Devon Energy to Relocate Corporate Headquarters to Houston Following Merger with Coterra, Vows Continued Oklahoma City Commitment
In a move that reshapes the landscape of the U.S. shale industry, Devon Energy confirmed Monday it will relocate its corporate headquarters from Oklahoma City to Houston upon the completion of its merger with peer Coterra Energy. The deal, unanimously approved by both companies' boards, is slated to close in spring 2026.
The combined entity, to be led by current Devon CEO Clay Gasper, is poised to become a dominant large-cap shale operator. Its asset base will be anchored by a premier position in the prolific Delaware Basin, alongside a diverse portfolio of complementary holdings. The company projects annual pre-tax synergies of approximately $1 billion, aiming to boost free cash flow and shareholder returns beyond what each firm could achieve independently.
While the corporate helm shifts to Texas, Devon seeks to reassure Oklahoma. The company, which currently employs about 1,600 people in the 50-story Devon Energy Center, promises to maintain a "significant presence" in the city. "Devon Energy has a very proud tradition in this community," stated Gasper. "We will maintain a significant presence in Oklahoma City, but we will be moving the headquarters to Houston."
Analysis & Background: This merger follows a trend of consolidation within the oil and gas sector, driven by pressures to achieve scale, reduce costs, and secure premium drilling inventory. Houston, as the energy capital, offers proximity to a vast pool of industry talent, financiers, and corporate partners. For Oklahoma City, the headquarters departure represents a symbolic blow, though the promised retained operations may cushion the immediate economic impact. The long-term effects on local philanthropy, civic leadership, and the commercial real estate market surrounding the iconic tower remain watchpoints.
Related Coverage: Report: OKC-based Devon Energy in merger talks with Coterra Energy
Voices from the Community
Michael Torres, Energy Sector Analyst: "This is a logical, albeit tough, business decision. The combined scale and geographic focus in the Delaware Basin create a powerhouse. Houston's ecosystem is simply unmatched for a company of this ambition. Oklahoma City's challenge is to ensure the 'significant presence' translates to high-value jobs and decision-making authority."
Sarah Jennings, Oklahoma City Chamber of Commerce: "While we're disappointed to see the headquarters leave, we are encouraged by Devon's firm commitment to our community. We have a strong, diversified economy and will work closely with the company to retain and grow their footprint here. This isn't an exit; it's a restructuring."
David R. Miller, Local Business Owner (Sharper Tone): "It's a betrayal of the community that supported them for decades. They built that skyscraper as a symbol of commitment, and now they're packing the C-suite for Texas. All this talk of 'significant presence' is corporate spin—the heart and the headlines are moving to Houston. Oklahoma loses again."
Linda Choi, Portfolio Manager: "From an investor's perspective, this merger is compelling. The synergy target is substantial, and the focused asset base reduces operational complexity. The market has been rewarding scale and efficiency; this move positions the new company to be a leader, not just a participant."
This is a developing story.