Oct 11 (Reuters) - Devon Energy Corp :
* Announces consolidation of U.S. e&p operations
* To consolidate its U.S. personnel into a single operations group
* Will close its office in Houston
* Completion of initiative is expected to be substantially complete by end of
first-quarter 2013.
* Reorganization charges are expected to approximate $125 million, with $100
million estimated to be incurred in Q4
* Remaining costs of reorganization charges will be incurred in the first half
of 2013
* Expects the announced changes to deliver savings of approximately $80 million
annually
* Says in aggregate, roughly 20 percent of the total restructuring charges are
non-cash
* Cost reductions to materialize through lower general,administrative
expenses,reduced capitalized personnel costs
* To transfer operational responsibilities for assets in south Texas, east
Texas and Louisiana to Oklahoma City
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