Sale of noncore upstream assets will affect another 600 employees. However, most of the cuts will be in the field level position. Following the announcement, Devon's share has slipped $0.43 or 2% to $21.26 on Tuesday which is 70% lower compared to a year earlier.

Oil and gas companies in Oklahoma have cut more than 12,000 jobs in 2015 since the industry remains upset due to lower commodity prices. Companies have continued job cuts in 2016 since oil prices have been witnessed at 20 months low.

Sandridge Energy Inc. has cut 440 jobs so far this year including 170 in Oklahoma City. Devon's announcement appears around two weeks after Sandridge's action.

Domestic benchmark for West Texas Intermediate crude has fallen another $0.40 on Tuesday to close at $29.04 a barrel. The price is 73% lower compared to 20 months earlier.

Devon's workforce cut has been triggered followed by revelation of its quarterly earnings report. The company has recorded a net loss of $4.5 billion or $11.12 against each share during the fourth quarter.

The accounted loss has been driven largely by noncash asset impairment charge of $5.3 billion. Devon has witnessed a loss of $408 million or $1.01 a year ago.

Meanwhile, Devon has slashed its current year drilling budget by $900 million to $1.1 billion. The budget is 75% lower than a year ago. It has also planned to sell $2 billion to $3 billion in noncore assets during this year.