Devon Energy Corp. is planning to focus a majority of its capital on the Permian Basin’s Delaware sub-basin this year, management said Wednesday.

Oklahoma City-based Devon, a leading Lower 48 independent, operates primarily in the Permian Delaware, Anadarko, Williston and Powder River basins, along with the Eagle Ford Shale.

Devon has set a 2023 capital expenditures (capex) budget of $3.6-3.8 billion. The midpoint of the budget would be a 46% increase from 2022’s capex spending of $2.54 billion. The company expects to self-fund the entire budget even if West Texas Intermediate oil prices drop as low as $40/bbl, CEO Rick Muncrief said during the fourth quarter earnings call. 

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