From Oakmark's second-quarter 2012 letter:
Devon Energy (DVN) is another exploration and production company, the stock of which has suffered because of declining commodity prices. We find it interesting that the financial press often characterizes Devon as a natural gas “play,” even though most of the company’s revenues come from liquids. Over the past three years, the stock has declined in price despite Devon’s significant growth in proved and probable reserves, as well as material debt reduction. Devon’s management understands capital allocation to be a paramount responsibility and has demonstrated this through savvy asset sales and purchases, and by accessing foreign capital through joint ventures.