Devon Energy Promotes COO Clay Gaspar To Succeed Rick Muncrief As President And CEO

(RTTNews) - Devon Energy Corp. (DVN) announced Monday that Rick Muncrief will retire from his positions as President and Chief Executive Officer and member of the Board of Directors, effective March 1, 2025.

Muncrief, a 45-year veteran and recognized leader in the industry, has held these positions since January 2021 following Devon's merger with WPX Energy. He previously served as CEO and chairman of the board of WPX.

The company said the board of directors has appointed Clay Gaspar, currently Devon's Chief Operating Officer, to succeed Muncrief as President and CEO and as a member of the board, effective March 1, 2025.

The company said Gaspar's selection as the next CEO is the result of a comprehensive succession planning process conducted by the board.

Gaspar has served as Devon's executive vice president and chief operating officer since January 2021 following Devon's merger with WPX, where he most recently served as president and COO.

Gaspar joined WPX in 2014, previously serving as senior vice president and COO and senior vice president of operations and resource development. Prior to joining WPX, he worked for Newfield Exploration, Anadarko Petroleum and Mewbourne Oil serving in a number of technical and leadership roles.