We've recently heard a lot about Devon Energy (NYSE: DVN), about how the company just recently has made a big move into oil after being concentrated mostly on natural gas, and how it has the liquidity to do so with an incredible balance sheet that shows a lot of cash and very low debt, giving this company a lot of freedom to choose its direction. In this video, Motley Fool energy analyst Joel South tells us about some of the production and exploration joint ventures that Devon has been focusing on recently -- smart moves that reduce risk, improve capital efficiency, and allow this company to grow smarter.

Joel South has no positions in the stocks mentioned above. The Motley Fool owns shares of Devon Energy and Ultra Petroleum and has the following options: long JAN 2013 $16.00 calls on Chesapeake Energy, long JAN 2013 $25.00 calls on Chesapeake Energy, long JAN 2014 $20.00 calls on Chesapeake Energy, long JAN 2014 $30.00 calls on Chesapeake Energy, short JAN 2014 $15.00 puts on Chesapeake Energy, short SEP 2011 $38.00 puts on Ultra Petroleum, long JAN 2014 $30.00 calls on Ultra Petroleum, long JAN 2014 $40.00 calls on Ultra Petroleum, long JAN 2014 $50.00 calls on Ultra Petroleum, and short JAN 2014 $20.00 puts on Ultra Petroleum. Motley Fool newsletter services recommend Ultra Petroleum. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.