Devon Energy expects OKC layoffs to be complete by Thursday

Devon Energy expects layoffs to be complete by Thursday

The Oklahoma City-based Devon Energy announced that its previously planned layoffs will be completed by Thursday.

The layoffs are expected to come Wednesday and Thursday and will represent 20 percent of the company's workforce. In Oklahoma City, 700 employees will be cut.

The company blamed the lay offs on falling oil prices across the country.

"Devon has taken these and other cost-reduction actions primarily as a result of the current commodity price environment," Devon said in a statement. "The company must reduce expenses across the entire organization to maintain its financial flexibility and competitiveness," the company said in a statement."

The company will have field-level layoffs completed by Feb. 22. Devon says it lost $4.5 billion in the last quarter of 2015.

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