Hedging | Capital Markets | Capital Expenditure | Capex Decrease | Capital Expenditure - 2020
Devon Trims Another $300MM from 2020 Capex; Defers Eagle Ford Activity
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Devon Energy Corp. provided updates to its 2020 capital expenditure outlook and hedge position.
Devon has cut its capital expenditures by an additional $300 million for the full-year 2020. The revised capital outlook of approximately $1 billion represents a reduction of ~45% compared to the original 2020 capex.
The $300 million of incremental capital reductions will be driven by:
Deferral of activity in the Eagle Ford Improved capital efficiencies in the Delaware Basin Lower service-cost pricing attained across the company's asset portfolio Updated HedgesThe company has also entered into regional basis swaps in an effort to provide additional protection against lower commodity prices across its asset portfolio. For details on Devon's updated regional basis hedge position, please…
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