Devon Energy Corp. (NYSE:DVN) announced plans to consolidate its U.S. personnel into a single operations group centrally located at the company’s corporate headquarters in Oklahoma City. As a result, Devon will close its office in Houston and transfer operational responsibilities for assets in South Texas, East Texas and Louisiana to Oklahoma City.
The company expects to relocate a number of employees from Houston to Oklahoma City. The completion of this initiative is expected to be substantially complete by the end of first quarter 2013.
Devon expects the announced changes to deliver savings of approximately $80 million annually. The cost reductions will materialize through both lower general and administrative expenses and reduced capitalized personnel costs.