Devon Energy Cuts 2020 Capital Budget On Challenging Commodity Price Environment

(RTTNews) - 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.