissions by way of regulation under existing legislation. The mandatory reductions on GHG emissions will create additional costs for the Canadian oil and gas industry. Certain provinces in Canada have also implemented legislation and regulations to reduce GHG emissions, which will also have a cost associated with compliance. Presently, it is not possible to accurately estimate the costs we could incur to comply with any laws or regulations developed to achieve emissions reductions in Canada or elsewhere, but such expenditures could be substantial.

 

In 2006, we published our Corporate Climate Change Position and Strategy. Key components of the strategy include initiation of energy efficiency measures, tracking emerging climate change legislation and publication of a corporate GHG emission inventory, which occurred in January 2008. Devon continues to explore energy efficiency measures and greenhouse gas emission reduction opportunities. We also continue to monitor legislative and regulatory climate change developments. All provisions of the strategy are completed or are in progress.

 

We consider the costs of environmental protection and safety and health compliance necessary and manageable parts of our business. With the efforts of our Environmental, Health and Safety Department, we have been able to plan for and comply with environmental, safety and health initiatives without materially altering our operating strategy. We anticipate making increased expenditures of both a capital and expense nature as a result of the increasingly stringent laws relating to the protection of the environment and safety and health compliance. While our unreimbursed expenditures in 2008 attributable to such matters were immaterial, we cannot predict with any reasonable degree of certainty our future exposure concerning such matters.

 

We maintain levels of insurance customary in the industry to limit our financial exposure in the event of a substantial environmental claim resulting from sudden, unanticipated and accidental discharges of oil, salt water or other substances. However, we do not maintain 100% coverage concerning any environmental claim, and no coverage is maintained with respect to any penalty or fine required to be paid because of a violation of law.

 

 

We are subject to various federal, state, provincial, tribal, local and international laws and regulations concerning occupational safety and health as well as the discharge of materials into, and the protection of, the environment. Environmental laws and regulations relate to, among other things, assessing the environmental impact of seismic acquisition, drilling or construction activities; the generation, storage, transportation and disposal of waste materials; the emission of certain gases into the atmosphere; the monitoring, abandonment, reclamation and remediation of well and other sites, including sites of former operations; and the development of emergency response and spill contingency plans. The application of worldwide standards, such as ISO 14000 governing Environmental Management Systems, is required to be implemented for some international oil and gas operations.

 

In 1997, numerous countries participated in an international conference under the United Nations Framework Convention on Climate Change and adopted an agreement known as the Kyoto Protocol (the “Protocol”). The Protocol became effective February 16, 2005, and requires reductions of certain emissions that contribute to atmospheric levels of greenhouse gases (“GHG”). Certain countries in which we operate (but

not the United States) have ratified the Protocol. Pursuant to its ratification of the Protocol in April 2007, the federal government of Canada released its Regulatory Framework for Air Emissions, a plan to implement mandatory reductions in GHG emissions by way of regulation under existing legislation. The mandatory reductions on GHG emissions will create additional costs for the Canadian oil and gas industry. Certain provinces in Canada have also implemented legislation and regulations to reduce GHG emissions, which will also have a cost associated with compliance. Presently, it is not possible to accurately estimate the costs we could incur to comply with any laws or regulations developed to achieve emissions reductions in Canada or elsewhere, but such expenditures could be substantial.

 

In 2006, we published our Corporate Climate Change Position and Strategy. Key components of the strategy include initiation of energy efficiency measures, tracking emerging climate change legislation and publication of a corporate GHG emission inventory, which occurred in January 2008. Devon continues to explore energy efficiency measures and greenhouse gas emission reduction opportunities. We also continue to monitor legislative and regulatory climate change developments. All provisions of the strategy are completed or are in progress.

 

We consider the costs of environmental protection and safety and health compliance necessary and manageable parts of our business. With the efforts of our Environmental, Health and Safety Department, we have been able to plan for and comply with environmental, safety and health initiatives without materially altering our operating strategy. We anticipate making increased expenditures of both a capital and expense nature as a result of the increasingly stringent laws relating to the protection of the environment and safety and health compliance. While our unreimbursed expenditures in 2008 attributable to such matters were immaterial, we cannot predict with any reasonable degree of certainty our future exposure concerning such matters.

