US EditionU.S. shale producers Devon and Coterra to merge in a $58 billion deal
The merger creates a shale leader with pro-forma U.S. output above 1.6 million barrels per day and targets $1 billion in annual pre-tax synergies by 2027.
- Devon Energy and Coterra Energy said on Monday they will merge in an all-stock deal valued at $58 billion, creating a large-cap producer with a dominant position in the Delaware Basin.
- Cost pressures and inventory priorities prompted Devon and Coterra to combine complementary acreage, aiming to cut costs, boost free cash flow, and achieve $1 billion in annual pre-tax synergies.
- Operationally, the combined company would exceed pro-forma third quarter 2025 production of 1.6 million Boe/day, operate across Permian, Anadarko, Eagle Ford, Marcellus, and Rockies, and hold the largest Delaware inventory with a breakeven below $40 per barrel.
- The boards approved the deal expected to close in the second quarter of 2026, with Devon shares down 3%, Coterra shares down 2.7%, and Clay Gaspar, Devon CEO, leading the combined company.
- The deal ranks as the largest U.S. shale tie-up since Diamondback’s about $26 billion acquisition in 2024, with Devon Energy headquartered in Houston and Coterra shareholders receiving 0.70 share exchange ratio.
48 Articles
48 Articles
This $58 Billion Merger is Creating a New U.S. Oil and Gas Giant
Key PointsDevon Energy is merging with Coterra Energy. They're creating the second-largest U.S. independent exploration and production company. The larger scale should enable the company to deliver significant cost savings. 10 stocks we like better than Devon Energy › Consolidation continues in the U.S. energy sector. Oil and gas companies Devon Energy (NYSE: DVN) and Coterra Energy (NYSE: CTRA) recently announced that they're combining in an al…
Devon Energy, Corterra Energy Announce $58 Billion Merger Deal
Devon Energy and Coterra Energy announced on Feb. 2 an agreement to merge the two companies in an all-stock transaction with an enterprise value of about $58 billion. The merger of Oklahoma City-based Devon Energy and Houston-based Coterra Energy creates one of the largest shale operators in the Delaware Basin, a sub-basin of the Permian Basin in West Texas and southern New Mexico. The combined entities will take the Devon Energy brand and be he…
The Ridgway Record
KIMMERIDGE COMMENTS ON PROPOSED MERGER OF COTERRA AND DEVON
NEW YORK, Feb. 2, 2026 /PRNewswire/ -- Kimmeridge Energy Management Company, LLC, a private investment firm focused on the energy sector, today issued the following statement in response to an announced definitive agreement for Coterra Energy (NYSE: CTRA) and Devon…
KIMMERIDGE COMMENTS ON PROPOSED MERGER OF COTERRA AND DEVON - Coterra Energy (NYSE:CTRA), Devon Energy (NYSE:DVN)
NEW YORK, Feb. 2, 2026 /PRNewswire/ -- Kimmeridge Energy Management Company, LLC, a private investment firm focused on the energy sector, today issued the following statement in response to an announced definitive agreement for Coterra Energy (NYSE:CTRA) and Devon Energy (NYSE:DVN) to merge in an all-stock transaction. Mark Viviano, Managing Partner at Kimmeridge, said: "As a significant shareholder in both companies, we are supportive of a com…
Coverage Details
Bias Distribution
- 57% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
