Devon Business Practices

[Pete]

Well here is some concrete proof that something is going to happen regarding employees...

Devon Energy plans layoffs | News OK

My post #143 above said this exact same thing.

[shawnw]

Devon Energy: Layoffs will be ?necessary? due to low oil, natural gas prices | KFOR.com

[ljbab728]

Currently unsubstantiated rumors from TheLayoff.com are that the total number laid off will be close to 1,400 - nearly one quarter of the company. If that rumor plays out, along with other rumored layoffs, this could get pretty rough for OKC.

It certainly isn't good news for OKC but we are now positioned to absorb these kind of cuts without any major impacts. It would be similar to when GM closed up.

[BG918]

The rumor is 1500 jobs will be axed mostly at the HQ. Hopefully it's not that many but if it is that is a major blow that will negatively impact OKC especially downtown.

[ljbab728]

The rumor is 1500 jobs will be axed mostly at the HQ. Hopefully it's not that many but if it is that is a major blow that will negatively impact OKC especially downtown.

Again, I think it is a major blow for the people affected. It is significant for downtown OKC but I don't think it should be called a major blow.

[bchris02]

It certainly isn't good news for OKC but we are now positioned to absorb these kind of cuts without any major impacts. It would be similar to when GM closed up.

I wouldn't say without "any" impacts. The impact could actually be pretty significant.

[ljbab728]

I wouldn't say without "any" impacts. The impact could actually be pretty significant.

Well, we disagree then. And note that I did not say "any" impacts. I said "any major impacts".

[bchris02]

Well, we disagree then. And note that I did not say "any" impacts. I said "any major impacts".

1500 white collar HQ jobs gone downtown will have a lot greater impact on the local economy, especially downtown, than the same amount of factory workers out by Tinker. Now, I do agree that it isn't the end of the world and OKC will be able to absorb it, but there will be some pain in the process.

[ljbab728]

1500 white collar HQ jobs gone downtown will have a lot greater impact on the local economy, especially downtown, than the same amount of factory workers out by Tinker. Now, I do agree that it isn't the end of the world and OKC will be able to absorb it, but there will be some pain in the process.

I agree that it would affect downtown more but I disagree in that the impact is worse on the local economy. The workers at GM were well paid.

[gopokes88]

My post #143 above said this exact same thing.

I think you missed his sarcasm with "concrete proof"

[PhiAlpha]

Heard last night from someone who I would consider a pretty good source that the number will be at least 30% of their total work force but maybe up to 40%. He did say though that it will likely stay closer to 30%. That is second hand information so file that in the rumor mill. This person heard that from some higher ranking officers at Devon and does know a several of them pretty well. Again it may not be an accurate number, but does reinforce the idea that whatever cuts are made will be significant.

[jccouger]

So, do they still need to build that new tower or nah? Nah.

[mimino]

It certainly isn't good news for OKC but we are now positioned to absorb these kind of cuts without any major impacts. It would be similar to when GM closed up.

Don't forget the 900 people that were let go by CHK in September (and 100+ SD people earlier as well). Their resumes are still floating around. We've interviewed one of the ex-employees, where I work (no relation to O&G industry), a few weeks back.
Also, who/what is going to absorb these losses? We're going thru a major rut in O&G at this point (with no silver lining in sight). If you add up all the past layoffs, the incoming Devon one, you're looking at around 2500* people in less than a year. This total combined equals quite a few of the largest employers we have in OKC: Greater Oklahoma City Economic Development - Major Employers

Rumor mill: https://www.thelayoff.com/devon-energy

*If DVN loses close to 1500 people.

[ljbab728]

Don't forget the 900 people that were let go by CHK in September (and 100+ SD people earlier as well). Their resumes are still floating around. We've interviewed one of the ex-employees, where I work (no relation to O&G industry), a few weeks back.
Also, who/what is going to absorb these losses? We're going thru a major rut in O&G at this point (with no silver lining in sight). If you add up all the past layoffs, the incoming Devon one, you're looking at around 2500* people in less than a year. This total combined equals quite a few of the largest employers we have in OKC: Greater Oklahoma City Economic Development - Major Employers

Rumor mill: https://www.thelayoff.com/devon-energy

*If DVN loses close to 1500 people.

When I said absorb, I meant that it shouldn't have a major impact on the OKC economy. That doesn't mean no impact, just not a major impact.

[bchris02]

When I said absorb, I meant that it shouldn't have a major impact on the OKC economy. That doesn't mean no impact, just not a major impact.

It will have a larger impact on downtown than OKC as a whole. OKC desperately needs more of an employment base downtown that isn't in the energy sector.

Remember that through the '80s, there was still plenty of growth on the suburban fringe, even though downtown was practically finished off during the period (after its long decline). The 80s and the 90s were the golden age of the Putnam City area.

