Devon Energy Stock Down

Despite a recovery in many oil stocks last week, Devon shares hit a 52-week low, down almost 15% for the week. To raise capital Devon offered 69 million common shares at $18.75.The move brought in $1.3 billion to cover costs, reduce debt and fund it capital program for 2016. Devon representatives announced that in 2015 the company “delivered oil production growth of 26%, lowered its field-level costs by nearly $400 million” reduced exploration and production capital spending for 2016 by 75%, and reduced “general and administrative expense expectations by some $800 million.”