 

We maintain levels of insurance customary in the industry to limit our financial exposure in the event of a substantial environmental claim resulting from sudden, unanticipated and accidental discharges of oil, salt water or other substances. However, we do not maintain 100% coverage concerning any environmental claim, and no coverage is maintained with respect to any penalty or fine required to be paid because of a violation of law.

 

 

We are subject to various federal, state, provincial, tribal,
local and international laws and regulations concerning
occupational safety and health as well as the discharge of
materials into, and the protection of, the environment.
Environmental laws and regulations relate to, among other
things, assessing the environmental impact of seismic
acquisition, drilling or construction activities; the
generation, storage, transportation and disposal of waste
materials; the emission of certain gases into the atmosphere;
the monitoring, abandonment, reclamation and remediation of well
and other sites, including sites of former operations; and the
development of emergency response and spill contingency plans.
The application of worldwide standards, such as ISO 14000
governing Environmental Management Systems, is required to be
implemented for some international oil and gas operations.

 

In 1997, numerous countries participated in an international
conference under the United Nations Framework Convention on
Climate Change and adopted an agreement known as the Kyoto
Protocol (the “Protocol”). The Protocol became
effective February 16, 2005, and requires reductions of
certain emissions that contribute to atmospheric levels of
greenhouse gases (“GHG”). Certain countries in which
we operate (but

not the United States) have ratified the Protocol. Pursuant to
its ratification of the Protocol in April 2007, the federal
government of Canada released its Regulatory Framework for Air
Emissions, a plan to implement mandatory reductions in GHG
emissions by way of regulation under existing legislation. The
mandatory reductions on GHG emissions will create additional
costs for the Canadian oil and gas industry. Certain provinces
in Canada have also implemented legislation and regulations to
reduce GHG emissions, which will also have a cost associated
with compliance. Presently, it is not possible to accurately
estimate the costs we could incur to comply with any laws or
regulations developed to achieve emissions reductions in Canada
or elsewhere, but such expenditures could be substantial.

 

In 2006, we published our Corporate Climate Change Position and
Strategy. Key components of the strategy include initiation of
energy efficiency measures, tracking emerging climate change
legislation and publication of a corporate GHG emission
inventory, which occurred in January 2008. Devon continues to
explore energy efficiency measures and greenhouse gas emission
reduction opportunities. We also continue to monitor legislative
and regulatory climate change developments. All provisions of
the strategy are completed or are in progress.

 

We consider the costs of environmental protection and safety and
health compliance necessary and manageable parts of our
business. With the efforts of our Environmental, Health and
Safety Department, we have been able to plan for and comply with
environmental, safety and health initiatives without materially
altering our operating strategy. We anticipate making increased
expenditures of both a capital and expense nature as a result of
the increasingly stringent laws relating to the protection of
the environment and safety and health compliance. While our
unreimbursed expenditures in 2008 attributable to such matters
were immaterial, we cannot predict with any reasonable degree of
certainty our future exposure concerning such matters.

 

We maintain levels of insurance customary in the industry to
limit our financial exposure in the event of a substantial
environmental claim resulting from sudden, unanticipated and
accidental discharges of oil, salt water or other substances.
However, we do not maintain 100% coverage concerning any
environmental claim, and no coverage is maintained with respect
to any penalty or fine required to be paid because of a
violation of law.

 

 

We are subject to various federal, state, provincial, tribal,
local and international laws and regulations concerning
occupational safety and health as well as the discharge of
materials into, and the protection of, the environment.
Environmental laws and regulations relate to, among other
things, assessing the environmental impact of seismic
acquisition, drilling or construction activities; the
generation, storage, transportation and disposal of waste
materials; the emission of certain gases into the atmosphere;
the monitoring, abandonment, reclamation and remediation of well
and other sites, including sites of former operations; and the
development of emergency response and spill contingency plans.
The application of worldwide standards, such as ISO 14000
governing Environmental Management Systems, is required to be
implemented for some international oil and gas operations.

