Devon to Merge with Coterra in $58B All-Stock Deal

Devon Energy and Coterra Energy have entered a definitive all-stock “merger of equals” valued at approximately $58 billion. Under the terms, Coterra shareholders will receive 0.70 shares of Devon common stock for each Coterra share held.

The transaction is expected to close in the second quarter of 2026, subject to shareholder and regulatory approvals. The combined company is set to have nearly 750,000 net acres in the Delaware Basin, with a pro forma Delaware Basin production rate expected to reach 863,000 barrels of oil equivalent per day.

Leadership will blend both companies: Clay Gaspar, Devon’s CEO, will serve as President and CEO, while Coterra’s Tom Jorden will become Non-Executive Chairman. Headquarters will move to Houston, Texas.