We all had the illusion that all of the layoffs were done, but they aren't. With oil prices still low more layoffs will be coming in June. These will focus on projects ending and additional staff identified as nonessential. IT will once again be hit hard, only remaining IT staff will be those keeping the lights on. The Project Staff will be cut by 2/3 or more. Data Management will be cut by half. Those still left that are over 50 and have a lot of medical expenses will be targeted again in June and September. Sorry it's just part of the equation. Devon was pretty ruthless in the first group and will be again. The problem is that Devon has not been able to get the kind of money they wanted on the assets they are selling, so bye-bye employees. Buying the STACK play was a bad idea. See you on the other side. The best thing everyone can hope for is that Devon is bought so we have better leaders.
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Being let go from Devon was the best thing that ever happened to me. Got a new job slightly less but I can actually go to work and enjoy myself.
Three years if oil doesn't rebound
You guys are so down right now. Try not to be. Devon is doing better than most Oil and Gas companies at the moment. The street has them as a top prospect in the space right now to recover. As a former laid off employee I can tell you now I am so glad I got laid off when I did. I have a new job and my future after Devon looks bright. If you have not already done so reach out to a recruiter, get your LinkedIn profile up to date, and spend some time getting your budget in order. If you do get let go you can get a job quicker and use severance to pay down bills to the point and you can live well on less money. You are going to be fine. Last thing if you are let go expect a week of sadness. After that first week reach out to people you know and you will be surprised how many job leads you will find. Things will get much better , and soon you will be glad to have the stress that Devon brought to your life behind you. Good luck Devonites you are still some of the finest folks in the industry. Don't let what is going on behind the scene jade you to that fact. As a former employee and now stock holder I wish you all the best.
what is the expected number?
Those told in February were already counted as first qtr layoffs - there are more to come, trust me. If the first qtr layoffs were adequate enough, our stock price would reflect that. It didnt!!! Anyone told in Feb they will be gone are already considered gone. THERE WILL BE MORE IN JUNE!!
This has been common knowledge. Those leaving in June were told in February.
Completely agree, and I think Devon does too. Pulling VP's and other executives out of retirement is usually a sign that they are only needed for a short term. Perhaps that short term is positioning Devon into a more attractive company to aquire. I highly doubt that nice middle finger in the sky will have Devon's name on it for much longer