Devon Energy Corp. CEO Rick Muncrief said it’s time for his peers to get their act together and stop expanding oil and gas production until demand outpaces supply.

Speaking with investors during a first quarter conference call on Wednesday, Muncrief took the pulpit to preach to fellow exploration and production (E&P) companies. Mirroring comments by Diamondback Energy Inc. CEO Travis Stice, Muncrief said Devon is looking for direction, particularly as the Organization of the Petroleum Exporting Countries and its allies, aka OPEC-plus, has bumped up output. 

“Devon has no intention of allocating capital to growth projects until demand-side fundamentals recover, and it becomes evident that OPEC-plus’ spare oil capacity is effectively absorbed by the world markets,”...