Rick Muncrief's retirement from Devon Energy sparks questions about the company's future
- Rick Muncrief will retire from his position at Devon Energy on March 1, 2025.
- Clay Gaspar has been appointed as Muncrief's successor after a thorough succession planning process.
- The transition aims to maintain continuity and drive long-term value for shareholders.
On December 9, 2024, in Oklahoma City, Rick Muncrief, the President and Chief Executive Officer of Devon Energy Corporation, revealed his decision to retire effective March 1, 2025. Muncrief, who has led the company for the last four years and WPX Energy for the seven prior years, announced his retirement amidst recognition of his contributions to the organization and the broader oil and gas industry. Under his leadership, Devon Energy enhanced its value, particularly following its merger with WPX Energy in 2021. John Bethancourt, the chair of the board, expressed gratitude for Muncrief's significant role in shaping Devon’s success. Clay Gaspar, currently the Chief Operating Officer, has been designated as the successor, indicating a smooth transition as part of a comprehensive succession planning process conducted by the board. Gaspar’s appointment is seen as a strategic move, enabling continuity in leadership and supporting the company's future growth objectives. He emphasizes a commitment to operational excellence and delivering sustainable returns for shareholders. As Devon Energy prepares for this shift in leadership, it aims to continue capitalizing on its robust asset portfolio and strengthen its position in the independent oil and gas sector.