Devon Energy Corp. (DVN) plans to reduce its capital spending by more than 50% in 2009 and plans to keep production relatively flat during the year.

"We see no reason to accelerate our natural gas production in this weak natural gas market," Chief Executive Larry Nichols said during a conference call.

Nichols said production would remain at 2008 levels and that capital spending for 2009 would be between $3.5 billion to $4.1 billion - less than half of the previous year's spending.

-By Jason Womack, Dow Jones Newswires; 713-547-9201; jason.womack@dowjones.com