Feb 21 (Reuters) - Devon Energy Corp:
* CHIEF EXECUTIVE DAVE HAGER SAYS NEAR-TERM PRIORITY FOR CASH IS TO CUT DEBT
* CEO SAYS STOCK BUYBACK NOT THE BEST MOVE FOR COMPANY RIGHT NOW
* CEO SAYS HIGHER DIVIDENDS, STOCK BUYBACKS POSSIBLE IN FUTURE
* CEO: ‘THERE WILL BE INCREASING SHAREHOLDER RETURNS THIS YEAR’
* CEO SAYS WILL SIMPLIFY PORTFOLIO BY SELLING ASSETS, BUT DECLINES TO SAY WHICH ASSETS
* EXPECTS OILFIELD SERVICE COST INFLATION IN 2018 OF ABOUT MID- TO HIGH-SINGLE DIGITS
* SAYS HAS RIGS NEEDED UNDER CONTRACT TO COMPLETE 2018 DRILLING PROGRAM
* SAYS PLANS TO CUT RIG COUNT DURING YEAR FROM 20 TO ABOUT 16 OR 17 DUE TO IMPROVING EFFICIENCIES
* SAYS HAS ‘LARGELY SECURED’ PRESSURE PUMPING NEEDS FOR 2018, WITH PLANS TO USE 7 FRACKING CREWS
* SAYS HAS CONTRACTS IN PLACE FOR ‘MAJORITY’ OF REQUIREMENTS FOR SAND, WATER AND CHEMICALS IN 2018
* CEO DESCRIBES THE DELAWARE AND STACK AS THE COMPANY’S TWO KEY CORE ASSETS
* CEO SAYS UNDERSTANDS THE ‘OPTIONALITY’ AROUND OTHER ASSETS IN THE PORTFOLIO Source text for Eikon: Further company coverage: (Reporting By Ernest Scheyder)
