Devon to close Houston office, centralize in Oklahoma City
BY Wire reports
Friday, October 12, 2012
10/12/12 at 4:25 AM
Devon Energy Corp. says it will close its Houston office and consolidate its U.S. personnel into a single operations group at the company's headquarters in Oklahoma City.
The company will relocate some employees, according to a statement Thursday. Devon expects to complete the move by March 31.
"Consolidating our U.S. operations will improve our ability to quickly shift the focus of our workforce between project areas as economic conditions dictate," said Dave Hager, executive vice president of exploration and production.
Devon expects reorganization charges of about $125 million. The move should save about $80 million a year, the company said.