When looking for a deep and diversified oil and gas portfolio, smart investors wisely examine Devon (DVN). The company itself is deep and diversified and reflects significant long-term growth potential.

With competitors like Cabot Oil & Gas (COG), Comstock Resources (CRK), and Canadian Natural Resources (CNQ) gaining traction with new plays, Devon will still remain ahead of the pack with its consistent discipline of selfishly holding onto capital until it is time to prudently ration out resources for worthy projects. With natural gas prices roller-coaster ride, the company continues to focus on oil and liquid rich opportunities concentrated mainly in various North American onshore areas that extend from the Canadian arctic to the Gulf Coast in the United States. The company holds 13 million net acres, of which roughly two-thirds are undeveloped. With this insight and the potential for even greater plays, I believe Devon to be a winner that every oil and gas investor should own.

Devon is an independent energy company, engaging primarily in exploration, development, and production of oil, natural gas, and natural gas liquids. The company has a market cap of $23.89 billion, and a P/E ratio of 11.3, above the average energy industry P/E ratio of 5.2 and below the S&P 500 P/E ratio of 17.7. According to the first quarter results, Devon reported production of 694,000 barrels of oil equivalent (BOE) per day in the most recent quarter, up 10% from the first quarter of 2011. The company has plenty of room to grow with plays in various locations not yet tapped.To continue reading, click here.