Devon Energy gains on plans to boost free cash flow by $1 billion
ReutersApr 22, 2025 12:35 PM
Shares of oil and gas producer Devon Energy DVN.N rise 3.7% to $30.57 premarket
Company says it plans to boost its annual free cash flow by $1 billion by the end of 2026
"The $1 billion savings is significantly above our expectations and the $300-$500 million range we think investors anticipated" - RBC Capital Markets
Company expects to save $300 million through capital efficiency, $250 million by cutting production and $300 million through commercial opportunities
DVN also expects ~30% of the estimated improvements to be completed by year-end 2025, with the remaining by year-end 2026
As of last close, shares are down 9.9% YTD
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