Devon Energy (DVN) said Tuesday it will implement a $150 million cost reduction plan as part of its business optimization strategy to improve cash flow by $1 billion by the end of 2026.
The company said it also plans to improve capital efficiency by $300 million, production costs by $250 million, and commercial opportunities by $300 million.
The oil and gas producer said it expects about 30% of these improvements to be achieved by the end of 2025, with the rest targeted to be realized by the end of 2026.
Under its cost reduction plan, Devon said it will reduce its interest cost and streamline its corporate cost structure. The company also said it will use advanced analytics to mitigate maintenance events, lower downtime, and streamline operating cost structure under its production optimization program.
Shares of the company rose 3.2% in recent Tuesday premarket activity.
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