Kimmeridge faults pace of Devon Energy’s asset sale efforts after Coterra deal

Management

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Summary · why it matters

Kimmeridge Energy Management has criticized Devon Energy’s divestment program as moving too slowly following the driller’s $25 billion takeover of Coterra Energy. Managing director Mark Viviano said the board’s response has fallen well short of the urgency warranted by Devon’s persistent underperformance. Another activist, Toms Capital Investment Management, has also become increasingly impatient with the pace of management’s actions. Devon CEO Clay Gaspar recently told investors the company is moving quickly to evaluate its portfolio, calling it a months-long rather than a years-long exercise.

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