Devon Energy management check
DVN · Energy · Oil & Gas Exploration & Production · CEO Clay M. Gaspar
Filings as of
4 good · 3 to watch · 0 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2021 grew to $292, against $242 for the peer group the company picked itself.
- Watch
Does pay follow performance?
Pay only loosely tracked returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.13 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
0.5% of net income$12.6m of reported pay in fiscal 2025, against $2.6bn of net income.
- Watch
Do they own the stock?
CEO stake ≈ 2.5 years of payThe CEO holds 619,152 shares, directly or through trusts (unvested awards not counted): about 2.5 years of pay. Both: 1 buyer ($200k) and 4 sellers ($5.6m) in six months.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -0.7% a year over the last three fiscal years. Stock-based pay was 0.6% of revenue in the latest year.
- Good
Is leadership stable?
9 leadership filings in 3 yearsCEO in the pay table: Clay M. Gaspar. 9 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Watch
Are the books clean?
An annual report was amendedNo restatements, auditor changes or late filings since 2021. 1 amended annual report.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Energy.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 76 | 64 | |
| Pay for performance | 57 | 65 | |
| CEO cost | 77 | 66 | |
| Skin in the game | 55 | 49 | |
| Dilution | 59 | 58 | |
| Stable leadership | 80 | 73 | |
| Clean books | 70 | 100 |
Closest peers
Others in Oil & Gas Exploration & Production, by management score. Devon Energy is 10th of 20 in its sector.
Pay versus performance
From the proxy statement filed May 28, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Clay M. Gaspar | $12.6m | $13.7m | $4.5m | $292 | $242 | $2.6bn |
| 2024 | — | $17.0m | $6.7m | $6.2m | $163 | $157 | $2.9bn |
| 2023 | — | $14.9m | $814 | $5.5m | $226 | $152 | $3.7bn |
| 2022 | — | $14.5m | $41.2m | $5.4m | $285 | $143 | $6.0bn |
| 2021 | — | $11.9m | $48.1m | $4.6m | $191 | $121 | $2.8bn |
The board says pay is tied most to Cash Return on Capital Employed (CROCE). Its other key measures: Free Cash Flow(FCF), Health &Safety, EnvironmentalPerformance, Total Oil & GasProduction, Total CapitalExpenditures.
Insiders and the CEO's stake
Clay M Gaspar (PRESIDENT AND CEO) held 619,152 shares directly after their latest Form 4 on Sep 14, 2026, roughly $31.6m at that filing's price.
Both: 1 buyer ($200k) and 4 sellers ($5.6m) in six months.
- BoughtClay M GasparPRESIDENT AND CEO$200kSep 14, 2026
- SoldJeffrey L RitenourEVP & CHIEF CORP DEV OFFICER$3.3mMay 11, 2026
- SoldAdam M VelaSVP & GENERAL COUNSEL$1.1mMay 14, 2026
- SoldAndrea AlexanderSVP & CHIEF ADMIN OFFICER$841kJun 10, 2026
Leadership and governance on file
- Aug 27, 2026Leadership change8-K 5.02
- Aug 20, 2026Leadership change8-K 5.02
- May 7, 2026Leadership change8-K 5.02
- Apr 21, 2026Annual report amended10-K/A
- Feb 2, 2026Leadership change8-K 5.02
- Oct 2, 2025Leadership change8-K 5.02
- Mar 5, 2025Leadership change8-K 5.02
- Jan 13, 2025Leadership change8-K 5.02
- Dec 9, 2024Leadership change8-K 5.02
- Jan 23, 2024Leadership change8-K 5.02
- Jan 3, 2023Leadership change8-K 5.02
- Sep 16, 2022Leadership change8-K 5.02
Latest shareholder vote results: Jun 30, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $12.2bn returned to owners in buybacks and dividends, 67% of net income, and $478.0m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $13.8bn | $19.8bn | $15.1bn | $15.9bn | $16.8bn |
| Net income | $2.8bn | $6.0bn | $3.7bn | $2.9bn | $2.6bn |
| Stock-based pay | $99.0m | $88.0m | $93.0m | $99.0m | $99.0m |
| Buybacks | $589.0m | $718.0m | $979.0m | $1.1bn | $1.1bn |
| Dividends | $1.3bn | $3.4bn | $1.9bn | $937.0m | $319.0m |
| Diluted shares | 665m | 653m | 642m | 634m | 633m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.