This Oil Stock’s Bold Strategy Is Delivering Results

Earlier this year, Devon Energy (NYSE: DVN) unveiled its intention to become a 100% U.S.-focused oil growth company. As a result, it aimed to sell the rest of its Canadian assets as well as its gassier properties in the U.S. so it could give its four oil-focused shale positions its undivided attention. That strategy shift is already paying dividends, which was the focus of the energy company's third-quarter conference call.

Devon's CEO, Dave Hager, discussed the company's strategic progress on the call, stating that "the third quarter was another one of exceptional execution for Devon across all aspects of our business." He continued:

The bold strategy we announced earlier this year to transform to a high-quality, multi-basin U.S. oil company is working and it is working quite well. By sharpening our focus on our very best U.S. oil assets, the operating teams at Devon are delivering results that are exceeding production (expectations), capital efficiency, and cost-reduction targets by a wide margin. This trend of excellence is now well established over multiple quarters and evidenced by several noteworthy accomplishments year to date.

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