Seeking Alpha: Devon Has Come A Long Way, But Doesn't Seem Done Yet

Simplification and improvement has done some good for Devon Energy (DVN). Devon was once a diverse E&P with an unwieldy collection of assets, but a multiyear program of sales and purchases has created a focused onshore North American player with quality assets in the Permian, Barnett, Eagle Ford, Anadarko, Woodford, and Rockies, as well as underrated Canadian oil sands operations. As the shares have risen more than 50% over the past year, it is hard to say these improvements have gone unnoticed, but Devon still has some upside on an "as is" basis, as well as further self-improvement potential.

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Devon Has Come A Long Way, But Doesn't Seem Done Yet

Seeking Alpha: Forest Oil Trying To Make A Go Of It With Second-Rate Assets

Getting smaller can be a good way of cleaning up a balance sheet and improving a company's growth prospects. In the case of Forest Oil (FST), though, I have some real concerns about whether management hocked the family silver and kept the stainless steel instead. I do believe that Forest shares trade below their current NAV and that more experience could lead to better results (which in turn would lead to a meaningfully better NAV), but that upside has to be set against the reality that Forest Oil may be on the outside looking in when it comes to the Eagle Ford and may not have the capital or technical expertise to maximize the Permian assets anytime soon.

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Forest Oil Trying To Make A Go Of It With Second-Rate Assets