I’ve never seen a CEO completely ruin a company faster than Clay has managed to. Gives up the board and exec team. Doesn’t address the massive pay discrepancy between the two companies when the better performing company is the one being underpaid, and now he lets the only Exec with brains/ba--s walk in Raines.
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@OP, b6 is right in that DH destroyed more value while raising his comp to be what #3 in the industry? Sell off assets that print money with little upkeep and buy assets that require intensive capital and lose value. It’s what the street wants. CG saw the formula and he’s gonna follow it.
@1af Boss makes a dollar, I make a dime. That's why I sh-t on company time.
Devon Energy’s board raised CEO Clay Gaspar’s base salary to $1.5 million, retroactive to May 7, 2026, following its merger with Coterra Energy.
The company also granted Gaspar $2.7 million in restricted stock vesting over three years from September 10, 2026, aligning his pay with long-term performance and market norms.
@tn CTRA merged beacuse Kimmeridge was forcing TJ and the BOD hand to either sell Marcellus or get acquired. Devon was one of 3-4 potential suitors and was finally "chosen" to be the obe best fitting with Delaware. TJ is not going to buck the institutional investors anymore as he will never put at risk his ~$140M total package. DVN has always been way overstaffed and like a good ole boy CC of OU grads and frat boys. Gaspar is none of that so he will sacrifice the lamb to get his generational wealth once they trim down and get acquired.
@tm We merged so TJ could get a $50M golden parachute.
@tb this is true. Anyone claiming L CTRA was performing better has not been a part of the comparative analysis done both by internal employees and two separate consulting firms. However, relatively speaking both companies were poor operators relative to the peer group hence why we are merging. We didn’t merge out of positions of strength.
@mj by any metric you look at, Devon’s numbers were better. We have spent the entire first part of this merger trying to get Coterra up to Devon’s standard operationally. Still a long way to go because it was so bad.
After 15 years, the NEBU gang is on their way out
@r5 Cimarex did one in Q3 of 2020- about 10% company wide. Looking back, it wasn't so much COVID as it was "right sizing" for a potential merger in 2021. That's all as far as I know.
@mj not accurate. Coterra 100% did layoffs. Gas prices went low for a few months and they laid the rig down for like 4 months in the MBU and they immediately did a layoff of staff.
DVN was not the better performing company 😂😂… DVN has always been a sh---y company, you can never be comfortable working at DVN. The time will come and layoffs will get you… Cimarex/Coterra was an amazing company to work for…. Do your job and you had a well paid job. No worry of layoffs… never happened ever. Now they are part of the sh---y DVN team that does layoffs every couple years to prop up the numbers and try to look proactive
@jp It's worth clarifying- Mewbourne and Expand have a strong OKC presence, but Expand is now HQ'd in HTX and Mewbourne is based in Tyler.
Gaspar knows deep down inside, if you want to play in the same game with the big boys in every facet of the O&G industry, you have to be in the same arena, which is HTX. He has no long-term loyalty to OKC and it's legacy emplyees or tower. There are virtually no sizeable O&G companies based in OKC anymore, except Expand and Continental and you can probably add in Mewbourne. Gaspar, the BOD including Jorden knew part of the deal with CTRA was that the HQ was going to be in HTX which Gaspar probably had no issues with as long as he was CEO. Watch how many headcount reductions are coming pre-divestitures and then massive amounts as they are shed along with the divested assets. It will eventually be a Delaware and Bakken operator before being acquired by CVX, COP, or XOM.
JR didn’t have ops background? He has been out of Land for what 12 years? When is enough experience, enough? Maybe that land background could have negotiated a better deal with Corterra and kept the HQ in OKC where it belongs??
Maybe JR was ready, maybe not. But CG was never going to make a good CEO because he lacks the ability to look past himself and no amount of time at the helm will change who he is deep down.
@ba Raines doesn't have the Ops background to be a CEO yet . . . he was a Landman with a law degree . . . still lot's to learn in the O&G big business world . . . . most within the industry thought Raines was one of Gaspar's three main DVN people along with Lowe and Ridenhour? Wonder what happened?
Raines should have been CEO instead of Clay. That was the biggest mistake ever made by DVN. But Clay got what he wanted. The rest of the organization just exists to prop up his ego.
Op you must be new here… Hager takes the cake, but as long as we are handing out participation medals, the last 4 are overpaid visionless drains on the company
Back to work disgruntled crybaby