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Devon and Coterra Unite in $58 Billion Merger

2/2/2026

41 4 Full Breakdown

Summary

Story summary

Devon Energy and Coterra Energy announced a $58 billion all-stock merger to create a shale producer in the Delaware Basin, with the Devon name retained, headquarters in Houston, Texas, and operations in Oklahoma City.
Coterra shareholders will receive 0.70 Devon shares for each Coterra share, giving Devon Energy 54% of the combined company.
The closing is expected in the second quarter of 2026, pending regulatory approvals.

History

Historical Context

In 1999, Exxon and Mobil merged to create ExxonMobil, valued at $81 billion, marking the largest merger in history at that time. This consolidation followed the 1998 BP-Amoco merger and set a trend in the oil industry, influencing subsequent mergers like the recent $58 billion deal between Devon Energy and Coterra, aimed at enhancing efficiency in the shale sector.

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Story summary

Devon Energy and Coterra Energy announced a $58 billion all-stock merger to create a shale producer in the Delaware Basin, with the Devon name retained, headquarters in Houston, Texas, and operations in Oklahoma City.
Coterra shareholders will receive 0.70 Devon shares for each Coterra share, giving Devon Energy 54% of the combined company.
The closing is expected in the second quarter of 2026, pending regulatory approvals.

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