Despite the recent oil and gas industry rebound, on Tuesday Devon Energy Corp said it would lay off 300 workers, roughly 9 percent of staff, part of a plan to streamline operations and boost the shale oil producer’s sagging returns and stock price, as reported by Reuters.
Devon shared in a statement to Reuters that the cuts will be let go in “in the weeks ahead,” and that it will affect all areas of the companies operations, not just corporate staff, or field staff. With the goal of boosting their stock price and revenue, the company saw immediate support from the street with a 7 percent bounce in stock price.
Devon told Reuters it expects the cuts to help save $150 million to $200 million by 2020.
“The company must continue to sharpen its focus on core operations, increase its operating and financial efficiencies and align its workforce with this heightened focus to be as competitive and successful as possible in this environment,” Devon spokesman John Porretto said in a statement.
Published in Industry News, Jobs, Markets
