Devon announced last month plans to sell the Canadian and Barnett Shale assets to complete a transformation into an oil and gas exploration company focused on oil growth from wells it drills in U.S. shale fields. Earlier this month, SandRidge Energy laid off hundreds of employees in Oklahoma City. Devon Energy Announces First-Quarter 2018 Cash Dividend for Common Stockholders. Say goodbye to 100 degree weather in Oklahoma, US Chamber ignores Oklahoma chamber leader and endorses Democrat Congresswoman.
But the number was not disclosed according to a report by The Oklahoman. Devon Energy previously announced 200 of its employees were to be laid off in early 2019 as it worked on plans to either sell or spin off its Canadian and north Texas assets. A WARN notice is required when large employers close a facility or discontinue an operating unit of more than 50 workers, lay off between 50 and 499 employees if the layoffs constitute one-third of a site's workforce, or if more than 500 are laid off at a single site.
After letting nearly 200 workers go in February, Oklahoma City-based Devon Energy this week confirmed the layoff of still more of its employees. Devon isn’t the first company to announce that lay offs are imminent.
WASHINGTON (AP) — Amy Coney Barrett was confirmed to the Supreme Court late Monday by a deeply divided Senate, Republicans overpowering Democrats to install President Donald Trump’s nominee days before the election and secure a likely conservative court majority for years to come.
“Devon is committed to its future success, and in order to meet long-term operational and financial goals, updates to our business model and strategy were made and shared in early August along with our second quarter results,” stated spokeswoman Lisa Adams.
Layoffs at Devon Energy—200 to be let go March 6, 2019 The low oil prices and refocusing on oil production have taken a hit on Oklahoma City’s Devon Energy as the company confirmed Tuesday it is laying off about 200 workers and plans still more in the coming months.
Chief Executive Dave Hager said last month that Devon had to shed assets of more than $5 billion to become a “lean, efficient company that drives high returns.”.
Devon, like many of its shale peers, has come under pressure from Wall Street in recent months to focus less on production and more on ways to boost shareholder returns. “A major component of this transformation is aligning our cost structure with the go-forward business. Shares of Devon jumped nearly 7 percent on Tuesday to close at $33.60 on the New York Stock Exchange. Reporting by Ernest Scheyder; editing by Jonathan Oatis. Information from: The Oklahoman, http://www.newsok.com, Connect with the definitive source for global and local news. Devon Energy has laid off 40 employees in Oklahoma City, citing ongoing efforts to refocus and realign the company according to its long-term strategic plan to focus on its ... Devon Energy layoffs. A freefall in demand caused by the pandemic and a pricing war in March between Saudi Arabia and Russia led to oil briefly sinking into negative value.
The layoffs did not meet the requirements to be publicly reported through the Worker Adjustment & Retraining Notification Act, or WARN system, Devon said. "Devon is committed to its future success, and in order to meet long-term operational and financial goals, updates to our business model and strategy were made and shared in early August along with our second quarter results," spokeswoman Lisa Adams said. The report indicated the number could be into the dozens and perhaps more than 100.
Denwalt worked as a news reporter in... The report indicated the number could be into the dozens and perhaps more than 100. The report say the company received core earnings of $319 million for the fourth quarter, but it also suffered a net loss of $4.5 billion during that same time period because of non-cash, asset-impairment charges.
The low oil prices and refocusing on oil production have taken a hit on Oklahoma City’s Devon Energy as the company confirmed Tuesday it is laying off about 200 workers and plans still more in the coming months. Maps of counties in the STACK play showing townships and ranges. See here for a complete list of exchanges and delays. Chaparral, which cut corporate staff by 37% and field staff by 40% in 2019, sold its headquarters for $11.5 million. Staff will be let go “in the weeks ahead,” Devon said in a statement. Devon Energy — Shares of the oil exploration and production company slid more than 14% as crude prices continue to fall. SandRidge Energy, meanwhile, signed a deal to sell its headquarters after cutting its workforce, which was once several hundred employees, to about a dozen. Democrats were unable to stop the outcome, Trump's third justice on the court, as Republicans race to reshape the judiciary.
The state Office of Workforce Development was not notified under the Worker Adjustment and Retraining Notification Act.
Dale Denwalt has closely followed state policy and politics since his first internship as an Oklahoma Capitol reporter in 2006. Unfortunately, this will include layoffs,” said Porretto who is director of Corporation Communications at Devon. White rhino born at Disney World, OKCPS cancels in-person classes for Tuesday, US Marshalls recover 45 missing children during anti-human trafficking operation, Kushner says Black people must ‘want’ to succeed, Fire set in Boston ballot drop box; FBI asked to investigate, Senate votes to advance Barrett; confirmation expected Mon, Pence to keep up travel despite contact with infected aide, Pres. JAN 12. © 1998 - 2020 Nexstar Inc. | All Rights Reserved. Bankruptcies over the past few months include Chaparral Energy and Chesapeake Energy. Devon isn’t the first company to announce that lay offs are imminent.