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Devon Energy to Return $2 Billion of Overseas Cash to U.S.

Devon Energy Corp., the oil and gas producer that sold its overseas assets to focus on North America, will return $2 billion of those cash sales proceeds to the U.S. after a change in its tax status.

Devon, based in Oklahoma City, has about $6.5 billion of cash invested overseas and expects to spend $500 million of it this year in Canada where it is drilling for oil and ramping up oil-sands operations, Chief Financial Officer Jeff Agosta said today on the company’s 2013 first-quarter conference call.