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0 0.0146461611305362 0.00826473873348882 0.00954102321289827 -0.00194553710178703 -0.00194553710178703 -0.0108795284576534 -0.0108795284576534
Stock impact report

Devon Energy Reduces 2020 Capital Spending and Provides Financial Update

Devon Energy Corporation (DVN) 
Last devon energy corporation earnings: 2/18 04:05 pm Check Earnings Report
Company Research Source: GlobeNewswire
OKLAHOMA CITY, March 12, 2020 (GLOBE NEWSWIRE) -- In response to the challenging commodity price environment, Devon Energy (NYSE: DVN) has announced an immediate decrease in capital spending of $500 million for the full-year 2020. The revised capital budget of approximately $1.3 billion represents a decline of nearly 30 percent compared to its previously announced 2020 capital plan. The $500 million of capital reductions will be diversified across Devon’s portfolio, with the STACK and Powder River Basin assets receiving the most substantial cuts proportionally. To optimize go-forward investment, the company will focus its development activity in the Delaware Basin and Eagle Ford within the economic core of these top-tier plays. The company expects to provide a detailed update to its 2020 guidance in conjunction with first-quarter reporting. “With the challenging industry conditions, we are committed to taking decisive actions to protect our balance sheet and preserve liquidity,” s Show less Read more
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