“Beyond that, we will allocate capital as we always have by assessing the relative attractiveness of E&P (exploration and production) expenditures versus share repurchases and debt repayments, in an effort to optimize growth and cash flow per share,” he said.
Agosta said Devon has used about $500 million from its asset sales to fund ongoing operations in Canada.
Devon is working to expand its operations in the oil sands, but the bulk of its first-quarter production growth came in the U.S.
“Our continued focus on oil production growth is successfully transitioning Devon's production mix to a higher oil weighting, as evidenced by our first-quarter results,” Richels said. “Oil and liquids production, our highest margin products, now account for 41 percent of our total production.
“Driven by our success in the Permian, we are on track to grow our U.S. oil production by almost 40 percent in 2013.”
Dave Hager, Devon's executive vice president of exploration and production, said also expressed optimism about the company's holdings in the Mississippian formation in north central Oklahoma.
“Strong results from the Mississippian trend confirm our belief that this area will provide the next leg of large-scale, highly economic oil growth for Devon,” he said.
Devon's stock closed Wednesday at $55.24, up 18 cents.