US-based independent natural gas and petroleum exploration company Devon Energy is set to cut 300 jobs to streamline operations and improve returns.
The affected jobs represent 9% of the company’s workforce.
Set to begin in the next few weeks, the layoffs are expected to impact all areas of operation.
In February this year, Devon unveiled its 2020 Vision strategy, which outlined its reorganisation plan to streamline operations and focus on core operations.
The company aims to receive $5bn through the sale of non-core assets. It has reached $1bn so far.
This latest measure to downsize workforce will enable the shale producer to reduce costs by $150m to $200m by 2020.
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By GlobalDataDevon Energy spokesman John Porretto was quoted by Reuters as saying: “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.”
In 2016, the company revealed its decision to cut around 20% of its workforce to realise general and administrative (G&A) cost savings.
Devon Energy chief operating officer Tony Vaughn was quoted by media sources saying: “Simply put, we have had too many people working on too many things, projects and otherwise, that are ancillary to our core business.”
