Devon Energy Corp. DVN, -1.42% said Monday it is reducing its 2020 capex budget by an additional $300 million, cutting it by a total of $1 billion, or 45%, compared to its original budget. The latest reduction will be driven by the deferral of activity in the Eagle Ford, by improved efficiencies in the Delaware Basin and lower service-cost pricing across the company’s asset portfolio. The company has also entered into regional basis swaps to provide additonal hedges against lower commodity prices. Shares were down 0.8% premarket but are down 75% in the year to date, while the S&P 500 SPX, +2.36% has fallen 21%.

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