Devon defers Eagle Ford activity with additional budget cut

Devon Energy Corp., Oklahoma City, will defer Eagle Ford shale activity as part of its effort to cut an additional $300 million from its 2020 capital expenditures plan. The revised capital outlook of $1 billion represents a reduction of nearly 45% compared to the company’s original 2020 capital budget.

In addition to Eagle Ford deferrals, capital reductions will come from improved capital efficiencies in the Delaware Basin and lower service-cost pricing across the asset portfolio, the company said Mar. 30.

On Mar. 12, the company cut $500 million from its original $1.8 billion 2020 capital spending budget and had planned, at the time, to focus development activity in the Delaware Basin and Eagle Ford (OGJ Online, Mar. 12, 2020).