Oil & Gas News

Devon Energy to lay off approximately 300 people

Devon Energy

 

OKLAHOMA CITY – Devon Energy is laying off approximately 300 people, the company announced Tuesday.

On Tuesday, Devon Energy sent out a statement, confirming it is laying off about 9-percent of its employees.

The oil and gas industry is in a lower-for-longer commodity price environment, which requires Devon to transform the way it operates. The company must continue to sharpen its focus on core operations, increase its operating and financial efficiencies and align its workforce with this heightened focus to be as competitive and successful as possible in this environment. As a necessary step in achieving that alignment, Devon is reducing its employee count by about 9 percent, or approximately 300 jobs.

Devon continually evaluates its resource needs to meet the changing structure of its business. The workforce reduction aligns the company’s organizational structure with the business activities that best support Devon’s strategy to optimize investment returns.

As the company simplifies its asset portfolio and improves its financial strength, these staff reductions, together with numerous other cost-reduction measures, will remove $150 million to $200 million in general and administrative costs by 2020. The workforce reductions, which will impact all parts of the company, will occur in the weeks ahead.

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