Updated Feb. 2, 2026, 1:58 p.m. ET
Devon Energy will be trading its Oklahoma City headquarters for Houston following a merger with Coterra Energy.
Under the leadership of Clay Gaspar, the company, previously based in Oklahoma City, will maintain its CEO during the relocation and continue to have a substantial presence in Oklahoma City. The merger, announced Monday morning, will create a leading large-cap shale operator with a high-quality asset base anchored by a premier position in the economic core of the Delaware Basin.
Gaspar described the merger as one between “tremendous teams” and noted that trying to find “the right combination” was critical for both businesses.
Here’s what to know about Clay Gaspar in his almost one-year-long tenure as the company’s CEO.
Who is Clay Gaspar?
On Dec. 10, 2025, Clay Gaspar was announced as the Chief Operating Officer following Rick Muncrief’s four-year term. Gaspar officially entered the position on March 1, 2025.
Stepping into the position, Gaspar said he will “remain focused on operating excellence” across the portfolio.
Prior to being CEO, Gaspar served as the executive vice president and chief operating officer for Devon Energy. He assumed these positions following Devon’s 2021 merger with WPX Energy, where he served as president and chief operating officer. Gaspar started work at WPX in 2014.
Gaspar holds a master’s degree in petroleum and geosciences engineering from the University of Texas and a bachelor’s of science in petroleum engineering from Texas A&M University. He also serves on the boards of the Southwest Region of the American Heart Association, the Oklahoma Chapter of The Nature Conservancy, the Permian Strategic Partnership and the Texas A&M Engineering Advisory Council. Early in his career, he worked for companies such as Anadarko Petroleum, Newfield Exploration and Mewbourne Oil.
Gaspar will remain the leader following the merger, which is expected to be completed by spring 2026.
What is the Devon Energy CEO salary?
Gaspar received a $1 million annual base salary when he entered the position in March 2025. He also received a cash bonus target of 130% of the base salary.
