OKLAHOMA CITY (AP) — Oklahoma City-based Devon Energy is announcing plans to lay off 9 percent of its workforce, totaling about 300 of its approximately 3,400 employees.
The company did not provide a definite date for the layoffs that were announced Tuesday, saying they “will occur in the weeks ahead.”
A statement from Devon spokesman John Porretto says the job cuts will involve all parts of the company.
The company noted that oil and gas prices have been low for some time and says the workforce reduction will align Devon’s organizational structure with business activities that support optimal investment returns.
Devon says the reduction combined with other cost-cutting measures will reduce the company’s general and administrative costs by $150-$200 million by the year 2020.