Devon Energy, which finalized its massive tie-up with Coterra Energy in May, is currently navigating a strategic review to sharpen its focus on the Permian Basin. While management has publicly committed to optimizing its portfolio, Benjamin Pass’s firm is pushing for a more aggressive timeline. Unlike other investors focused primarily on streamlining operations, TOMS Capital is actively soliciting interest from potential bidders to take the company private or acquire it entirely.

The pressure comes as Devon faces a performance gap, with its stock rising 17% this year against a 22% gain in the S&P Energy index. CEO Clay Gaspar is expected to address these strategic priorities at a JPMorgan Chase energy conference in New York this week. Whether management can satisfy shareholders with its existing $8 billion share repurchase plan and portfolio pruning remains the central question for the firm's leadership.

This campaign is part of a broader push by TOMS Capital to influence corporate direction across multiple sectors. The New York-based investor is simultaneously agitating for structural changes at Voya Financial and monitoring developments at McCormick & Co. Given the complexity of integrating the Coterra assets, industry observers suggest that orchestrating an immediate sale of the combined Devon entity remains a difficult hurdle for the activist to clear.