In this video, Motley Fool Energy Analyst Joel South takes a look at everything that's going right for Devon Energy (DVN -1.36%). He explores the company's recent transition into the oil sector, and its major refocusing on the North American shales. He also takes a look at Devon's balance sheet, and shows us how having a huge amount of liquid cash and low debt means a lot of options for a company in terms of growth and benefits for shareholders. Finally, he tells us how some of Devon's upcoming joint ventures for production and exploration reduce costs, lower risks, and mean smart growth for the company.