Devon Energy has announced a leadership change, with CEO Rick Muncrief set to retire on March 1, 2025. Chief Operating Officer Clay Gaspar will assume the role of CEO, ensuring a smooth transition for the company.
Muncrief, who took the helm in 2021 following the merger with WPX Energy, has overseen significant growth for the company. Under his leadership, Devon’s total production increased to 728,000 barrels of oil equivalent per day (boepd) in the third quarter of 2024, up from 499,000 boepd in the first quarter of 2021.
Despite the company’s growth, Devon has faced challenges in its pursuit of larger acquisitions. The company was outbid by ConocoPhillips for Marathon Oil and Occidental Petroleum for CrownRock. Additionally, its offer for Enerplus was unsuccessful.
Gaspar, who is well-regarded in the industry, is expected to continue Devon’s focus on shareholder value and operational excellence. His appointment has been well-received by analysts, with RBC Capital Markets analyst Scott Hanold anticipating a seamless transition.
As Gaspar takes the reins, Devon Energy is poised to navigate the evolving energy landscape and capitalize on opportunities to further enhance its position as a leading independent oil and gas producer.