Oklahoma Oil and Gas Giants Depart for Houston

Expand Energy's relocation cements Houston's status as the oil and gas capital of the U.S.

Published on Feb. 10, 2026

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In a major shift, several prominent Oklahoma-based oil and gas companies, including Devon Energy and Expand Energy, have announced plans to relocate their headquarters to Houston, Texas. This move further solidifies Houston's position as the epicenter of the U.S. oil and gas industry, drawing in key players and talent away from Oklahoma's once-thriving energy hub.

Why it matters

The exodus of major oil and gas companies from Oklahoma to Houston underscores the latter city's continued dominance as the dealmaking capital of the industry. Despite advancements in remote work, the importance of in-person interactions for high-stakes business transactions in this sector remains. This shift also highlights the challenges Oklahoma faces in retaining its energy industry presence as companies seek out the resources and partnerships available in Houston.

The details

Devon Energy, one of Oklahoma City's largest energy firms, announced a $58 billion all-stock merger with Coterra Energy and plans to relocate its headquarters to Houston. This comes on the heels of Expand Energy, formerly Chesapeake Energy, also revealing intentions to partially relocate its corporate leadership team to Houston. The moves are driven by Houston's status as the premier hub for oil and gas dealmaking, talent, and access to global energy markets.

  • On February 2, 2026, Devon Energy announced its plans to relocate headquarters to Houston.
  • On February 7, 2026, Expand Energy said it would execute a partial relocation of its corporate leadership team to Houston.

The players

Devon Energy

A major independent oil and gas company that was previously headquartered in Oklahoma City, Oklahoma. It is now relocating its headquarters to Houston, Texas as part of a $58 billion merger with Coterra Energy.

Expand Energy

Formerly known as Chesapeake Energy, this independent natural gas producer announced plans to partially relocate its corporate leadership team from Oklahoma City to Houston.

Coterra Energy

An oil and gas company that is acquiring Devon Energy in a $58 billion all-stock merger, further cementing Houston's status as the industry's capital.

Steve Agee

A professor of economics at Oklahoma City University who commented on the potential impact of Devon Energy's relocation on Oklahoma City.

Michael Wichterich

The current Chairman of the Board at Expand Energy who was appointed as the company's Interim President and CEO, overseeing the partial relocation to Houston.

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What they’re saying

“I don't think it's going to have a real serious, negative impact on Oklahoma City. You know, this kind of thing has happened before when Kerr-McGee was a powerhouse in Oklahoma City back in the '60s and '70s.”

— Steve Agee, Professor of Economics, Oklahoma City University (KOCO)

“Building on our positive momentum going into 2026, our new headquarters, supported by our outstanding teams in Oklahoma City and the field, will enable us to capitalize on Houston's leading role as a gateway to the global natural gas market. As North America's largest natural gas producer, this will accelerate our strategy to provide affordable, reliable, lower carbon energy to growing domestic and global markets.”

— Michael Wichterich, Interim President and CEO, Expand Energy (Expand Energy press release)

What’s next

Expand Energy's board will now embark on a search for a permanent CEO to lead the company through its partial relocation to Houston.

The takeaway

The departure of major Oklahoma-based oil and gas companies like Devon Energy and Expand Energy to Houston underscores the latter city's continued dominance as the epicenter of the U.S. energy industry. This shift highlights the challenges Oklahoma faces in retaining its energy sector presence as companies seek out the resources, partnerships, and global access available in Houston.