Devon Energy Corp. on Tuesday began laying off 300 employees as the company continues to remake itself in an era of relatively low oil and natural gas prices.
The cuts affect about 9 percent of the Oklahoma City-based oil and natural gas company. The layoffs will affect all parts of the company and will take place over the next few weeks, the company said.
“Our changing industry requires us to make some difficult decisions, and this one is the most difficult,” CEO Dave Hager said in an internal memo to Devon employees on Tuesday. “The main feedback we heard from those affected in the 2016 workforce reduction was that they appreciated being treated with respect, transparency and dignity. I assure you that this will be no different. Through the good times and the difficult times, we will live the Devon values.”
The layoffs, along with other cost-reduction efforts, are expected to save the company $150 million to $200 million in general and administrative costs by 2020, the company said.
(2) comments
Time for a tariff.
TW Headline says 300 Devon employs to be laid off, KOCO headline says 1000, KOCO news piece says 1300 overall once properties are sold off - pretty big differences in numbers
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