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TOMS Capital Presses Devon for Asset Sale Post-$58B Merger

6/18/2026

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Summary

Story summary

Activist investor TOMS Capital bought a stake in Devon Energy and is urging a sale of assets or the company.
Devon completed a $58 billion merger with Coterra Energy in May, forming a large independent U.S. oil and gas producer.
On June 9 Devon announced a review to optimize its portfolio around the Permian Basin.
Last month Devon issued new guidance and pledged an $8 billion share repurchase program.

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Story summary

Activist investor TOMS Capital bought a stake in Devon Energy and is urging a sale of assets or the company.
Devon completed a $58 billion merger with Coterra Energy in May, forming a large independent U.S. oil and gas producer.
On June 9 Devon announced a review to optimize its portfolio around the Permian Basin.
Last month Devon issued new guidance and pledged an $8 billion share repurchase program.