CERAWEEK-Devon Energy to hold activity steady even as oil prices spike, CEO says
By Georgina McCartney
HOUSTON, March 25 (Reuters) - U.S. shale producer Devon Energy DV.N will not react quickly to the jump in oil prices and will instead focus on long-term price signals, its CEO Clay Gaspar said on Wednesday at the CERAWeek energy conference in Houston.
Here are some details:
"We will not be oversteering on near-term signals," Devon CEO Clay Gaspar said on the sidelines of the conference, nor will it react to front-month prices, he added.
Front-month U.S. crude futures traded as high as $119 a barrel on March 9, highest since June 2022, after U.S.-Israeli strikes on Iran on February 28 led to the closure of the key Strait of Hormuz waterway.
"It's incredibly important that we keep a steady hand in these kinds of times. We're looking at the back end of the curve and not looking at front-months," Gaspar said.
Devon Energy is expected to close its merger with Coterra Energy CTRA.N in the second quarter of 2026, making it the largest independent U.S. producer.
Oil prices above $100 a barrel will not trigger a meaningful rise in U.S. output unless they stay elevated for more than a quarter, shale executives said at CERAWeek.
