Devon needs additional reserves and production that it would never achieve through the drill bit. In fact, it advertised 20-30 year drilling runway is closer to 6 years. Hence the hook up with Coterra.
How will this merger play out?
Layoff and which side is the most affected?
Will this merger improve a low morale and stagnant HQ workplace?
Stock price in 2027?
@v3 there’s so much PRIME empty office space available dirt cheap. The other mergers have decimated the commercial real estate market here. From downtown to the energy corridor even up to the old Anadarko building in the woodlands. No problem picking up space in Houston.
@v3 you are not thinking about Coterra’s production office in Midland.
I remember a time when the same leader said they wouldn't ever close a certain Denver office....it was announced to be closed and everyone forced to move within two weeks of that TH.
What would be the business reason for selecting accounting or really any group and keeping it in OKC? Moving hq is the writing on the the wall, it will be surprising if they tiptoe around feelings, friends or anything else this time around. If they do, new Devon will simply be more of the same but I guess that’s good for OKC.
They didn't name Young as CFO for him to I inherit legacy Devon's finance and accounting teams. Finance is going to Houston.
Back to The Woodlands? Coterra building is not big enough for all of corporate —so is it just operations? I’d suspect accounting stays in Okla. so we all get laid off ? Even if the “HQ” is Houston everyone knows it’s really Oklahoma. Surprised Devon allowed this. Is the industry doomed?
Hard to believe but, when Larry and John designed the new building they first buried a massive forklift under the building so now, everyone can keep their offices and they tow the building to downtown Houston. Thanks to those guys for having vision.
@td perfectly said and the timing is days not months. Expect housing prices to drop.
Devon has decamped to Houston, beguiled by Texas’s most persuasive argument: no income tax. Money, that most candid of counselors, has spoken plainly, and the C-suite has obeyed without hesitation.
Oklahoma, if she intends to keep her captains of industry, must act with resolve and strike at her own income tax. Hesitation will be costly. For capital is a migratory creature, and it flies toward fairer weather.
Otherwise, she will watch her prizes drift south, until only the Thunder remain to bear Oklahoma City’s standard—unless Austin, ever ambitious, decides it too fancies a storm of its own.
Unfortunately for the normal people, completely nuking what “leaders” have done the past 10 years or so in okc became the dvn’s only option.
I, for one, am so happy for the new go forward company and all the dvn bootlickers that will be unemployed when okc is abandoned. You earned it!
Move to Houston to be laid off in Houston.
Pack your bags if you make the cut, you’re moving to Houston
After the ocean merger we were headquartered in okc and had a Houston office for a while, but we know how that ended up.
Just remember that post-merger, when your new manager says "we have no plans to change X, Y or Z" it is more a statement about their ability to plan than it is a statement about the probability of things not changing.
I’m guessing it would look like exceptionally lazy financial journalism or investment research targeting the people least likely to know.