After going thought 4 rounds of layoffs and a job loss, the best advice I can give is to be prepared. Devon is in the top quartile for G&A among it's peers, and a majority of G&A is in compensation. You can do the math. The signs are all there, for those that have been through this before.
Steps to being personally prepared are:
1) Have an emergency fund that will carry you through for up to 6 months. Reduce debt and pay off the credit cards. Get your financial house in order.
2) Update your resume / CV and keep it on a computer at home
3) Update your contact list and reach out to others that have left Devon. LinkedIn works well for this.
When layoffs happen in the oil business:
1) If you are laid off, don't overreact. It is not the end of the world - just a forced way to start over. Your new job is to find a job, or perhaps you might want to go into something that you feel led to do. A good friend of mine went into ministry and seems much happier for it.
2) if you still have a job, help those that have lost theirs (as soon as possible). Your support could make a huge difference. Keep in touch and be supportive. Do not treat them any different as losing a job should not be a source of humiliation or shame. IT IS JUST A JOB...a means to an end.
3) Treat everyone with respect. Those that are forced to come up with lists and cut heads generally don't want to do this any more than you do. In fact, the good ones really hate this part of their job.
Good luck, and I hope they get it right this time around. We really don't need this many layers in a company of this size, but that is only my opinion.