Devon Energy targets $1 billion free cash flow boost by 2026
April 22 (Reuters) - Devon Energy DVN.N said on Tuesday it plans to boost its annual free cash flow by $1 billion by the end of 2026.
The U.S. oil and gas producer aims to achieve this by reducing drilling and completion costs and improving operating margins.
"Given the challenging market and shifting competitive landscape, this is the right moment to focus internally and improve our profitability," CEO Clay Gaspar said in a statement.
Devon expects to save $300 million through capital efficiency, another $250 million by cutting production and operating costs and an additional $300 million through enhancing commercial contracts.
Nearly 30% of the estimated improvements are expected to be achieved by the end of 2025, with the remaining by the end of 2026, the company said.
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