Devon Energy CEO Clay Gaspar to Steer Combined Giant as Merger Triggers HQ Move to Houston
In a move reshaping the U.S. energy landscape, Devon Energy announced Monday its merger with Coterra Energy, a deal that will create one of the nation's premier large-cap shale operators. The combined entity, anchored by a dominant position in the prolific Delaware Basin, will see its corporate headquarters shift from Oklahoma City to Houston, Texas.
Leading the integration will be Devon's CEO, Clay Gaspar, who assumed the role just under a year ago. Gaspar emphasized the strategic fit, calling the union a combination of "tremendous teams" where finding "the right combination" was paramount for future growth. The merger is anticipated to close by spring 2026.
While the corporate address changes, Devon confirmed it will retain a "substantial presence" in Oklahoma City, a nod to its long-standing history in the state. The new company will boast a high-quality asset base designed to enhance scale and efficiency in a competitive market.
Background & Analysis: This merger continues the consolidation trend within the shale sector, as companies seek heft to manage costs and attract investors. The relocation to Houston, the heart of the global energy industry, is seen as a strategic play for talent acquisition, financing, and closer proximity to many operational assets. However, it deals a symbolic blow to Oklahoma City's stature as an energy hub.
Gaspar, a petroleum engineering graduate of Texas A&M University with a master's from the University of Texas, is a seasoned operator. He rose to president and COO of WPX Energy before guiding its merger with Devon in 2021, subsequently becoming Devon's COO and then CEO. His compensation package, set at his March 2025 appointment, includes a $1 million base salary with a substantial cash bonus target.
Beyond the boardroom, Gaspar serves on several boards, including the American Heart Association and The Nature Conservancy, blending industry clout with community engagement.
Voices from the Industry:
Michael Thorne, Energy Analyst at Heartland Capital: "This is a logical, value-driven consolidation. Gaspar's operational pedigree from the WPX integration makes him the right leader to mesh these portfolios. The HQ move is a practical, if painful, reality of accessing deeper capital and executive talent pools."
Sarah Chen, Portfolio Manager at ClearSky Investments: "The market has been expecting this kind of deal. The combined footprint in the Delaware is exceptional. My focus is on execution risk—merging cultures and systems is where these deals often stumble. Gaspar's near-term track record will be critical."
Jimmy Reeves, Former Roughneck & Blogger, 'Oilfield Truth': "Another nail in the coffin for Oklahoma City. These executives talk about 'significant presence,' but we all know what it means: the real decisions, the big paychecks, are heading to Texas. It's a betrayal of the community that supported Devon for decades. Gaspar gets his million-dollar salary while Oklahoma loses its flagship."
Dr. Elena Rodriguez, Professor of Energy Economics: "The geographic shift underscores the evolving center of gravity in U.S. oil and gas. Houston is not just a physical hub but an ecosystem of innovation, trade, and finance. This move is less about leaving Oklahoma and more about aggressively competing on a global stage."
Based on original reporting from The Oklahoman.