Reuters: Mergers News: Devon Energy's cash won't be used for a big deal-CEO

Reuters: Mergers News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Devon Energy's cash won't be used for a big deal-CEO Apr 4th 2012, 13:50 April 4 | Wed Apr 4, 2012 9:50am EDT April 4 (Reuters) - Devon Energy Corp has no plans to use its $7.1 billion cash pile on a large acquisition as some have speculated, John Richels, the company's chief executive officer, told analysts on Wednesday. Richels said he and other executives at Devon have not spent "five minutes" thinking about a big acquisition. Instead, the company's cash will be invested in exploration and production projects in North America, Richels said.

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