After hours of rumors, Devon Energy officials confirm that layoffs are coming to the Oklahoma City energy company. In a written statement a company spokesman says, "After careful consideration, it’s clear that layoffs will be a necessary part of the company’s near-term cost-management efforts."
The statement says the layoffs will occur by the end of the first quarter.
"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."