The layoffs of at least 700 workers at Devon Energy’s headquarters in downtown Oklahoma City should be complete by week’s end. But the total number of layoffs in the company will be 1,000 and another 600 could be affected when the energy company sells some of its assets.
Dave Hager, CEO and President made it clear in a Wednesday morning conference call he and other executives feel good about the future of the company. He also explained the layoffs and other steps to reduce Devon’s General and Administrative costs resulted in nearly $800 million in cuts.
“The dividend payments, we’ve reduced those significantly by around $320 million, adjusted our capital program. We have the asset sales going on,” said Hager. “So we think we’re in a good position.”
As for other steps, including the sale of some of the firm’s Tier 1 acreage.
“We would certainly consider that,” answered Hager. “I’m not saying we are going to do that, but we would certainly, our focus of probably, we’d have to make a decision whether it makes more sense to look at the oil side.”
He said the company still has some large gas assets sitting out there and they might too fall under consideration.
“There are no sacred cows around here, and we would certainly evaluate all the available options and see which we think generates the greatest value for the shareholders,” said Hager.
Listen to some of his comments.