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Sunday, January 24, 2016

Southwestern and Devon Energy Announce Layoffs

From NGI:
Devon Energy Corp. and Southwestern Energy Corp., two of the biggest U.S. onshore operators, announced this week they would lay off employees over the next couple of months, with Southwestern expecting to fire or reduce the roles of about 45% of its entire workforce. 
Houston-based Southwestern, a natural gas-heavy independent whose work today is focused in Appalachia, said Thursday more than 1,100 employees are expected to be affected. 
"Natural gas prices have continued to decline over the past year, creating conditions where cash flow to fund projects will be significantly lower than it has been the past few years," a Southwestern spokeswoman said. "These organizational changes are required to maintain competitiveness in this low gas price environment." 
Management added that the workforce reductions "result primarily from anticipated lower drilling activity. At the start of 2016, the company had no drilling rigs in operation but has not finalized its capital budget and operating plan for the year."
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