Devon Energy’s first annual meeting since its merger with Coterra Energy will be held at the end of June.
A proxy statement on file with the Securities and Exchange Commission explained it will be a virtual meeting and only those shareholders on record as of May 18 will be able to vote on the questions. The agenda includes an election of directors, approval of an independent auditor for 2026, executive compensation, and any other business that may arise.
Stockholders of both companies approved the Merger at special meetings held on May 4, 2026. Following the Merger, Devon is headquartered in Houston, Texas, with a significant presence in Oklahoma City, Oklahoma. The company believes the merger brings together the strengths of two premier oil and gas shale operators: Enhanced scale, inventory depth, and financial resources position Devon to deliver differentiated returns for stockholders through any commodity cycle. With an expanded footprint, including in the premium acreage position in the economic core of the Delaware Basin, Devon has oil and natural gas operations in New Mexico, Texas, Oklahoma, North Dakota, Wyoming, and Pennsylvania.
“We are pleased to write to you for the first time as the leadership of Devon Energy, following completion of the transformational merger with Coterra,” stated Thomas E. Jorden, Chairman of the Board and Clay Gaspar, President and CEO in their proxy opening comments. “The new Devon Energy is a company with greater scale and high-quality portfolio depth and the operational excellence to deliver superior, durable value for our stockholders. At the core of our combined portfolio is our world-class asset in the Delaware Basin. This industry-leading, high-margin position will generate more than half of our total production and cash flow, and it’s backed by more than a decade’s worth of top-tier drilling inventory.
Jorden and Gaspar told shareholders the “new Devon Energy” is expected to generate significant free cash flow that “underpins leading returns for you, our stockholders.” The two noted the company already increased its quarterly dividend to 32 cents per share and approved a new $8 billion share repurchase program.
The new company, now headquartered in Houston but with a large presence in Oklahoma City where Devon previously had its headquarters, has a board of 11 directors, six from legacy Devon including Lead Independent Director Brent Smolik, and five are from legacy Coterra.
“We have high expectations for the future of this combination, which is built on a proven track record of disciplined execution,” added Jorden and Gaspar.
The directors up for election include:
Jorden who was appointed to the board of directors as Board Chair in May 2026
following the Merger. At Coterra, Jorden served as chairman, chief executive officer, and
president. Prior to joining Coterra through a merger in 2021, Jorden served as chairman,
chief executive officer, and president of Cimarex Energy Co.
Amanda Brock was appointed to the board of directors in May 2026 following the Merger. She is co-chief executive officer and a board member of Solaris Energy Infrastructure, Inc. (Solaris Energy), which delivers power generation, power distribution solutions, and logistics equipment and services to clients in the data center, energy, and other commercial and industrial sectors. Prior to joining Solaris Energy in October 2025, Ms. Brock served as chief executive officer and president of Aris Water Solutions, Inc. (Aris), a leading produced water infrastructure and recycling company
Ann G. Fox joined the board of directors in June 2019. She is president, chief executive officer, and a
board member of Nine Energy Service, Inc. (Nine), a Houston-based oilfield services company. Fox joined Nine in 2013 and previously served as chief financial officer and vice president of strategic
development. Prior to joining Nine, she worked for SCF Partners, a private equity firm supporting the
oilfield services and equipment industries.
Clay Gaspar was appointed President and Chief Executive Officer and as a member of the board of
directors in March 2025. Prior to that role, Mr. Gaspar served as Executive Vice President and Chief
Operating Officer of Devon, a role he assumed in January 2021 following Devon’s merger with WPX
Energy, Inc. (WPX). While at WPX, Mr. Gaspar served as president and chief operating officer and sat
on the board of directors.
Jacinto J. Hernandez was appointed to the board of directors in May 2026 following the Merger. He is founder and principal of Cummings Consulting & Management (Cummings), which partners with
companies to drive expansion and create shareholder value. Prior to forming Cummings, he worked at Capital Group and its subsidiary, Capital World Investors (Capital Group), most recently as partner.
Kelt Kindick joined the board of directors in January 2021 following Devon’s merger with WPX.
Mr. Kindick became a member of WPX’s board of directors in 2013. In December 2012, Kindick
retired from Bain & Company Inc., a management consulting firm, serving most recently as chief
financial officer and partner.
Karl F. Kurz joined the board of directors in January 2021 following Devon’s merger with WPX. Mr. Kurz became a member of WPX’s board of directors in 2014. He currently serves as non-executive chairman of American Water Works Company, Inc. Kurz is also on the board of Texas Pacific Land
Corporation, where he is chair of the strategic acquisitions committee and a member of the
compensation committee. From 2009 until his retirement in 2012, Mr. Kurz was a managing director, cohead of the energy group, and a member of the investment committee at CCMP Capital Advisors LLC, a leading global private equity firm focused on energy investments.
Jeffrey E. Shellebarger was appointed to the board of directors in May 2026 following the Merger. He retired in 2019 after a 38-year career at Chevron, most recently as president of Chevron’s North
American E&P (Exploration and Production) Operating Company. His prior leadership roles at Chevron included president and managing director of Chevron’s IndoAsia Business Unit, executive director at Chevron Pacific Indonesia, general manager of Asset Development for the Southern Africa SBU, and general manager of the San Joaquin SBU.
Brent Smolik joined the board of directors in October 2025 and was appointed the Lead Director in
May 2026. He has over 40 years of experience in the oil and gas industry in both the upstream and
midstream sectors, including senior executive leadership roles at Noble Energy Corporation, Noble
Midstream Partners LP, EP Energy Corporation, El Paso Corporation, ConocoPhillips, and Burlington
Resources, Inc. He most recently served as president and chief operating officer at Noble Energy until
his retirement following the company’s merger with Chevron in 2020.
Marcus A. Watts was appointed to the board of directors in May 2026 following the Merger. He is the executive chairman of the Everton Football Club in the English Premier League. From 2011 to 2025, Watts was president of The Friedkin Group, a privately held and diverse consortium of businesses and investments in the automotive, hospitality, entertainment, golf, and adventure industries, where he continues to serve as special advisor. Prior to The Friedkin Group, he was with the law firm Locke Lord LLP where he held multiple leadership roles, including vice chairman of the firmwide Executive Committee and managing partner of the Houston, Texas office.
Valerie M. Williams joined the board of directors in January 2021 following Devon’s merger with WPX. Williams became a member of WPX’s board of directors in 2018. Williams is a member of the board of directors of Omnicom Group, Inc., a global advertising and public relations firm, where she serves on the audit and finance committees. She is also a member of the board of directors of DTE Energy, an electric and natural gas utility, where she serves as chair of its audit committee and as a member of the corporate governance committee and the public policy and responsibilities committee. Williams is also a member of the independent board of trustees of Franklin Templeton Funds, where she serves on the audit committee and nominating and governance committee of some of its open-end funds.
