US independent Devon Energy will cut 300 jobs in the coming weeks, partly to boost investor returns.
The layoffs amount to 9% of the company's workforce, according to the company.
Devon expects the workforce reductions, along with "numerous other" cost cuts, to remove $150 million to $200 million in general and administrative costs by 2020.
"Devon continually evaluates its resource needs to meet the changing structure of its business," a spokesman said.