
Devon Energy Corp., Houston, has concluded a strategic review of its portfolio after buying Coterra Energy and striking a deal to sell its Eagle Ford assets but president and chief executive officer Clay Gaspar said Nov. 6 that he and the company’s directors “will not hesitate” to strike other deals if they’re good for shareholders.
On a conference call discussing Devon’s third-quarter results, Gaspar said the months since Devon bought Coterra and he said his team would take a fine-toothed comb through its holdings in six basins have been “taxing” for both employees and investors because of the uncertainty about the company’s strategy. Several investors have pushed Devon’s leaders to sell other assets and focus on the Permian basin or to put the entire company on the block.
That’s not happening in the near future, Gaspar said on the third-quarter call while also saying his team remains open to talking to bidders for its assets.
“We owe it to our investors to […] be thorough, very transparent and very open, but we also found it very important that we drew a line and said, ‘This is the close of this period, this chapter.’” he said. “This chapter being, ‘Everything’s on the table.’”
Assuming the planned $4.2 billion divestiture of its Eagle Ford operations to Crescent Energy Co. goes through, Devon will control about 750,000 net acres in the Permian that produce about 900,000 boe/d as well as a group of what Gaspar called “complementary assets” in the Anadarko (177,000 boe/d), the Williston and Powder River (187,000 boe/d) and the Marcellus (about 2 bcfd).





















