April 10, 2018 / 7:48 PM / in 6 months

BUZZ-Devon Energy: Jumps after 9 pct workforce trim

** U.S. oil producer’s shares up 7 pct at $33.69

** Co to lay off 300 workers or 9 pct of workforce to boost returns and stock price

** Expects job cuts to help save $150 mln-$200 mln annually by 2020; layoffs part of efforts to streamline business

** U.S. oil companies are under pressure to focus less on production and more on ways to boost shareholder returns as oil prices recover

** Devon’s stock also supported by near 4 pct jump in oil prices on Tues

** Stock has fallen ~18 pct this year vs 2.8 pct drop in S&P 500 energy index (Reporting by Yashaswini Swamynathan)

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