Devon Energy to cut spending next year-CEO

Wed Nov 7, 2012 12:50pm EST

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Nov 7 (Reuters) - Devon Energy will spend "significantly less" on exploration and production next year, as less capital is directed toward acquiring oil and gas properties, the company's CEO said on Wednesday.

"Even with this reduced level of spending, we expect to maintain an oil-focused drilling program with activity levels similar to those in 2012," Devon Chief Executive Officer John Richels told analysts on a conference call.

For the first nine months, Devon spent $5.3 billion on exploration and production and expects to spend about $1.7 billion in the fourth quarter, the company said.

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