Oklahoma City-based Devon Energy Corp. reported steady growth in the first quarter, especially from its Permian Basin assets. However, the company is holding firm to its “value over volume” approach, choosing to maintain its production and capital investment levels.

Despite heightened global oil and gas prices because of the Russian invasion of Ukraine and calls for more domestic production, the independent plans to sustain production levels between 570,000 to 600,000 boe/d throughout the year. Upstream capital investment is set at $1.9-2.2 billion.

CEO Rick Muncrief said the company would be thoughtful about its role as an energy producer and how the invasion of Ukraine by Russia is impacting oil and natural gas prices. However, he said, volatility also meant Devon had to be...