Devon’s exploration strategy has evolved significantly over the last 15 years. Prior to 2004, it was dominated by M&A and low-risk exploration. It then attempted to balance low-risk projects with high-impact conventional exploration. It further refined strategy to maintain a portfolio of low-risk, onshore North American opportunities and high-impact deepwater targets. It sold GoM and international assets in 2010 to focus on US unconventional and Canadian oil sands projects. After spending US$2.5 bil on tight-oil STACK and Powder River basin assets in 2015, Devon further divested. In 2016, it sold upstream assets in East Texas, Granite Wash assets in the Anadarko basin and royalty interests in the Permian. In May 2017, it announced another US$1 billion non-core divestiture plan including leaseholds in the Barnett Shale. After shedding non-core positions, it will focus entirely on developing core assets. The main focus during 2017 was on STACK and Delaware basin developments.