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Devon IDs 2016 Budget; 75% Lower Than 2015, Four Play Focus
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Devon Energy Corp. announced ts fourth quarter 2015 and full year results. The company also detailed its outlook for 2016.
Key Points: In 2016, Devon’s E&P capital investment is estimated to range from $900 million to $1.1 billion, a decrease of 75 percent from 2015. Production will be relatively flat. Devon’s E&P investment in 2016 will be focused entirely on its core asset portfolio (Delaware Basin, STACK, Eagle Ford, Rockies). Projecting $2.0-3.0 billion in divestitures in 2016 (Midland Basin, East Texas, MidContinent Granite Wash / Mississippi Lime) and we are reducing our dividend by 75 percent. 2016 Capital BudgetDetailed forward-looking guidance for the first quarter and full-year of 2016 is provided later in this release. With current industry conditions, Devon’s top priority…
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