April 22 (Reuters) - Devon Energy DVN.N said on Tuesday it plans to boost its annual free cash flow by $1 billion by the end of 2026.
The U.S. oil and gas producer aims to achieve this by reducing drilling and completion costs and improving operating margins.
"Given the challenging market and shifting competitive landscape, this is the right moment to focus internally and improve our profitability," CEO Clay Gaspar said in a statement.
Devon expects to save $300 million through capital efficiency, another $250 million by cutting production and operating costs and an additional $300 million through enhancing commercial contracts.
Nearly 30% of the estimated improvements are expected to be achieved by the end of 2025, with the remaining by the end of 2026, the company said.
(Reporting by Pooja Menon in Bengaluru; Editing by Sriraj Kalluvila)
((Pooja.Menon@thomsonreuters.com;))
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。