Reaction was swift Monday morning from Oklahoma and Oklahoma City leaders following the merger announcement between Devon Energy and Coterra Energy, particularly after confirmation that the headquarters of the combined company will move from Oklahoma City to Houston.
While speculation about merger talks had circulated for more than a week, the decision to relocate the headquarters came as a surprise. The newly combined company will continue operating under the Devon Energy name, but executive leadership will be based in Houston, where Coterra Energy is currently headquartered.
In announcing the transaction, Devon Energy said it will maintain a “significant presence in Oklahoma City,” though details about the long-term footprint remain unclear.
Devon CEO Addresses Headquarters Move
During an early-morning conference call with analysts, Clay Gaspar, President, CEO and Director of Devon Energy, was asked directly about the decision to relocate the headquarters.
“As you know, Devon has a very proud history in Oklahoma City. We continue to be very supportive of the community. We’ll continue a very significant presence, obviously, here in Oklahoma City,” Gaspar said. “But the headquarters, meaning that the executive team will relocate to Houston. That was part of the conversation.”
Gaspar said the scale and future opportunities of the combined company drove the decision.
“As we think about it, a combined nearly $60 billion enterprise value company with the incredible platform we have today — but much more importantly, the incredible opportunities we’re going to have over the coming decades — felt like it was beneficial to be headquartered in Houston and really leverage those opportunities as well.”
Governor Stitt Responds
Governor Kevin Stitt, who was preparing for his final State of the State address, issued a brief statement shortly after the merger announcement.
“Oklahoma is proud to be the birthplace of some of our nation’s strongest oil and gas companies,” Stitt said. “We will continue to champion this industry in our great state.”
Mayor Holt Addresses Impact on Oklahoma City
Questions immediately surfaced regarding the future of the Devon Tower, Oklahoma City’s tallest building, and how many employees might ultimately relocate to Texas.
Oklahoma City Mayor David Holt released a lengthy statement acknowledging the uncertainty while emphasizing the city’s resilience.
“There are still major unknowns regarding the scale of Devon’s future presence in OKC, but to the extent that today is an inflection point in the company’s history, we certainly pay tribute to all that Devon Energy has done for OKC,” Holt said. “Economically and philanthropically, the impact is immeasurable. There isn’t a company in our city’s history that has meant more to Oklahoma City’s progress.”
Holt said mergers and acquisitions are an unavoidable reality in a global economy.
“Our community can’t control the global economy and the inevitable mergers and acquisitions that result. We have seen many of these through the years; we’ve won some, we’ve lost some.”
He added that Oklahoma City has worked to diversify its economy beyond reliance on any single company or industry.
“What we can control is that we can build a city with a high quality of life and economic diversification strong enough to withstand adversity. We have worked hard as a city to establish a local economy that is not reliant on any single industry, much less one single company.”
Holt pointed to the city’s long-term resilience.
“Right now is unquestionably the greatest period in our city’s history, and yet that current success stands upon a local history that is littered with the names of companies that no longer exist. Our economy is dynamic, and the fundamentals of our city are strong.”
State Chamber Responds to Merger
Chad Warmington, President and CEO of the State Chamber of Oklahoma, congratulated Devon Energy on the merger while acknowledging its significance for the state.
“Today marks a significant moment for Oklahoma City and the State of Oklahoma,” Warmington said. “Devon Energy has been a transformative force not only for our city, but for the entire state, strengthening our economy, shaping our skyline, and setting a high standard for corporate citizenship through its deep investment in communities across Oklahoma.”
Warmington expressed optimism that Oklahoma City will remain part of Devon’s future.
“Devon’s influence reaches far beyond energy, and its legacy here is enduring. Oklahoma City is Devon’s birthplace, and while this announcement marks a new chapter, we are optimistic that Oklahoma City will remain an important part of Devon’s future.”
The Oklahoma City Chamber issued a late-afternoon statement as well.
“Devon Energy has been a cornerstone of Oklahoma City’s growth and success for decades. We appreciate the role Devon has played in elevating Oklahoma City’s profile as a global energy and business center, and recognize the complexity involved when two large, publicly traded companies come together and make long-term strategic decisions. We appreciate Devon’s commitment to maintaining a significant presence in Oklahoma City.
A strong Devon Energy has always mattered to Oklahoma City, and we believe the company’s continued strength and success are important to the broader regional economy. The Chamber remains focused on supporting a competitive business environment, attracting investment, and ensuring Oklahoma City continues to grow as a place where companies and talent choose to build their future.
We value the partnership we have shared with Devon Energy and its employees, and we look forward to continued engagement as the company moves ahead in this next phase.”
Oklahoma Energy History Offers Parallels
The Devon announcement echoes previous moments in Oklahoma’s energy history when homegrown companies merged and relocated corporate headquarters out of state.
Halliburton, founded in Duncan in 1919, kept its headquarters there until 1961 before relocating to Dallas, Texas, where it remained for more than four decades. In 2003, Halliburton moved its headquarters to Houston.
Conoco, founded in Oklahoma and headquartered in Bartlesville, relocated its headquarters to Houston following its 2002 merger with Phillips Petroleum. As of late 2025, ConocoPhillips still employed an estimated 1,300 workers in Bartlesville.
Questions Remain About Devon Tower Workforce
While the Devon Tower remains one of downtown Oklahoma City’s most recognizable landmarks, questions remain about its future occupancy. Devon Energy is headquartered in the building but does not occupy all 50 floors.
How many employees may eventually relocate to Houston — and how many will remain in Oklahoma City — has not yet been disclosed.