Devon Energy, based in Oklahoma City, is one of the largest independent exploration and production companies in North America. The firm's asset base is spread throughout onshore North America and includes exposure to the Delaware, STACK, Eagle Ford, Powder River Basin, and Bakken plays. At year-end 2023, net production totaled roughly 658 thousand boe/d, of which oil and natural gas liquids made up roughly three-quarters of production, with natural gas accounting for the remainder.

Based in Oklahoma City, Devon has operations in New Mexico (Delaware Basin), North Dakota (Williston Basin), Oklahoma (Anadarko Basin), Texas (Eagle Ford) and Wyoming (Powder River Basin). On January 7, 2021, Devon completed a 'merger of equals' with WPX Energy. The combination created a leading shale oil producer in the U.S. The company has approximately 1600 employees.

U.S. markets pulled back on Thursday on hotter-than-expected inflation data. In February, headline PPI rose 0.6%, up from 0.2% in January and ahead of the expected 0.3% increase -- with nearly two-thirds of the increase attributed to a rise in prices for final-demand goods. The U.S. Census Bureau reported that sales in January were down 1.3%. Leading the decline were merchant wholesalers (-1.7%), while retailer sales slipped 1.1%, and manufacturer sales declined 1.0%. Inventories were essentially flat, as a 0.4% rise in retail inventories was offset by a 0.3% drop in merchant wholesaler and 0.1% decline in manufacturer inventories. Initial jobless claims for the week were 209,000, down 1,000 from the previous-week's revised level. The Dow fell 0.4%, the S&P 500 was down 0.3%, and the Nasdaq lost 0.3%. Crude oil traded above $81 per barrel, while gold fell $13 to $2167 per ounce.

This pick list highlights constituents of the Morningstar US Mid Cap Index that we believe offer investors the best risk-adjusted return prospects. The market capitalization range for U.S. mid-caps typically falls between $1 billion and $8 billion and represents 20% of the total capitalization of the U.S. equity market.