Devon Energy, one of the largest U.S. independent oil and natural gas producers, said it is ready to move forward with its plans to extract more oil and natural gas from onshore deposits, including shale formations, following the company's efforts to divest its international and offshore assets over the past year.
Oklahoma-based Devon (DVN) is planning to spend $4.5 billion to $4.9 billion on exploration and production projects this year. The company is targeting top-line production growth of 6% to 8% for the year, including 16% to 18% production growth in oil and natural-gas liquids, according to MarketWatch.
Devon CEO John Richels said at the Independent Petroleum Association of America's Oil and Gas Investment Symposium in New York that the company has a prime position in the Barnett Shale of Texas and that company is targeting future success in the Permian Basin and the oil sands of Western Canada.
Devon announced its plan to get out of the offshore business in late 2009, just months before the Deepwater Horizon rig exploded in the Gulf of Mexico, creating the largest oil spill in U.S. history. The company is also aiming to complete $3.5 billion in share repurchases this year.