However, he believes the company's current stock price does not adequately reflect its underlying value. He said Devon is pursuing a number of measures to unlock value in the company.
One of those options includes the possibility of creating a master limited partnership spinoff for its midstream business. The company considered the move in 2007, but decided the timing was not right. Devon is looking at this option again, which would create a separate partnership for its pipeline and logistics assets.
Richel told investors on a conference call Wednesday that the company has hired investment bankers and legal counsel to help evaluate the option.
Shares of Devon fell $4, or 6.6 percent, to close at $56.57 Wednesday, with volume about two-and-a-half times normal trade. Its shares began sinking at the beginning of 2012 and have yet to recover. The stock has traded between $50.89 and $76.34 during the past 52 weeks.