 

In 1997, numerous countries participated in an international
conference under the United Nations Framework Convention on
Climate Change and adopted an agreement known as the Kyoto
Protocol (the “Protocol”). The Protocol became
effective February 16, 2005, and requires reductions of
certain emissions that contribute to atmospheric levels of
greenhouse gases (“GHG”). Certain countries in which
we operate (but

not the United States) have ratified the Protocol. Pursuant to
its ratification of the Protocol in April 2007, the federal
government of Canada released its Regulatory Framework for Air
Emissions, a plan to implement mandatory reductions in GHG
emissions by way of regulation under existing legislation. The
mandatory reductions on GHG emissions will create additional
costs for the Canadian oil and gas industry. Certain provinces
in Canada have also implemented legislation and regulations to
reduce GHG emissions, which will also have a cost associated
with compliance. Presently, it is not possible to accurately
estimate the costs we could incur to comply with any laws or
regulations developed to achieve emissions reductions in Canada
or elsewhere, but such expenditures could be substantial.

 

In 2006, we published our Corporate Climate Change Position and
Strategy. Key components of the strategy include initiation of
energy efficiency measures, tracking emerging climate change
legislation and publication of a corporate GHG emission
inventory, which occurred in January 2008. Devon continues to
explore energy efficiency measures and greenhouse gas emission
reduction opportunities. We also continue to monitor legislative
and regulatory climate change developments. All provisions of
the strategy are completed or are in progress.

 

We consider the costs of environmental protection and safety and
health compliance necessary and manageable parts of our
business. With the efforts of our Environmental, Health and
Safety Department, we have been able to plan for and comply with
environmental, safety and health initiatives without materially
altering our operating strategy. We anticipate making increased
expenditures of both a capital and expense nature as a result of
the increasingly stringent laws relating to the protection of
the environment and safety and health compliance. While our
unreimbursed expenditures in 2008 attributable to such matters
were immaterial, we cannot predict with any reasonable degree of
certainty our future exposure concerning such matters.

 

We maintain levels of insurance customary in the industry to
limit our financial exposure in the event of a substantial
environmental claim resulting from sudden, unanticipated and
accidental discharges of oil, salt water or other substances.
However, we do not maintain 100% coverage concerning any
environmental claim, and no coverage is maintained with respect
to any penalty or fine required to be paid because of a
violation of law.

 

The application of worldwide standards, such as ISO 14000 governing Environmental Management Systems, is required to be implemented for some international oil and gas operations.

 

In 1997, numerous countries participated in an international conference under the United Nations Framework Convention on Climate Change and adopted an agreement known as the Kyoto Protocol (the “Protocol”). The Protocol became effective February 16, 2005, and requires reductions of certain emissions that contribute to atmospheric levels of greenhouse gases (“GHG”). Certain countries in which we operate (but not the United States) have ratified the Protocol. Pursuant to its ratification of the Protocol in April 2007, the federal government of Canada released its Regulatory Framework for Air Emissions, a plan to implement mandatory reductions in GHG emissions by way of regulation under existing legislation. The mandatory reductions on GHG emissions will create additional costs for the Canadian oil and gas industry. Certain provinces in Canada have also implemented legislation and regulations to reduce GHG emissions, which will also have a cost associated with compliance. Presently, it is not possible to accurately estimate the costs we could incur to comply with any laws or regulations developed to achieve emissions reductions in Canada or elsewhere, but such expenditures could be substantial.

 

In 2006, we published our Corporate Climate Change Position and Strategy. Key components of the strategy include initiation of energy efficiency measures, tracking emerging climate change legislation and publication of a corporate GHG emission inventory, which occurred in January 2008. All provisions of the strategy are completed or are in progress.

 

We consider the costs of environmental protection and safety and health compliance necessary and manageable parts of our business. With the efforts of our Environmental, Health and Safety Department, we have been able to plan for and comply with environmental and safety and health initiatives without materially altering our operating strategy. We anticipate making increased expenditures of both a capital and expense nature as a result of the increasingly stringent laws relating to the protection of the environment. While our unreimbursed expenditures in 2007 concerning such matters were immaterial, we cannot predict with any reasonable degree of certainty our future exposure concerning such matters.

