Devon Energy plans to increase pre-tax free cash flow by $1 billion through cost-saving initiatives by 2026.

From Nasdaq: 2025-04-24 06:36:00

Devon Energy (NYSE: DVN) has been generating significant free cash flow, returning $2 billion to shareholders in 2024. The company aims to increase pre-tax free cash flow by $1 billion by next year through various cost-saving initiatives. This plan includes capital efficiency improvements, production optimization, commercial opportunities, and corporate cost reductions. CEO Clay Gaspar is confident in the strategy’s success, with 30% of the target expected to be achieved this year. The goal is to enhance shareholder returns and mitigate the impact of lower oil prices. Devon’s optimization plan could have a similar effect as a $10 increase in oil prices per barrel, ensuring a more resilient business model.



Read more at Nasdaq: This Top Oil Stock Aims to Get a $1 Billion Boost by the End of 2026