Story perspectives

Devon and Coterra Merge in $58 Billion Deal Amid Storms

2/18/2026

Summary

Story summary

Devon Energy Corporation and Coterra announced a $58 billion all-stock merger, raising concerns over dividends and strategy.
Analysts project Devon’s Q4 earnings of $0.82 per share and revenue of $4.03 billion.
The merger targets $1 billion in annual pre-tax synergies by 2027 to create a leading shale operator.
Severe winter storms and falling oil prices disrupt production as Devon guides first-quarter output to 823,000–843,000 boe/d and revenue to decline 8.4% year-over-year.

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Story summary

Devon Energy Corporation and Coterra announced a $58 billion all-stock merger, raising concerns over dividends and strategy.
Analysts project Devon’s Q4 earnings of $0.82 per share and revenue of $4.03 billion.
The merger targets $1 billion in annual pre-tax synergies by 2027 to create a leading shale operator.
Severe winter storms and falling oil prices disrupt production as Devon guides first-quarter output to 823,000–843,000 boe/d and revenue to decline 8.4% year-over-year.