Look at anybody who has worked for Devon over the last 20 years and you will find one thing in common: Short tenure. Constant lay offs, re-organizations, a trail of management driven dysfunction all the way. Not a place where you can build a long career.
Best that one can hope for is a 7 to 10 year run and a severance at the end.
@nn. Five years is easy. dVN hasn’t grown up from the frat. They like them young and d-mb. After five years is where it takes a little cunning to stay(if you want)” to). Praise your supervisors and you’ll have had several by that time. Always be ready to say yes. Don’t think too hard about what the right thing to do is. Just know that the decision was already made and you need to agree to stay. They’ll alway wish they were EOG or FANG or whoever the Wall Street darling is at the moment but they’ve always been the last one asked to the dance. They’re not looking for the best and brightest. If you wanna stay you’ve gotta understand how the culture works. Remember, YES.
@sd Jorden and Gaspar dragging their feet as they don't want to give up any of the kingdom . . . . way overstaffed and bloated. FANG & EOG run circles around this company.
@p7 nobody said hundreds kept through mid 2027, the exit letters, with few exceptions, go through then. The bulk of remaining exits are slated for Q1 after SAP conversion completed. I do think after a few asset sales DVN will be bought by a major though.
@nm Mid 2027? There is no way hundreds are going to be kept on until mid year next year. I'm hearing TOMS Capital, Kimmeridge and others want at least 300-400 now with additonal substantial headcount reductions of thos supporting each divested asset. Gaspar & Jorden get it trimmed down and by YE 2027 DVN will be acquired by CVX, COP, XOM or maybe even EOG, OXY or even FANG.
@jd completely false. It’s an industry issue. Anyone can make it 5+ years if they want to. If anything it’s the longer tenured employees let go in a RIF.
@jy no only about a third at this point, exits will continue through mid 2027 depending on department. But they are for sure already notified
@gr Have thos 300-400 left the company yet? I doubt it or Gaspar surely would have announced it to quiet the wolves just a tiny bit.
At best, you have a 50-50 shot of making it past 5 years. People will blame the industry, volatility. But it is a Devon-specific problem as to why they cannot hold on to their people. other organizations RIF numbers are a fraction on Devon’s sad track record.
@dy number is correct but all of those people have already been notified. No additional major cuts sans a divest
@cv right but the claim was that you can’t build a long term career and it’s very clear a large percentage of people do.
Every company has churn. Not every company has that many 10+ year folks
Is it department specific?
@dg Insiders say they expect at least 300-400 minimum even before any asset divestitures. Institutional investors are growing very impatient.
Odds on a RIF in the next 2 weeks?
@OP It used to be you'd stay forever if you were part of the local OU fraternity type group but now that is disappearing as Gaspar has run off David Harris, John Raines, the HR ExVP and numerous VP's. Couple that with his thumbing OKC and Nichols with the HQ move and it's every man for himself. It won't matter as DVN will most likley be a thing of the past by YE 2027.
@cq That's a measure of current tenure, not churn. Those are two very different metrics.
Just pulled the data for L DVN. 46% <5 year tenure, 20% 5-10 years, 21% 10-15 years, and 13% 15+ years. I’d suggest that will change but would argue you are incorrect in that you can’t have a long career based on the data. But with inventory issues and new leadership, a few years and a severance sounds good to me.