At the JPMorgan Energy, Power, Renewables & Mining Conference on June 24, 2025, Devon’s CEO Clay Gaspar pushed back on peak Permian concerns:

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Peak Permian premature
Gaspar said calling a plateau in the Permian is likely “a little bit early,” highlighting ongoing innovation such as longer laterals and improved well designs that are driving further production growth
Efficiency-led growth
He remains confident that continuous efficiency improvements will “accrete into continued growth,” stating, “I’m not betting the under on our industry’s ability just to continue to get better…”
Contrast with peers
In contrast, EOG’s COO noted that production growth has slowed due to geology and capital discipline. Devon, however, emphasizes ongoing productivity gains and deeper inventory.

Why Devon’s Optimistic Stance Matters

Tech-driven enhancements
Devon has delivered better per‑well economics, driven in part by longer laterals and strategic well placements—improvements that lower breakeven costs.
Capital discipline with growth
Despite Edo’s caution, Gaspar’s philosophy supports growth while maintaining disciplined spending—aligning with Devon’s strategy of returning value via buybacks and dividends.
Long runway in Permian
Devon believes it still has extensive room to run in the Delaware Basin thanks to improvements in well positioning and midstream capacity (e.g., Grayson, Matterhorn).

Bottom Line

Gaspar remains bullish: Devon’s strategy leans on technological progress and well design enhancements to drive further growth, asserting that the Permian has not yet peaked. His confidence is underpinned by efficiency gains, pipeline development, and operational discipline—all aimed at bullish production curves in the coming years.