Image courtesy of Southwestern Energy.

Two more U.S. independents announced new rounds of layoffs this week as upstreams continue to grapple with low oil prices.

According to Reuters, Houston-based Southwestern Energy will cut 1,100 employees, or about 40 percent of its workforce.

The company plans to take a pre-tax charge of between $60 million to $70 million in the first quarter tied to the reductions.

A timeline for the reductions has not been disclosed yet.

Southwestern told Reuters on Thursday  it expects the cuts, along with a smaller round of cuts last August, to save the company between $150 million to $175 million per year.

Shares of Southwestern Energy have fallen by about 70 percent year-over year, Reuters added.

In Oklahoma, Devon Energy is preparing for a round of lay offs this quarter as the company looks to trim costs.

Devon Energy told NewsOK that it is “clear that layoffs will be a necessary part of the company’s near-term cost-management efforts.”

The Oklahoma-based company has not disclosed how large the reductions will be, but the firm said it expects to “the majority” of its planned cuts to occur by the end of the first quarter.

Devon, an independent exploration and production firm, produced about 214,400 barrels of crude per day in 2014 along with about 1.6 billion cubic feet of natural gas a day and about 120,000 barrels of natural gas liquids per day.

The company holds acres in the Permian Basin, Barnett shale play, Anadarko Basin, the Rocky Mountains and Eagle Ford Basin.

Devon Energy also has heavy oil assets in Canada.


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