Stephen Simpson, CFA
Long only, growth at reasonable price, value, research analyst

Devon Has Come A Long Way, But Doesn't Seem Done Yet

Simplification and improvement has done some good for Devon Energy (NYSE:DVN). Devon was once a diverse E&P with an unwieldy collection of assets, but a multiyear program of sales and purchases has created a focused onshore North American player with quality assets in the Permian, Barnett, Eagle Ford, Anadarko, Woodford, and Rockies, as well as underrated Canadian oil sands operations. As the shares have risen more than 50% over the past year, it is hard to say these improvements have gone unnoticed, but Devon still has some upside on an "as is" basis, as well as further self-improvement potential.

Legacy Assets Still Have Something To Offer

With over 7,500 drilling locations left, it may seem a little strange...

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