Though it is a major producer of U.S. natural gas, oil economics will dictate investment decisions for Devon Energy Corp. for the foreseeable future, management indicated Wednesday.

Oklahoma City-based Devon is the 16th largest producer of natural gas among U.S. publicly traded firms, according to NGI’s most recent calculations. It operates primarily in the Permian Basin’s Delaware sub-basin, the Anadarko and Williston basins, and the Eagle Ford Shale. 

“We want to stay as oily as we can for as long as we can,” CEO Rick Muncrief told analysts during a call to discuss fourth quarter earnings. 

Muncrief cited low U.S. natural gas prices that have languished below $2/MMBtu since early February. “That’s not a good spot to be in. And so for us, we want to stay as oily...