Devon Energy Corp. has a bundle of opportunities from which to choose when it allocates its capital in the Lower 48, but it has always come down to the price of natural gas and oil, a top executive said this week.

COO Clay Gaspar, speaking with analysts during the first quarter 2023 conference call, explained how the Oklahoma City-based independent determines where to invest. It has a huge portfolio of natural gas and oil opportunities within the Anadarko, Permian, Powder River and Williston basins, along with the Eagle Ford Shale.

“In the last 12 months, we’ve tested every flavor of commodity price: high oil price, low oil price, high relative gas price,” Gaspar said. “We’ve run the sophisticated model that we have and a number of scenarios in really looking...