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HOUSTON, May 4 (Reuters) – Devon Energy Corp will ramp up drilling and spending if oil prices continue to recover, executives said on Wednesday, joining a growing list of companies expecting an increase in activity as the commodity price picture improves.

?The Oklahoma City-based oil and gas driller could start adding incremental drilling activity if oil prices hit $50 a barrel and could double capital spending if they reach $60, Chief Executive Officer Dave Hager told investors on a conference call to discuss first-quarter results.

?It would “probably take $60 oil or more to really get back to a capital spend level of close to $2 billion versus a $1 billion, where we’re at now,” Hager said.

His comments come after rival producers Pioneer Natural Resources Co and Whiting Petroleum Corp said they could see a ramp-up of drilling and fracking, contributing to a growing consensus that a price rise above $50 could fuel a resurgence in the U.S. shale industry.

U.S. oil prices have rebounded since hitting a trough just above $26 per barrel in February, and traded above $43 on Wednesday.

Devon shares slid 7 percent to $30.47.

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