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Oil and Gas

Devon slashes 2020 capex by 30%

March 12 (Reuters) - U.S. oil and gas producer Devon Energy on Thursday cut spending by $500 million to about $1.3 billion from its prior forecast for 2020, joining its shale peers as the industry battles a slump in crude prices.

The cut will be diversified across Devon’s portfolio, with the STACK and Powder River Basin assets receiving the most substantial cuts proportionally, the company said in a statement. (Reporting by Shanti S Nair in Bengaluru; Editing by Shinjini Ganguli)

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