Devon Cutting More Jobs And Costs

October 7, 2019

Devon Energy says it’s continuing efforts to cut costs and streamline operations at all levels, which include staff layoffs of about 40.

The Oklahoma City company began the efforts not long before it announced some changes during its 2Q results phone call, saying in March that there were plans to cut nearly 200 jobs initially at the corporate headquarters.

Devon’s stock hit a high on the year on April 22nd at $35.16, down to $21.89 on Monday, near its 2019 bottom.

As The Oklahoman noted, the company wants to transform into “a pure-play shale oil producer by either selling or spinning off its Canadian oil holdings and operations and its Barnett Shale natural gas holdings and operations.”

Devon sold its Canadian interests back in May for $2.8 billion but its Barnett holdings apparently remain on the market.