Devon also boosted its oil production by 20 percent over 2011, offsetting a drop in natural gas production due to reduced activity.
Dave Hager, Devon's executive vice president of exploration and production, said the company's largest growth came from its core plays in Oklahoma, Texas and Canada without significantly increasing its pad count.
Devon intends to focus its resources on oil projects this year, Richels said, with an eye toward increasing production by about 15 percent.
Richels said Devon also will look into the possibility of creating a midstream master limited partnership to unlock the value of the company's assets.
Devon opted not to proceed with a midstream partnership in 2007, but Richels said market conditions are more favorable now.