OKC energy company announces plan to layoff

Posted at 5:57 PM, Jan 21, 2016
and last updated 2016-01-21 18:57:39-05

OKLAHOMA CITY (AP) -- Oklahoma City-based Devon Energy Corporation 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.

Devon Energy sent a statement indicating they would be making layoffs sometime in the near future due to oil and natural gas prices.

A Devon spokesperson said “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.”