Firms move quickly to transfer to Houston
Devon Energy is moving quickly to transfer its headquarters from Oklahoma City to Houston following its recent merger with Coterra Energy, a Texas firm. Merger and integration team members were recently named by the two companies.
A recent Securities and Exchange Commission filing by Devon Energy Corporation indicated that Devon CEO and President Clay Gaspar told his Devon Team, “I have some additional and important merger-related information to share with you.
Merger integration planning officially kicks off today. We’ve named an integration steering team and selected an external partner, McKinsey & Co., to support our integration efforts.”
Clay Gaspar outlines integration strategy
Gaspar told his team that taking the step will set the company up for success “Day One post-close.” He expressed confidence that by unit talent and expertise, the firm will unlock new opportunities and set a new standard for operational excellence in company history.
“As we launch this work, I ask that each of you remain focused, work safely, and support each other throughout the integration process. The executive team is committed to move swiftly and thoughtfully through integration efforts. We are equally committed to unlocking the synergies and driving the performance gains that will allow the go-forward Devon to be a powerhouse in our industry.”
The merger integration planning will be co-led by Devon‘s Trey Lowe, Senior Vice President and Chief Technology Officer and Coterra Energy‘s Blake Sirgo, Executive Vice President, Business units.
“Trey and Blake will do a great job leading this work, and I’m excited the expertise each of the team leads will bring to their roles. The combined integration management team includes the people below. This team will provide ongoing integration progress updates as milestones are achieved.”
Tom Jorden: Integration effort underway
Coterra Energy‘s Tom Jorden, Chairman, CEO and President made a similar announcement and filing with the SEC.
He told Coterra employees the merger integration planning process was kicked off with the naming of the steering team
“The integration effort is an important next step in the combination of Devon and Coterra, which will create one of the strongest, most competitive companies in our sector. Getting us this far has taken a tremendous amount of work, but much more work remains.”
Jorden said more clarity about details won’t be coming until late in the second quarter of the year.
“In the meantime, please continue to do what brought us this far – bring your best self to the task each day, support one another, and make excellence and safety our top priority.”
Integration management team named
The combined integration management team includes:
Bryan Phillips, VP Business Units & Strategic Planning for Coterra
Justin Porter, VP Delaware Business Unit at Devon
Daniel Guffey, SVP Finance, Investor Relations, & Treasury at Coterra
Scott Coody, VP Strategic Planning at Devon
Philip Johnson, VP Production at Coterra
Cathy Lebsack, VP Human Resources at Devon
Shelley Conroy, Director Organizational Development for Coterra
Cathy Lebsack, VP Human Resources for Devon
Doyle Kindle, Director Data Technology and Jeff Minor, Director IT Security for Coterra
Heath Satterfield, VP and CIO at Devon
Rita Behm, VP Corporate Engineering for Coterra
Cory DeSantis, Director Asset Planning for Devon
The two companies still have a goal of closing their merger in the second quarter of the year. Until then, as Jorden explained, the two companies will continue to operate as independent firms.