** 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
(Reporting by Katha Kalia in Bengaluru)