Devon slashes capex for 2016 by 75%, plans to trim workforce by 20%

Devon Energy Corp., Oklahoma City, plans capital expenditures in 2016 of $1.17-1.45 billion, down from $5.26 billion in 2015. That includes the firm's exploration and production capital investment for 2016, which is estimated to range $900 million-1.1 billion, also a 75% decrease from that of 2015.

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