Devon Energy Cuts Budget and Dividend as Profits Decline
TL;DR
Shale producers Pioneer Natural Resources and Devon Energy have tightened their budgets and warned of lower drilling and completions activity due to a drop in oil and gas prices, which significantly impacted their second-quarter profits. Pioneer has cut its 2023 budget by $125 million and plans to operate fewer drilling rigs and place fewer wells on production. Devon has reduced its capital spending for the third quarter and maintained its full-year production forecast. Despite the profit decline, Pioneer's second-quarter earnings beat analysts' estimates.
Topics:businessenergy#budget-cuts#energy#oil-and-gas-prices#permian-shale-basin#profits-plunge#shale-producers
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