30S ACROSS THE STATE. WE’LL CHECK MORE ON YOUR FORECAST HERE. COMING UP MICHAEL WILL BE CHECKING BACK IN TO THAT DEVELOPING NEWS THAT HAS JUST COME IN THIS MORNING. THE DEVON ENERGY HAS ANNOUNCED THAT THEY PLAN TO MERGE WITH TERRA ENERGY. THIS IS GOING TO KEEP THE SAME NAME DEVON ENERGY. BUT NOW THERE’S GOING TO BE A NEW HEADQUARTERS IN HOUSTON, TEXAS. THE COMPANY SAYS THEY PLAN TO KEEP A SIGNIFICANT PRESENCE HERE IN OKLAHOMA CITY. WE HEARD FROM CLAY GASPAR, THE PRESIDENT AND CEO OF DEVON ENERGY, WHO SAYS HE’S PLANNING TO STAY ON AS PRESIDENT AND CEO. HE SAYS THE MERGER WILL CREATE GREATER SHAREHOLDER RETURNS AND NEW AT 11. THE STATE CHAMBER HAS SHARED THEIR STATEMENT WITH KOCO, SAYING, QUOTE, WE CONGRATULATE DEVON AND TERRA ENERGY ON A HISTORIC MERGER THAT WILL CREATE ONE OF THE MOST SIGNIFICANT
What impact will Devon Energy’s merger with Coterra Energy have on Oklahoma?
Devon Energy is relocating its headquarters to Texas following a merger with Coterra Energy, but experts say the impact on Oklahoma City will be minimal.
Devon Energy announced a merger with Houston-based Coterra Energy, resulting in the relocation of its headquarters to Texas. | RELATED VIDEO ABOVE | Devon Energy announces agreement to merge with Coterra EnergyBut the company said it will maintain a significant presence in Oklahoma City.”I don’t think it’s going to have a real serious, negative impact on Oklahoma City. You know, this kind of thing has happened before when Kerr-McGee was a powerhouse in Oklahoma City back in the ’60s and ’70s,” said Steve Agee, a professor of economics at Oklahoma City University. The merger, valued at tens of billions of dollars, will see the combined company named Devon Energy, with headquarters in Houston. “Well, this is a big deal. This is a big merger. Both of these companies have market capitalizations in excess of $20 billion,” Agee said. >> Download the KOCO 5 App | Subscribe to KOCO 5’s YouTube channel | Sign up for KOCO 5’s Morning NewsletterDevon Energy said in a news release that the merger creates opportunities for cost savings by combining certain functions within the oil and gas businesses. “It creates probably an opportunity for cost savings. So, they don’t duplicate services. They can combine certain functions, you know, the oil and gas businesses,” Agee said. While Agee acknowledged that such mergers are not unusual, he also noted potential concerns. “I think any time you have a merger like this and consolidation, there will be some people who are going to be impacted by it,” he said. “I know a lot of nonprofits are, you know, are concerned about the philanthropic giving that Devon has done historically. But the same thing happened with Kerr-McGee many, you know, decades ago. So, it will adjust, will adapt to that.”>> Get the latest news stories of interest by clicking here.The Oklahoma City Chamber released a statement highlighting the significance of the merger for Oklahoma City and the state, expressing optimism that Oklahoma City will remain an important part of Devon’s future. “Well, I think Oklahoma’s going to be just fine. Devon’s a big strong company. They’re not going to leave Oklahoma. They made that clear. They’re going to leave a big footprint here. They already have a big footprint here with the Devon Tower and all their involvement with the Thunder, you know, a founding member of the Thunder,” Agee said.The merger is still pending regulatory approval, which company leaders expect to be completed sometime later this year, possibly by mid-2026.Top Headlines ‘We do in fact have a crime scene,’ at home of ‘Today’ host Savannah Guthrie’s mom, sheriff says Devon Energy announces merger with Coterra Energy, to move headquarters to Houston Bad Bunny wins album of the year at the 2026 Grammy Awards, a first for a Spanish-language album Groundhog Day 2026: Punxsutawney Phil makes his prediction Oklahoma Chronicle: More than 200,000 signatures turned in for State Question 836
Devon Energy announced a merger with Houston-based Coterra Energy, resulting in the relocation of its headquarters to Texas.
| RELATED VIDEO ABOVE | Devon Energy announces agreement to merge with Coterra Energy
But the company said it will maintain a significant presence in Oklahoma City.
“I don’t think it’s going to have a real serious, negative impact on Oklahoma City. You know, this kind of thing has happened before when Kerr-McGee was a powerhouse in Oklahoma City back in the ’60s and ’70s,” said Steve Agee, a professor of economics at Oklahoma City University.
The merger, valued at tens of billions of dollars, will see the combined company named Devon Energy, with headquarters in Houston.
“Well, this is a big deal. This is a big merger. Both of these companies have market capitalizations in excess of $20 billion,” Agee said.
>> Download the KOCO 5 App | Subscribe to KOCO 5’s YouTube channel | Sign up for KOCO 5’s Morning Newsletter
Devon Energy said in a news release that the merger creates opportunities for cost savings by combining certain functions within the oil and gas businesses.
“It creates probably an opportunity for cost savings. So, they don’t duplicate services. They can combine certain functions, you know, the oil and gas businesses,” Agee said.
While Agee acknowledged that such mergers are not unusual, he also noted potential concerns.
“I think any time you have a merger like this and consolidation, there will be some people who are going to be impacted by it,” he said. “I know a lot of nonprofits are, you know, are concerned about the philanthropic giving that Devon has done historically. But the same thing happened with Kerr-McGee many, you know, decades ago. So, it will adjust, will adapt to that.”
>> Get the latest news stories of interest by clicking here.
The Oklahoma City Chamber released a statement highlighting the significance of the merger for Oklahoma City and the state, expressing optimism that Oklahoma City will remain an important part of Devon’s future.
“Well, I think Oklahoma’s going to be just fine. Devon’s a big strong company. They’re not going to leave Oklahoma. They made that clear. They’re going to leave a big footprint here. They already have a big footprint here with the Devon Tower and all their involvement with the Thunder, you know, a founding member of the Thunder,” Agee said.
The merger is still pending regulatory approval, which company leaders expect to be completed sometime later this year, possibly by mid-2026.
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