 

We maintain levels of insurance customary in the industry to limit our financial exposure in the event of a substantial environmental claim resulting from sudden, unanticipated and accidental discharges of oil, salt water or other substances. However, we do not maintain 100% coverage concerning any environmental claim, and no coverage is maintained with respect to any penalty or fine required to be paid because of a violation of law.

 

 

We are subject to various federal, state, provincial, local and
international laws and regulations concerning occupational
safety and health as well as the discharge of materials into,
and the protection of, the environment. Environmental laws and
regulations relate to, among other things, assessing the
environmental impact of seismic acquisition, drilling or
construction activities; the generation, storage, transportation
and disposal of waste materials; the monitoring, abandonment,
reclamation and remediation of well and other sites, including
sites of former operations; and the development of emergency
response and spill contingency plans.

The application of worldwide standards, such as ISO 14000
governing Environmental Management Systems, is required to be
implemented for some international oil and gas operations.

 

In 1997, numerous countries participated in an international
conference under the United Nations Framework Convention on
Climate Change and adopted an agreement known as the Kyoto
Protocol (the “Protocol”). The Protocol became
effective February 16, 2005, and requires reductions of
certain emissions that contribute to atmospheric levels of
greenhouse gases (“GHG”). Certain countries in which
we operate (but not the United States) have ratified the
Protocol. Pursuant to its ratification of the Protocol in April
2007, the federal government of Canada released its Regulatory
Framework for Air Emissions, a plan to implement mandatory
reductions in GHG emissions by way of regulation under existing
legislation. The mandatory reductions on GHG emissions will
create additional costs for the Canadian oil and gas industry.
Certain provinces in Canada have also implemented legislation
and regulations to reduce GHG emissions, which will also have a
cost associated with compliance. Presently, it is not possible
to accurately estimate the costs we could incur to comply with
any laws or regulations developed to achieve emissions
reductions in Canada or elsewhere, but such expenditures could
be substantial.

 

In 2006, we published our Corporate Climate Change Position and
Strategy. Key components of the strategy include initiation of
energy efficiency measures, tracking emerging climate change
legislation and publication of a corporate GHG emission
inventory, which occurred in January 2008. All provisions of the
strategy are completed or are in progress.

 

We consider the costs of environmental protection and safety and
health compliance necessary and manageable parts of our
business. With the efforts of our Environmental, Health and
Safety Department, we have been able to plan for and comply with
environmental and safety and health initiatives without
materially altering our operating strategy. We anticipate making
increased expenditures of both a capital and expense nature as a
result of the increasingly stringent laws relating to the
protection of the environment. While our unreimbursed
expenditures in 2007 concerning such matters were immaterial, we
cannot predict with any reasonable degree of certainty our
future exposure concerning such matters.

 

We maintain levels of insurance customary in the industry to
limit our financial exposure in the event of a substantial
environmental claim resulting from sudden, unanticipated and
accidental discharges of oil, salt water or other substances.
However, we do not maintain 100% coverage concerning any
environmental claim, and no coverage is maintained with respect
to any penalty or fine required to be paid because of a
violation of law.

 

The application of worldwide standards, such as ISO 14000 governing Environmental Management Systems, is required to be implemented for some international oil and gas operations.

 

In 1997, numerous countries participated in an international conference under the United Nations Framework Convention on Climate Change and adopted an agreement known as the Kyoto Protocol (the “Protocol”). The Protocol became effective February 16, 2005, and requires reductions of certain emissions that contribute to atmospheric levels of greenhouse gases (“GHG”). Certain countries in which we operate (but not the United States) have ratified the Protocol. Pursuant to its ratification of the Protocol in April 2007, the federal government of Canada released its Regulatory Framework for Air Emissions, a plan to implement mandatory reductions in GHG emissions by way of regulation under existing legislation. The mandatory reductions on GHG emissions will create additional costs for the Canadian oil and gas industry. Certain provinces in Canada have also implemented legislation and regulations to reduce GHG emissions, which will also have a cost associated with compliance. Presently, it is not possible to accurately estimate the costs we could incur to comply with any laws or regulations developed to achieve emissions reductions in Canada or elsewhere, but such expenditures could be substantial.

