Devon Energy Gains on Plans to Boost Free Cash Flow by $1 Billion

** Shares of oil and gas producer Devon Energy rise 3.7% to $30.57 premarket 

** Company says it plans to boost its annual free cash flow by $1 billion by the end of 2026

** “The $1 billion savings is significantly above our expectations and the $300-$500 million range we think investors anticipated” – RBC Capital Markets

** Company expects to save $300 million through capital efficiency, $250 million by cutting production and $300 million through commercial opportunities

** DVN also expects ~30% of the estimated improvements to be completed by year-end 2025, with the remaining by year-end 2026.

** As of last close, shares are down 9.9% YTD