Devon Energy Corp. became the latest oil and 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 shale driller is reducing its workforce by 20 percent in the first quarter, while slashing its quarterly dividend to 6 cents a share from 24 cents, according to a statement Tuesday. It expects 2016 capital spending between $900 million and $1.1 billion, down 75 percent from a year earlier. Cimarex Energy Co. also said it’s cutting investment.
“Devon’s top priority in 2016 is to protect the balance sheet,” Chief Executive David Hager said in the statement. “We are tailoring activity to current market conditions and are prepared to adjust capital plans throughout the year to ensure we balance capital investment with cash inflows.”
Devon and peers from ConocoPhillips to Anadarko Petroleum Corp. have turned to asset sales and spending cuts to weather the steep drop in crude prices. The company previously said it seeks to raise $2 billion to $3 billion from divestitures. Devon’s shares, down 34 percent for the year, tumbled as much as 12 percent after normal exchange hours following the announcement.
Brazil Energy Insight 
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