While copying and pasting some highlights from the Devon Energy (NYSE: DVN) second-quarter press release into my notes, I noticed that the firm uses a font called Trebuchet. A trebuchet is a piece of medieval siege artillery that uses a counterweight to launch a projectile. Similarly, Devon has used the divestiture of its offshore and international assets as a sort of counterweight to launch its next chapter as a leaner, more focused operation.

Using some of the divestiture proceeds received to date, Devon had reduced debt by $1.7 billion and repurchased $495 million in stock as of the end of the second quarter. The firm is targeting a $3.5 billion-share buyback in the span of 12 to 18 months. If completed at today's stock price, this program would knock 12% off the outstanding share count. That's outstanding.

In addition to these buckets, Devon is also allocating a significant chunk of capital to oil-weighted plays. Aside from the $500 million acquisition of a 50% share in BP's (NYSE: BP) Kirby oil sands leases, Devon has also picked up 450,000 net acres in oil or liquids-rich gas resource plays. The Permian Basin, with its emerging Bone Spring and Avalon shale plays, is a major focus for the company.

Devon grew its oil and liquids production 6% sequentially, to 197,000 barrels per day. That's roughly the level of oily output that Chesapeake Energy (NYSE: CHK) is targeting by the end of 2015. Devon is well ahead of the curve in terms of the industrywide scramble to secure a more balanced oil and gas production mix. At around 31% liquids, the company falls between EOG Resources (NYSE: EOG) and Anadarko Petroleum (NYSE: APC) on the oil-o-meter.

In terms of financial performance, Devon blew analyst estimates out of the water. Adjusted cash flow came in at $3.02 per share, versus an average estimate of $2.80.

As with Talisman Energy (NYSE: TLM), I think impatient investors are missing the transformation that's happening right in front of their eyes with Devon. If you're looking to add exposure to the energy sector today, it would be hard to go wrong with this large-cap leader.

Fool contributor Toby Shute doesn't have a position in any company mentioned. Check out his CAPS profileor follow his articles using Twitteror RSS. Chesapeake Energy is a Motley Fool Inside Value recommendation. The Fool owns shares of Chesapeake and Devon Energy. The Motley Fool has a disclosure policy.