Independent oil and gas producer Devon Energy Corp. (DVN) said Thursday it's eliminating some positions as a result of the merging of its Gulf of Mexico and international divisions.

Devon spokesman Chip Minty told Dow Jones Newswires no more than 75 positions will be affected by the restructuring. He said the company is cutting some jobs to eliminate duplication of work while others move to another part of the company.

According to a person close to the Oklahoma City-based company, which has about 5,500 employees, at least half a dozen managers were laid off Wednesday and more cuts are likely to come.

In a press release issued latter Thursday, Devon said it plans to combine the company's international and Gulf divisions into one offshore unit, which will be based in Houston. The consolidation will allow the company to share knowledge and resources, said Dave Hager, Devon's executive vice president of exploration and production in a prepared statement.

Devon's move comes at a time when oil and natural gas producers are trying to survive a period of low earnings due to a sharp drop in commodity prices. Several companies have announced plans to reduce costs that include pressuring oil service contractors to lower prices, streamlining operations and laying off employees.

Oil giant Royal Dutch Shell (RDSA), for example, unveiled Wednesday a shake-up of its organization and management including the merger of three divisions that could affect thousands of employees. ConocoPhillips (COP), the third largest U.S. oil company by market value after Exxon Mobil Corp. (XOM) and Chevron Corp. (CVX), said early this year it was delaying some oil and gas projects in North America, and confirmed it was cutting 1,300 workers, or about 4% of its staff. Apache Corp. (APA), another large independent oil and gas producer, said in April it laid off about 6% of its global workforce.

"Consolidating operations in this environment makes a lot of sense because companies are under a lot of pressure," said Fadel Gheit, analyst at Oppenheimer & Co. Inc. "They are cutting their own costs because they are not going to wait for oil and gas prices to bail them out."

Devon and other energy companies such as Anadarko Petroleum Corp. (APC) are in the process of cutting costs and idling rigs to cope with the steep decline in energy prices. The price of natural gas has fallen about 72% from its summer-time high of $13.694 a million British thermal units and the price of oil has dropped by about 55% since hitting an all-time high above $145 a barrel.

-By Isabel Ordonez and Jason Womack, Dow Jones Newswires; 713-547-9207; isabel.ordonez@dowjones.com