Devon and Expand Energy exit Oklahoma City for Houston, shifting oil industry gravity

October 5, 2026 at 05:27 AM2 min

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Devon Energy and Expand Energy, Oklahoma City's two largest public oil-and-gas companies, announced headquarters moves to Houston this year. The departures remove companies with combined market values of about $72 billion from the city's corporate base. Oklahoma City officials and business leaders are assessing the impact even as the companies pledge to maintain large local workforces.

Key Facts

Devon Energy and Expand Energy announced headquarters moves to Houston in back-to-back statements this year.
The two companies have market values of about $52 billion and $20 billion, respectively.
Oil-and-gas employment in the Oklahoma City region has fallen to about 10,000 jobs, down more than half from 2018.
Devon announced its departure after agreeing to merge with Houston-based Coterra Energy.
Chesapeake Energy merged with Southwestern Energy two years ago, changed its name to Expand, and is now relocating to Houston.

Corporate Departures

Devon Energy and Expand Energy, the successor of Chesapeake Energy, said in back-to-back announcements this year that they were moving headquarters to Houston. The companies have market values of about $52 billion and $20 billion, respectively. Devon announced its departure after inking a deal to merge with Houston-based Coterra Energy. Chesapeake merged with Southwestern Energy, which was based in north Houston, two years ago and changed its name to Expand. The companies have said they would maintain a large presence in Oklahoma City, but some officials fear that will dwindle over time.

Local Reaction

The abrupt exits have frazzled some of the city's elder statesmen, chagrined politicians, and prompted some chief executives to make not-so-subtle digs at their former neighbors. State Sen. Dusty Deevers said, "We should be asking why Oklahoma keeps building energy companies only to watch so many of them eventually move south." Oklahoma City Mayor David Holt said, "People don't understand that locating in Houston is like moving a film company to Hollywood." The companies erected sprawling campuses and upscale strip malls and helped turn a moribund river into an Olympic water-sports venue. The drive from the airport to the city center is studded with signs celebrating the Oklahoma City Thunder, which won its first NBA championship two seasons ago.

Industry Consolidation

The departures are the latest sign that a frenzy of oil-and-gas mergers is consolidating the energy industry in Houston. Oil giants ExxonMobil and Chevron, both based in the Houston region, have acquired rivals once based in New York, Denver, and Irving, Texas, and centralized corporate functions in Houston. Devon has said moving its top executives to Texas will create more opportunities for the company. Expand has said relocating will allow it to be closer to other energy companies and customers. Some business leaders note that Oklahoma City's reliance on the oil-and-gas industry as a growth engine has waned, with the sector counting about 10,000 jobs in the region, down more than half from 2018.