US Frackers Surprise Themselves As Tweaks Keep Adding Barrels

Devon Energy Corp has cut costs to drill and complete new wells by 40 percent and plans to cut $1 billion in costs this year, Chief Executive Dave Hager said on Wednesday.

Roughly half the lower well costs are due to internal technology and efficiency gains, he said, with the rest due to renegotiated contracted with service providers.

"We believe a lot of the wins still left to get are just through attention to detail and through designing changes and through managing our business even better than we have in the past," Hager said.

(Reporting By Terry Wade and Ernest Scheyder; Editing by David Gregorio)


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