Rick Muncrief, the president and chief executive officer (CEO) of %DevonEnergy (NYSE: $DVN), has announced his retirement from the U.S. %Oil and gas company.
Muncrief will also resign from Devon Energy’s board of directors and leave the company on March 1, 2025.
He will be succeeded in the CEO role by Clay Gaspar, who is currently Devon Energy’s chief operating officer (COO).
Muncrief, age 66, has been president and CEO of Devon Energy since its January 2021 merger with WPX Energy, where he previously served as board chair and CEO.
Gaspar also assumed his role with Oklahoma City-based Devon Energy following the WPX merger. He will receive a base salary of $1 million U.S. plus equity in the company as the new CEO.
Under Muncrief’s leadership, Devon Energy has grown its presence in U.S. and foreign oil and natural gas fields.
Devon Energy recently completed its $5 billion U.S. acquisition of Grayson Mill Energy’s assets, a deal that significantly grows Devon’s production profile in the Williston Basin that stretches from North Dakota to Montana.
However, DVN stock has declined 24% this year as crude oil prices have slumped. The company’s shares currently change hands at $34.99 U.S. per share.
On Nov. 25, investment bank %MorganStanley (NYSE: $MS) raised its price target on Devon Energy stock to $52 U.S. and reiterated an overweight buy-equivalent rating on the shares.