Devon Energy Continues to Benefit From Its Delaware Basin Production and Its Multi-Asset Portfolio

In 2018, Devon Energy embarked on a series of shrewd capital allocation moves that included selling its EnLink Midstream interest, divesting its Canadian heavy oil and Barnett Shale interests, and merging with WPX Energy in 2021 and Corterra in 2026. This allowed Devon to recycle cash by shedding interests that were either noncore or higher on the cost curve. Recycled cash allowed Devon to meaningfully pivot toward the Delaware and enjoy newfound exposure in the Bakken and Appalachian basins.