Devon Energy Corp. (NYSE: DVN) said March 26 it was looking to sell even more assets than previously announced in order to focus its portfolio on three shale regions.

Devon is now eyeing asset sales of up to $5 billion as it streamlines operations to the Scoop/Stack, Permian and Rocky Mountain areas, Dave Hager, Devon's CEO, said at the Scotia Howard Weil energy conference in New Orleans.

"We are working on more strategic type moves for the company," Hager said. "We are working on portfolio simplification of a significant scale as I stand here today."

Earlier this month, Devon agreed to sell a portion of its Barnett Shale position for $553 million, which helped push the company past its $1 billion divestment goal.

Devon has no plans to increase its 2018 capital budget of $2.2 billion to $2.4 billion even with the recent rise in oil prices, said Hager, who added extra cash flow will be used to cut debt and boost shareholder returns.

"We're going to be a lean, efficient company that drives high returns," he said.

Shares of the Oklahoma City-based company fell about 1% to $31.97 in morning trading.