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.

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