Oklahoma-based energy giant Devon Energy announced on December 9 that its president and CEO, Rick Muncrief, will retire after an illustrious tenure spanning four years. Clay Gaspar, currently the company’s chief operating officer, will be Muncrief’s successor. According to reports, Gaspar will lead the company as the new CEO from March 1, 2025.

Leadership Transition with Strategic Vision

Rick Muncrief has managed the company since 2021, leaving behind a legacy of growth and operational excellence. Under his administration, Devon Energy increased its oil production to 728,000 barrels per day in the third quarter of this year. This is a commendable growth considering the company’s production of 499,000 barrels per day at the end of the first quarter of 2021.

“Clay’s selection as our next CEO is the result of a comprehensive succession planning process conducted by our board,” said John Bethancourt, Devon’s board chair, highlighting the careful planning behind the transition in leadership. 

Praising Gasper’s leadership qualities, he further added, “He is an experienced leader with the vision and industry expertise to guide Devon as we move forward. We are excited to collaborate with Clay to build upon Devon’s past success and create additional long-term value for our shareholders.”

Clay Gaspar’s Roadmap for the Future

Gaspar has played a crucial role in supervising geosciences, reservoir management, drilling, and Devon production operations. Expressing his commitment to maintaining the company’s consistent growth and strategic focus, he shared, “We will remain focused on operating excellence across our portfolio of assets to deliver competitive and sustainable returns for our shareholders.”

Gaspar brings a wealth of expertise and experience to his new position as the company’s chief executive officer. His impressive academic background and years of experience in the sector make him a worthy successor to Muncrief. Apart from a master’s degree in petroleum and geosciences engineering from the University of Texas and a bachelor’s in petroleum engineering from Texas A&M University, Gasper has held positions with major oil and gas companies such as Anadarko Petroleum, Newfield Exploration, and Mewbourne Oil. He has also contributed to organizations such as the American Heart Association and The Nature Conservancy.

Muncrief and Gaspar both joined Devon’s management in 2021 after the merger of Devon with WPX Energy for $2.56 billion, where they were both top executives. This deal is said to have been successful after Devon achieved a 90% stock share following the deal’s completion.

Muncrief’s Professional Legacy 

Rick Muncrief has been a senior leader in the energy industry for more than forty years. Prior to his joining Devon in 1980, Muncrief worked in key positions at Continental Resources, ConocoPhillips, and Burlington Resources. A graduate of Oklahoma State University, Muncrief is among their distinguished alumni and a member of the College of Engineering, Architecture, and Technology Hall of Fame.

Looking back on his time at Devon, Muncrief foresees a bright future for the organization. “It has been an honor to lead Devon over the last four years and WPX Energy for the seven years prior as well,” he stated. “I believe the company is nicely positioned for the future. 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.”

A Strong Foundation for Sustainable Growth

While Devon Energy looks forward to new leadership, its management aims to provide value to its shareholders and sustain its position in the energy sector. As the new leader, Clay Gaspar wants to ensure that Devon will build on Muncrief’s achievements and is ready to chart a course for continued growth and innovation.