Devon Energy: Layoffs will be “necessary” due to low oil, natural gas prices
OKLAHOMA CITY – As oil prices continue to drop across the country, several Oklahoma companies are bracing for impact.
On Wednesday, Devon Energy announced that it will be forced to lay off several members of its workforce.
However, the company has not said when the layoffs will occur or how many employees will be affected.
“To maintain our financial flexibility while oil and natural gas prices remain weak, Devon continues to thoroughly examine all options to lower the company’s cost structure. After careful consideration, it’s clear that layoffs will be a necessary part of the company’s near-term cost-management efforts. The company has not determined the extent of the reduction but expects the majority of layoffs to occur by the end of the first quarter,” a statement from John Porretto, the manager of media relations for Devon Energy, read.
According to Devon officials, the company employs roughly 2,500 people in Oklahoma City.