[catch22]

It will have a larger impact on downtown than OKC as a whole. OKC desperately needs more of an employment base downtown that isn't in the energy sector.

Remember that through the '80s, there was still plenty of growth on the suburban fringe, even though downtown was practically finished off during the period (after its long decline). The 80s and the 90s were the golden age of the Putnam City area.

I don't think it will have as huge of impact as you think. I would bet that a large portio of the Devon workforce live in the suburbs and do not regularly stay downtown after work. They also likely don't eat out for lunch every single day. A lot come and go just like they would any other job.

[Just the facts]

If losing 1,400 jobs won't have a big negative impact why does the City and State offer millions, and sometimes hundreds of millions, in incentives to attract 1,400 jobs? Look how much the City spent on just 150 jobs for GE.

[catch22]

If losing 1,400 jobs won't have a big negative impact why does the City and State offer millions, and sometimes hundreds of millions, in incentives to attract 1,400 jobs? Look how much the City spent on just 150 jobs for GE.

It will be a big impact, but it's not going to crush downtown like portrayed.

[Just the facts]

It will be a big impact, but it's not going to crush downtown like portrayed.

One thing we do know for sure - employee parking is about to get much easier. Not sure who is going to use those 2 new garages.

Also, I agree that downtown won't see much impact as well since most of the Devon employees arrive by car, eat lunch inside the building, go to the gym inside the building, get medical care inside the building, and then drive home to Edmond at 5PM. It will have a high personal cost to a lot of people, but Edmond will see a bigger negative impact than downtown will.

[Rover]

If losing 1,400 jobs won't have a big negative impact why does the City and State offer millions, and sometimes hundreds of millions, in incentives to attract 1,400 jobs? Look how much the City spent on just 150 jobs for GE.

That is so super simplistic it is amazing.

Where has the city spent hundreds of millions to attract 1,400 jobs?

Devon may shrink a bit now, but will regain employees and grow again. I know you may be disappointed that the energy business is resilient, but it is. It has shrunk and grown over and over. You always pick just the time frames that suit your agenda.

[gopokes88]

One thing we do know for sure - employee parking is about to get much easier. Not sure who is going to use those 2 new garages.

Also, I agree that downtown won't see much impact as well since most of the Devon employees arrive by car, eat lunch inside the building, go to the gym inside the building, get medical care inside the building, and then drive home to Edmond at 5PM. It will have a high personal cost to a lot of people, but Edmond will see a bigger negative impact than downtown will.

It's that damn sprawl man.

[Pete]

One thing we do know for sure - employee parking is about to get much easier. Not sure who is going to use those 2 new garages.

Also, I agree that downtown won't see much impact as well since most of the Devon employees arrive by car, eat lunch inside the building, go to the gym inside the building, get medical care inside the building, and then drive home to Edmond at 5PM. It will have a high personal cost to a lot of people, but Edmond will see a bigger negative impact than downtown will.

That new building won't be open for business for two years. Much can change in that time.

As for your second paragraph, you once again are making things up and stating them with authority when you have no idea what you are talking about.

[PhiAlpha]

One thing we do know for sure - employee parking is about to get much easier. Not sure who is going to use those 2 new garages.

Also, I agree that downtown won't see much impact as well since most of the Devon employees arrive by car, eat lunch inside the building, go to the gym inside the building, get medical care inside the building, and then drive home to Edmond at 5PM. It will have a high personal cost to a lot of people, but Edmond will see a bigger negative impact than downtown will.

From someone who actually knows people that work for Devon and interacts with them on a weekly basis, I can tell you that they bolded portion of your post isn't remotely true. Many of their employees go to restaurants outside of the building for lunch (why eat from the same three restaurants every day?), go to happy hour and eat dinner downtown after work, go to athletic activities at MBG at all times of the day, go to Thunder games afterwork, and even go to other gyms because "The Well" gets over crowded. Some employees may choose to come and go without leaving the building on a daily basis, but "most" is a major over generalization.

[Just the facts]

From someone who actually knows people that work for Devon and interacts with them on a weekly basis, I can tell you that they bolded portion of your post isn't remotely true. Many of their employees go to restaurants outside of the building for lunch (why eat from the same three restaurants every day?), go to happy hour and eat dinner downtown after work, go to athletic activities at MBG at all times of the day, go to Thunder games afterwork, and even go to other gyms because "The Well" gets over crowded. Some employees may choose to come and go without leaving the building on a daily basis, but "most" is a major over generalization.

From someone who actually works for Devon - that is my perspective from INSIDE the building.

[PhiAlpha]

From someone who actually works for Devon - that is my perspective from INSIDE the building.

From someone who has family and friends that work in the Devon building, my comment reflects their prospective from INSIDE the building. Also you must hang around a lot of really boring people.