Leadership at Oklahoma City-based Devon Energy confirms the company has shut-in 10,000 barrels of crude oil production a day.
But Seeking Alpha reports Devon CEO Dave Hager also told the J.P. Morgan energy conference he expects the company to finish 2020 with output flat with 2019 levels.
Hager downplayed the production cutbacks as “not very much,” and said he does not expect additional curtailments with current oil prices above $30/bbl.
Hager also said he was confident Devon would close on the sale of its Barnett Shale assets to Thailand-based Banpu Kalnin; the deal was announced in December but was restructured, and the closing was delayed after oil prices crashed.
Source: Seeking Alpha