 

In 2006, we published our Corporate Climate Change Position and Strategy. Key components of the strategy include initiation of energy efficiency measures, tracking emerging climate change legislation and publication of a corporate GHG emission inventory, which occurred in January 2008. All provisions of the strategy are completed or are in progress.

 

We consider the costs of environmental protection and safety and health compliance necessary and manageable parts of our business. With the efforts of our Environmental, Health and Safety Department, we have been able to plan for and comply with environmental and safety and health initiatives without materially altering our operating strategy. We anticipate making increased expenditures of both a capital and expense nature as a result of the increasingly stringent laws relating to the protection of the environment. While our unreimbursed expenditures in 2007 concerning such matters were immaterial, we cannot predict with any reasonable degree of certainty our future exposure concerning such matters.

 

We maintain levels of insurance customary in the industry to limit our financial exposure in the event of a substantial environmental claim resulting from sudden, unanticipated and accidental discharges of oil, salt water or other substances. However, we do not maintain 100% coverage concerning any environmental claim, and no coverage is maintained with respect to any penalty or fine required to be paid because of a violation of law.

 

 

We are subject to various federal, state, provincial, local and
international laws and regulations concerning occupational
safety and health as well as the discharge of materials into,
and the protection of, the environment. Environmental laws and
regulations relate to, among other things, assessing the
environmental impact of seismic acquisition, drilling or
construction activities; the generation, storage, transportation
and disposal of waste materials; the monitoring, abandonment,
reclamation and remediation of well and other sites, including
sites of former operations; and the development of emergency
response and spill contingency plans.

The application of worldwide standards, such as ISO 14000
governing Environmental Management Systems, is required to be
implemented for some international oil and gas operations.

 

In 1997, numerous countries participated in an international
conference under the United Nations Framework Convention on
Climate Change and adopted an agreement known as the Kyoto
Protocol (the “Protocol”). The Protocol became
effective February 16, 2005, and requires reductions of
certain emissions that contribute to atmospheric levels of
greenhouse gases (“GHG”). Certain countries in which
we operate (but not the United States) have ratified the
Protocol. Pursuant to its ratification of the Protocol in April
2007, the federal government of Canada released its Regulatory
Framework for Air Emissions, a plan to implement mandatory
reductions in GHG emissions by way of regulation under existing
legislation. The mandatory reductions on GHG emissions will
create additional costs for the Canadian oil and gas industry.
Certain provinces in Canada have also implemented legislation
and regulations to reduce GHG emissions, which will also have a
cost associated with compliance. Presently, it is not possible
to accurately estimate the costs we could incur to comply with
any laws or regulations developed to achieve emissions
reductions in Canada or elsewhere, but such expenditures could
be substantial.

 

In 2006, we published our Corporate Climate Change Position and
Strategy. Key components of the strategy include initiation of
energy efficiency measures, tracking emerging climate change
legislation and publication of a corporate GHG emission
inventory, which occurred in January 2008. All provisions of the
strategy are completed or are in progress.

 

We consider the costs of environmental protection and safety and
health compliance necessary and manageable parts of our
business. With the efforts of our Environmental, Health and
Safety Department, we have been able to plan for and comply with
environmental and safety and health initiatives without
materially altering our operating strategy. We anticipate making
increased expenditures of both a capital and expense nature as a
result of the increasingly stringent laws relating to the
protection of the environment. While our unreimbursed
expenditures in 2007 concerning such matters were immaterial, we
cannot predict with any reasonable degree of certainty our
future exposure concerning such matters.

 

We maintain levels of insurance customary in the industry to
limit our financial exposure in the event of a substantial
environmental claim resulting from sudden, unanticipated and
accidental discharges of oil, salt water or other substances.
However, we do not maintain 100% coverage concerning any
environmental claim, and no coverage is maintained with respect
to any penalty or fine required to be paid because of a
violation of law.