Devon Energy Set To Layoff 300 Employees

Devon Energy is laying off 300 employees, the company announced on Tuesday.

This round of layoffs represents about 9 percent of the company overall and is said to impact all parts of the company.

A spokesperson for the company released the following statement regarding the situation:

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.

The last time the company was forced to layoff employees was back in early 2016.

This is a developing story.

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