OKLAHOMA CITY (AP) - Oklahoma City-based Devon Energy Corporation has announced that it is planning employee layoffs over the next few months.

Company executives made the announcement during a town hall meeting with employees Wednesday morning.

Spokesman Tim Hartley said that the layoffs are a necessary part of cost management efforts for Devon as oil and natural gas prices remain weak.

Hartley said that it has not been determined how many employees will lose their jobs, but that a majority of the layoffs will happen by the end of March.

According to a document filed with the Securities and Exchange Commission last year, Devon had about 5,500 employees as of Dec. 31, 2014.