Thread regarding Devon Energy Corp. layoffs

Cost of living in Houston being higher might be part of the reasoning.

I want to be laid off. Who is with me?

TJ will probably make sure LTIP disappears. Cheap s-b

@OP Coterra paid better than everyone in the industry “if” you were petrotech. The bonus and LTIP are insane. Most IC’s pulled in 60-70% cash bonuses most years and high flyers almost always were getting 90-100% cash bonuses. The LTIP was just as crazy- it’s never made sense why they do this considering the stock never performed well really. It was a money hungry culture at Coterra. Bonus pool felt like the only thing topic most of the time.

@qr DVN no where close at all to the talent of the Coterra bunch… they have a bunch of people that have minimal technical expertise.. but (they are good people managers) 😂😂😂 The superintendents in Carlsbad an Artesia! what a joke especially the lady 😂😂😂😂

Good luck with that… the next round of Layoffs are coming in October 😂

@s8 You guys have to pay for your gym? The 800 Gessner gym is free (granted it's on par with a convention hotel gym).

@kg only about half of people got LTI at CTRA.

News flash: if you don’t have VP (or higher) in your title at Devon, you have been grossly underpaid, overworked, and morale drained and brainwashed to believe Devon is the best E&P company to ever exist. Back to work for pennies, the discounted gym and Nebu.

@r3 65% was average for most engineers and some technical people, except reservoir, they did get the 90-100% bonus. Most others in the office got less than 65% but I don’t know the numbers.

@r3 What?!?! I guess I su-k at life- I have been getting like 15% the past few years.

Minimum Coterra bonus was 50%. Most were getting 90-100%.

@mj Rumors in the patch say the companies are miles apart in talent levels and technical prowess. True ??

From what I’ve heard we are farther apart on total comp than just cost of living adjustment, people on both sides jumping ship cause the wait is not worth it

Coterra doesn’t get LTIP so is that in that calculation?

@jv I've heard from the inside that the new PB org chart is as far away from flattening the organization as it could be . . . everyone is either a VP, Director, Manager or Supervisor. Everyone has to take care of eachother . . . . bloated org.

@ge could be. Seems communication with a lot of the svp is not great. Sometimes it takes weeks to hear back.

That’s says more about the leadership than it does the ICs.

@f8 L-CTRA side. I can speak from experience, it took FOREVER for COG and XEC to become "One Coterra," and it was still a sh-t show when the last XEC people signed off. I wouldn't be shocked if they are taking their time to avoid a repeat.

@en not sure were you’re getting specific numbers nor do investors care as much about that. That being said there has been a reasonable amount of term letters issued. Still the amount they’re offering to move to Houston kind of offsets that for the first year. They are requiring letters of intent though.

@dt most everyone has already been termed that’s going to be. Window is open until May 27 though

@c1 do you work here? I’m saying after leadership said they’re balancing salaries we asked around and our Houston counterparts are making more. We’ve been “merged” since May. Why are we dragging our feet on every single kpi when it comes to a merger. Things were basically done with wpx at this point, we’re not even operating as one company technically at this point.

@ek Investors are expecting 300-400 at least before any asset sales . . . . then many hundreds go with the divested assets they support . . . . DVN is same size as FANG bust has over 1K more employees . . . . kingdom building . . . .

@dt exactly. Gotta get that $1B in synergies!!

It could mean October is when layoff season begins. Never trust a corporation

@OP Every market is different. If you're just comparing HTX and OKC, your number tracks- cost of living in HTX is 10-15% more than OKC.