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Devon Energy’s Gaspar on Consolidation: Everyone is Expendable, Including Him

Devon Energy COO Clay Gaspar made the remarks at the TIPRO Summer Conference on Aug. 25 during a wide-ranging discussion that including ESG, global energy needs and carbon offsets. (Source: Hart Energy)

SAN ANTONIO—More than 19 months after Devon Energy Corp. merged with WPX Energy, COO Clay Gaspar sees a too-crowded oil and gas industry with executives who should recognize that being “expendable” comes with the job.

In the fallout from the Devon-WPX merger, half of the executive team was left without a job and Gaspar “knew going in there was a 50:50 chance that was going to be me in the process,” he said.

“I truly believe in the benefit to the shareholders; that it was going to be worth the exercise,” he said. “That’s really what we’re paid for, especially on the public side. You’re paid to be expendable at some point, if necessary.”

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