Devon Energy layoffs, on the record
Every job cut, severance charge and restructuring Devon Energy reported in its annual reports, 2023 to 2025, quoted from the filings. Headcount went from approximately 1,900 to approximately 2,200.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2023 | approximately 1,900 | December 31, 2023 |
| 10-K for 2024 | approximately 2,300 | December 31, 2024 |
| 10-K for 2025 | approximately 2,200 | December 31, 2025 |
Job cuts, severance and restructuring
Our summaryCompany recognized restructuring expense tied to the Merger closing, covering employee severance and termination benefits, pension settlements and curtailments, and contract terminations.
Word for word“In conjunction with the Merger closing, Devon recognized $ 210 million of restructuring expense in 2021 related to employee severance and termination benefits, settlements and curtailments from defined retirement benefits and contract terminations.” 10-K for 2023
Our summaryRestructuring liability balance was reduced through changes related to prior years' restructurings during 2023; the remaining liability mainly relates to an abandoned Canadian firm transportation agreement.
Word for word“The remaining restructuring liability as of December 31, 2023 primarily relates to obligations associated with an abandoned Canadian firm transportation agreement.” 10-K for 2023
Our summaryDevon recorded restructuring and transaction costs in 2024 as an item excluded from core earnings.
Word for word“Restructuring and transaction costs 9 7 7 0.01 Core earnings attributable to Devon (Non-GAAP) $ 3,919 $ 3,105 $ 3,054 $ 4.82 2023: Earnings attributable to Devon (GAAP) $ 4,623 $ 3,782 $ 3,747 $ 5.84 Adjustments: Asset dispositions (30 ) (24 ) (24 ) (0.04 ) Asset and exploration impairments 5 3 3 — Deferred tax asset valuation allowance — (1 ) (1 ) — Fair value changes in financial instruments (74 ) (58 ) (58 ) (0.09 ) Core earnings attributable to Devon (Non-GAAP) $ 4,524 $ 3,702 $ 3,667 $ 5.71 2022: Earnings attributable to Devon (GAAP) $ 7,775 $ 6,037 $ 6,015 $ 9.12 Adjustments: Asset dispositions (44 ) (34 ) (34 ) (0.05 ) Asset and exploration impairments 13 10 10 0.02 Deferred tax asset valuation allowance — 17 17 0.03 Fair value changes in financial instruments (690 ) (532 ) (532 ) (0.81 ) Core earnings attributable to Devon (Non-GAAP) $ 7,054 $ 5,498 $ 5,476 $ 8.31 EBITDAX and Field-Level Cash Margin To assess the performance of our assets, we use EBITDAX and Field-Level Cash Margin.” 10-K for 2024
Our summaryDevon reported a restructuring and transaction costs line within other expenses for 2024.
Word for word“Asset retirement obligation accretion 39 29 25 Restructuring & transaction costs 9 — — Other 76 9 24 Total $ 96 $ 38 $ ( 95 ) 66 Table of Contents DEVON ENERGY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued) Devon has guaranteed performance through 2026 for a minimum volume commitment associated with assets divested in 2018.” 10-K for 2024
Our summaryDevon reported restructuring and transaction costs in 2025 that it excluded from its core earnings measure.
Word for word“Amounts excluded for 2025 relate to asset dispositions, noncash asset impairments (including unproved asset impairments), change in tax legislation, fair value changes in derivative financial instruments and restructuring and transaction costs.” 10-K for 2025
| Fiscal year ended | Restructuring charges |
|---|---|
| 2016-12-31 | $261 million |
| 2018-12-31 | $97 million |
| 2019-12-31 | $84 million |
| 2020-12-31 | $49 million |
| 2021-12-31 | $258 million |
| 2022-12-31 | $0 |
| 2023-12-31 | $0 |
Devon Energy filed 2 restructuring notices (Form 8-K, Item 2.05) since 2016. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Devon Energy’s annual reports (10-K for 2025, 10-K for 2024, 10-K for 2023) and the financial data it files with the SEC, as of 2026-02-18. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.