I checked this site after I heard the recent news and thought I would post some first hand info on the Devon layoff experience for those who are curious/worried. I was laid off in the 2016 purge. I was in a support role in the company getting good reviews, but I was also tired of feeling like my group was the red headed step child of the company.The work I was doing all seemed to revolve different company factions political ambitions instead of what was best for the company. I didn't feel like anything important was actually getting accomplished and the accomplishments my group reported mostly seemed like over estimations and manipulations of numbers to get the desired outcome. Needless to say I was burned out and wanting to do something more meaningful to me. I applied to a graduate program and was accepted just before they announced layoffs. Next thing you know the day of the layoff arrived. A dept supervisor stuck his head around the corner and said "got a minute?". Went to a conference room where HR was waiting, they gave me a spiel about needs of the company and what not. I was given and hour to say my goodbyes and leave. I shook everyone's hand with a smile on my face, picked up my termination packet, and drove home. It was a nice day so I went fishing. I got a couple calls from other companies within the first week, just based on recommendations from other DVN workers I knew. I turned them all down and did a lot of traveling and hobbies until the school program started. I got benefits for three months after I walked out and enough cash to pay for grad school. Luckily My wife makes good money and has good benefits so I've been able to focus on school since then. I felt like I was treated with dignity and respect through the whole process and the package was more than fair. It's difficult to leave when you work in the nicest office in the state with a pile of great benefits, but it's the work and the people you work with that really matter. Getting laid off gave me a chance to do something that genuinely interests me and I now have a great job lined up for the future. If I didn't get laid off I might not have pulled the trigger on leaving and would still be wasting away in a position I didn't really care for. Getting laid off can be big setback in your life or a great opportunity, it's all about how you deal with it. Pro Tip: Start taking your personal stuff home now.
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2016 feb purge here - I was way overpaid as a young engineer with no exp so my savings let me do nothing for a year. I could have lasted 3 or 4 more but I was getting bored.
Straight out of school at Devon doing the rotational engineer program making 200k/yr all in, gonna miss the oilfield.
I got laid off as well in 2016. I did the opposite, the following Monday I took a side job to stay busy (manual labor), this helped me mentally. I figured there were only so many positions available right away, with 700 highly qualified candidates. I don't have a wife that makes good money or kids at all, so there was less pressure. I got picked up by my a company 6 weeks after the layoff unrelated to energy. I've kept with the masters degree I initially started and the side job. There are periods of grief, depression and worry throughout this process of the being let go (prior to the new job). It felt it good to work through those emotions, but Devon did a great job treating me with respect and dignity. The package was nice for my 3 years of service (3 mos. equivalent). I would highly recommend using the career coaches, they were a great asset for a family member also let go from CHK this year. I'm sorry all of you are going through this, it isn't fun.
Part of my does think that the amount of debt incurred during both the Eagleford and SCOOP / STACK play have to do with this; especially, the SCOOP/ STACK. The prices we paid on that deal alone felt awful, given the economic conditions. Devon needs to stop buying other peoples stuff and re-energize on current plays within the portfolio, rather than have A&D busy all the time. The joint venture with BHP was a cluster and even if the SCOOP has 10 paying regions laterally, the money didn't make sense.
Great post. Thank you.
@SDORiUM you are the man... Thank you for this post...
That was a great post!
M - Sounds like your doing well, good for you!
Good post.
Thanks for the pro tip.