Subject: Re: BRK: Why Not XOM?
While not as large as XOM, CHV and OXY, Devon energy has an EV of $29B and an EV/proven reserve of 16.6, around half that of XOM.

They made a very rational capital allocation decision earlier this year to prioritize share repurchases over dividend, as stock was very cheap. Devon has a very unusual (for USA) dividend policy which pays a high variable special dividend. This disappointed many investors who were in it for the high dividend yield and saw this as a dividend cut.

Have you analyzed DVN for a potential investment or do you own it?