Reuters: Mergers News: UPDATE 1-Devon raises 2012 spending by $1 bln

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UPDATE 1-Devon raises 2012 spending by $1 bln Apr 4th 2012, 14:33 Wed Apr 4, 2012 10:33am EDT April 4 (Reuters) - Devon Energy Corp will spend $1 billion more than planned this year on acreage acquisition and exploration in basins that produce oil and natural gas with a high liquids content, the company said on Wednesday. "We're very confident that there are a lot of oil and liquids-rich opportunities to be found in North America," Dave Hager, Devon's head of exploration, told analysts. The Oklahoma City, Oklahoma, company now plans to spend $6.1 billion to $6.5 billion this year, up $1 billion from its original budget. Some of the funds will go to exploration for light oil on 500,000 acres in the Cline shale in West Texas. Devon is also targeting light oil on another 250,000 acres in an unspecified location, Hager said. The company has no plans to use its $7.1 billion cash pile on a large acquisition as some have speculated, said John Richels, the company's chief executive officer. 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, Richels said. Shares of Devon were down 0.4 percent at $70.85 on Wednesday morning on the New York Stock Exchange. Link this Share this Digg this Email Reprints

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