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OKLAHOMA CITY (KFOR) – Officials at an energy company that is headquartered in Oklahoma City say some employees were laid off this week.

Before the pandemic, David Turk, with the International Energy Agency, said oil was expected to have a great year.

“We had predicted at 2% increase,” says Turk. “Now we are looking at a 20% decrease. This is almost $400 billion.”

Although the road to recovery won’t be easy, officials say they believe the worst is over for the energy sector.

However, some businesses say the situation has forced them to update their business model.

Officials with Devon Energy confirmed to KFOR that layoffs occurred on Tuesday.

Devon is committed to its future success, and in order to meet long-term operational and financial goals, updates to our business model and strategy were made and shared in early August along with our second quarter results. As a result of these updates and projected future activity levels, we have made the difficult decision to reduce the size of our workforce at this time. All impacted employees will receive separation packages including severance pay.

Devon Energy

Officials would not share the specific number of jobs affected by the layoffs.