Devon Won't Hedge 50% Of Nat Gas Output

Devon Energy DVN, the Oklahoma-based independent oil and natural gas producer, said it will not hedge half of its natural gas production because prices for the fuel have fallen so dramatically recently. The company said it intends to hedge half of its oil output. Devon said earlier this year that it would look to hedge its natural gas exposure, but the price decline has made that unnecessary. Devon expects an eventual recovery in natural gas fundamentals once utilities start burning more in power plants, now that the vast potential of North American shale gas has been realized, according to Reuters.