OKLAHOMA CITY (AP) — Oklahoma City-based Devon Energy Corp. has announced that it is planning employee layoffs over the next few months.
Company executives made the announcement during a town hall meeting with employees Wednesday morning. Spokesman Tim Hartley said that the layoffs are a necessary part of cost management efforts for Devon as oil and gas prices remain weak.
The company has not determined how many employees will lose their jobs, Hartley said, but that a majority of the layoffs will happen by the end of March.
"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," a company statement said.
According to a document filed with the Securities and Exchange Commission last year, Devon had about 5,500 employees as of Dec. 31, 2014.
Devon is not the only energy company to make recent cuts. A SandRidge Energy Inc. drilling subsidiary, Lariat Services Inc., cut 226 Oklahoma workers on Jan. 13 and Chesapeake Energy Corp. cut 740 employees from its national workforce on Sept. 29.