A total of 150 WPX Energy employees in Tulsa have accepted offers to work at Oklahoma City-based Devon Energy as part of the companies’ recently completed merger, a spokesman said.
A total of 76% of local WPX employees who were willing to relocate received offers, WPX spokesman Kelly Swan said. Two-hundred fifty WPX workers will be leaving the company in 2021, he said.
“WPX people have a lot to offer local employers,” Swan said in an email. “We come from a great corporate culture. We know what it takes to build a successful company, and we’re poised to make a meaningful impact wherever we land next. As a whole, we love Tulsa and we’re fully invested in the city’s future and the vibrance of our community.”
Devon and WPX announced in early January that they had closed on an all-stock merger that will consolidate WPX's Tulsa office into Devon's Oklahoma City headquarters.
As for the 250 reductions, more than half of the people didn’t want to relocate, Swan said. That figure also reflects retirements and those who chose not to accept an offer from Devon.
“I want to thank each and every one of you for your efforts throughout the past few months, the last few years and even the past few decades,” Devon CEO Rick Muncrief, former CEO at WPX, said in a statement.
“I want to express our appreciation for your contributions and offer some personal encouragement as you seek out new opportunities that change brings. Whatever your future holds, we have a lot of confidence in you and appreciation for your families. It’s been an absolute honor and privilege to work with each of you.”
The majority of reductions will take place in March and April, with the balance scattered throughout the year based on transition services to support the merger, Swan said.
Displaced employees receive outplacement services, a cash payment equal to 12 months of Consolidated Omnibus Budget Reconciliation Act (COBRA) premiums and three weeks severance pay for each year of completed service, among other benefits.
The downtown 11-story building that was to be WPX’s new headquarters is scheduled to be completed by year’s end. Efforts are continuing to lease all of the 260,000 square feet of office and retail space.