Toms Capital Management requests Devon Energy review strategic alternatives including a full sale, citing valuation discounts and operational complexity following its merger with Coterra Energy.

Toms Capital Management is pushing Devon Energy to put itself up for sale, arguing the oil giant's sprawling asset base has dragged down its stock by more than 4.5x estimated EBITDA compared to peers. With a second activist firm also calling for change, Devon is facing a rare two-front pressure campaign — even as volatile crude prices could complicate any deal.

Toms Capital Management is pushing Devon Energy to put itself up for sale, arguing the oil giant's sprawling asset base has dragged down its stock by more than 4.5x estimated EBITDA compared to peers. With a second activist firm also calling for change, Devon is facing a rare two-front pressure campaign — even as volatile crude prices could complicate any deal.

Devon Energy is reportedly exploring a sale of its assets in the Eagle Ford shale in Texas and the Powder River Basin in Wyoming.

Devon Energy is reportedly exploring a sale of its assets in the Eagle Ford shale in Texas and the Powder River Basin in Wyoming. Citing sources familiar with the matter, Bloomberg reported last week that a sale of both assets could fetch more than $4bn. One of the sources went on to say that Devon was aiming to announce a strategic review of the assets when it reports its second-quarter earnings in early August. However, the sources cautioned that no final decision had been made, that the timing could change or that Devon could opt to retain the assets. Such an asset sale would not come as a surprise, though, given that Devon is in the process of streamlining its portfolio after it closed its $58bn merger with Coterra Energy in May. Comments made by company executives both before and after the merger indicate that Devon is seeking to concentrate its portfolio around its position in the Permian Basin. Indeed, also in May, Devon spent around $2.6bn on federal leases in the Permian in an onshore lease sale held by the US Department of the Interior (DoI), representing a further step in its efforts to grow its footprint in the basin. A move to sell non-core assets in other shale regions would also be in line with a broader shale industry trend. There has been a major wave of consolidation in recent years, including companies acquiring other shale players that have operations in multiple regions including regions the buyer may consider non-core. The company being acquired can nonetheless still represent an attractive opportunity to build scale, and the buyer subsequently proceeds to offload non-core assets in a bid to pay down debt and optimise its newly expanded portfolio. “Acquiring Coterra further diversifies a fairly diffuse asset base,” a Bloomberg Intelligence analyst, Vince Piazza, wrote in a report days prior to the Bloomberg report on Devon exploring an asset sale. “Though Permian concentration will grow, asset sales will likely be needed,” he added. Bloomberg noted that Devon has also come under pressure from investors including Kimmeridge Energy Management and Capital Investment Management to expedite its asset sale programme. And indeed, Devon’s CEO, Clay Gaspar, told investors in New York last month that the company’s push to evaluate its portfolio would be a months-long rather than a years-long exercise. Given such comments, it seems likely that Devon could announce an asset sale or steps towards one soon.

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.

Devon Energy yields 7.4% with $36.5bn market cap; $2.5bn buyback and $4.2bn 2025 FCF shift valuation dynamics (Apr 12, 2026).

US shale producer Devon Energy provided an updated 2026 outlook this week, which follows the closing of its merger with Coterra Energy in May.

Stone Ridge Asset ‌Management has reportedly offered to buy Devon Energy’s Marcellus shale assets for roughly $8bn.

0 © Reuters BP 0.87% DVN 0.81% BP 0.79% Investing.com -- British energy company BP (NYSE:BP) PLC (LON:BP) on Friday announced the appointment of David Hager, former chief executive of U.S energy company Devon Energy (NYSE:DVN), as a non-executive director. BP said on Friday that Hager’s appointment would take effect from Monday. Hager, who has previously served as the chief executive of Devon Energy and led its exploration and production division, is expected to bring valuable industry expertise to BP. This strategic shift by BP comes in the wake of Elliott Investment Management acquiring approximately a 5% stake in the company. The management is under pressure to reduce debt and increase shareholder value. 0 Latest comments

Devon Energy Corporation (DVN): Among the Most Undervalued Energy Stocks to Buy According to Hedge Funds  Yahoo Finance

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