April 10, 2018 / 5:32 PM / 5 months ago

Devon Energy plans to lay off 9 percent of staff to boost returns

HOUSTON, April 10 (Reuters) - U.S. shale oil producer Devon Energy Corp said on Tuesday it would lay off 300 workers, roughly 9 percent of staff, part of a plan to streamline its operations.

Oklahoma City-based Devon said it expects the cuts to help save $150 million to $200 million annually by 2020. The staff will be let go in the coming weeks.

Shares of Devon jumped more than 6 percent on Tuesday in line with the broader markets and oil prices. (Reporting by Ernest Scheyder; Editing by David Gregorio)

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