Devon CEO Muncrief to Retire, COO Gaspar to Take Top Job in March

Devon Energy President and CEO Rick Muncrief will retire from the company effective March 1 and the company’s board has named COO Clay Gaspar as his successor.

“Rick’s vision and stewardship have delivered significant value to Devon shareholders since the merger with WPX Energy in 2021,” said John Bethancourt, Devon’s board chair. “Rick’s contributions to the oil and gas business go well beyond Devon. He is a 45-year veteran and recognized leader in our industry successfully serving multiple companies in technical and management roles. He has also held leadership positions in numerous industry trade groups and civic organizations. On behalf of Devon’s employees and the board of directors, I would like to thank Rick for his service to Devon and our industry throughout his long-distinguished career.”

Gaspar’s selection as the next CEO is the result of a comprehensive succession planning process conducted by the board, Bethancourt said.

Gaspar is “an experienced leader, with the vision and industry expertise to guide Devon as we move forward,” Bethancourt said. “We are excited to collaborate with Clay to build upon the past success of Devon and create additional long-term value for our shareholders.”

Muncrief, 66, has led Devon during past four years and, before its 2021 merger with Devon, WPX Energy for seven years. Devon's operations include the Permian, Williston, Anadarko and Power River basins and the Eagle Ford Shale.  

“I believe the company is nicely positioned for the future. Our portfolio of assets is second to none and I am confident our experienced leadership team and talented employees will take the company to greater heights in the future,” Muncrief said. “Clay is a proven leader with significant experience in all aspects of our business and I couldn’t be more excited about Devon’s future with him in the CEO role.”

Gaspar said, “I am excited and humbled for the opportunity to lead such an outstanding organization. I want to thank Rick for his leadership and mentorship. We will remain focused on operating excellence across our portfolio of assets to deliver competitive and sustainable returns for our shareholders. Devon’s strategic objectives will remain the same while we leverage this opportunity to raise the bar.”