Plus   Neg

Devon Energy Cuts 2020 Capital Budget On Challenging Commodity Price Environment

Devon Energy (DVN) has reduced its 2020 capital spending budget by $500 million. The revised budget of approximately $1.3 billion is a decline of nearly 30 percent from prior 2020 capital plan. The capital reductions will be diversified across Devon's portfolio, with the STACK and Powder River Basin assets receiving the most substantial cuts proportionally.

"With the challenging industry conditions, we are committed to taking decisive actions to protect our balance sheet and preserve liquidity," said Dave Hager, president and CEO.

Devon Energy plans to provide a detailed update to its 2020 guidance in conjunction with first-quarter reporting.

Shares of Devon Energy were down nearly 7% in pre-market trade on Thursday.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Moderna said Tuesday that it has reached an agreement with the U.S. to initially supply 100 million doses of its experimental vaccine for COVID-19, mRNA-1273. The U.S. government has awarded up to $1.525 billion for the vaccine. Las Vegas, Nevada-based Mr. Wok Foods has recalled about 200,000 pounds of meat and poultry products for misbranding and undeclared allergens, the U.S. Department of Agriculture's Food Safety and Inspection Service or FSIS said. The recalled products may contain known allergens such as milk, wheat, soy, peanuts, or oysters. They may also contain MSG, sesame products, or sulfites. The U.S. Food and Drug Administration approved the first oral drug to treat patients two months of age and older with spinal muscular atrophy (SMA) that can be taken at home. Roche subsidiary Genentech's Evrysdi (risdiplam) is also the second FDA-approved drug to treat this rare and often fatal genetic disease affecting muscle strength and movement.
Follow RTT