Devon Energy and Expand Energy are relocating headquarters from Oklahoma City to Houston, marking a major shift in the oil and gas industry’s geographic center. Devon, with a market value of about $52 billion, announced its move after merging with Houston-based Coterra Energy. Expand Energy, successor to Chesapeake Energy and valued at about $20 billion, also confirmed its relocation.
Both companies cite proximity to industry peers and operational advantages in Houston. Oklahoma City officials, including Mayor David Holt and state Sen. Dusty Deevers, expressed concern over the loss of two major corporate boosters that once funded landmarks like the Oklahoma City Thunder arena and Olympic rowing facilities.
While the firms pledged to maintain significant operations in Oklahoma City, local leaders worry the presence will diminish over time. The departures reflect broader consolidation in the energy sector, with Houston emerging as the dominant hub, hosting Exxon Mobil, Chevron, and other major players. Oklahoma City’s oil and gas workforce has declined from over 20,000 in 2018 to about 10,000 today, though the industry still contributes 13% to the region’s gross product.
Devon employs roughly 1,000 and Expand about 500 in Oklahoma City. With their exit, Oklahoma loses two Fortune 500 companies, leaving only pipeline firms Oneok and Williams (Tulsa) and Continental Resources (Oklahoma City) as remaining Fortune 500 entities in the state.
Source: Wall Street Journal US Business · Summarized by HeadlinesBriefing