Devon Joins Oil Producers That Have Cut Jobs and Spending
- Producer slashes dividend by 75%, reduces workforce by 20%
- Cimarex also cuts budget; says will spend 29% less than 2015
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Devon Energy Corp. tumbled after it became the latest oil and natural gas producer to cut everything from its dividend to jobs to spending as it tries to weather the worst price slump in a generation.
The stock fell as much as 14 percent on Wednesday and was down 10 percent to $19.06, the lowest since 2002, at 10:24 a.m. in New York. Shares are down about 40 percent for the year.