Devon Energy to shift headquarters to Houston after Coterra merger, keeping major Oklahoma City operations

Headquarters change tied to an all-stock merger agreement

Devon Energy and Coterra Energy have signed a definitive agreement to merge in an all-stock transaction that values the combined enterprise at about $58 billion. The post-merger company will operate under the Devon Energy name and is expected to be headquartered in Houston while maintaining what the companies described as a significant presence in Oklahoma City.

The transaction is scheduled to close in 2026, subject to customary approvals and conditions. Once completed, Devon shareholders are expected to own about 54% of the combined company and Coterra shareholders about 46% on a fully diluted basis.

What “Houston headquarters” and “significant OKC presence” mean in practice

The companies have not released a detailed relocation plan specifying which executive, administrative, or operational functions would move to Houston, nor have they publicly quantified how many jobs in Oklahoma City could be affected. The only confirmed structural change is the designated headquarters location for the combined company and the commitment to continue operating in Oklahoma City at a significant level.

For Oklahoma City, the announcement represents a shift from Devon’s long-standing identification with its downtown headquarters campus, which has served as the company’s corporate base for more than a decade. At the same time, the Oklahoma City footprint is not being described as a closure, and the companies have framed the continuing presence as substantial.

Leadership and governance of the combined company

Devon’s current chief executive, Clay Gaspar, is expected to lead the combined company. Coterra’s chief executive, Tom Jorden, is expected to become non-executive chair. The governance structure is designed to blend leadership from both companies while operating under the Devon corporate name.

Strategic rationale: scale in the Delaware Basin and targeted cost savings

The merger is positioned around building a larger U.S. shale operator anchored by a major position in the Delaware Basin portion of the Permian. Public materials describing the transaction cite an expected $1 billion in annual pre-tax synergies, reflecting anticipated cost reductions and operational efficiencies following integration.

Combined scale is also expected to increase the company’s production base and inventory depth across key onshore U.S. assets. While the companies have described the combined portfolio as “premier,” the operational and workforce implications typically depend on post-close integration decisions, which have not yet been itemized.

Key verified deal points

• Transaction type: all-stock merger under a signed definitive agreement.
• Implied scale: about $58 billion combined value as described in public deal materials.
• Ownership split (expected): roughly 54% Devon shareholders, 46% Coterra shareholders, fully diluted.
• Headquarters: Houston for the combined company.
• Oklahoma City: commitment to maintain a significant presence.
• Timing: closing targeted for 2026, pending approvals and conditions.

The companies have not provided a timetable for any headquarters transition steps or a job-impact estimate for Oklahoma City.

For Oklahoma stakeholders, the next set of material facts is expected to come from required regulatory filings and future company disclosures detailing operational integration, facility plans, and workforce alignment once closing draws closer.