Devon Energy and Coterra Energy have agreed to combine in an all-stock transaction that values the deal at roughly $58 billion. Under the terms announced on February 2, 2026, Coterra shareholders would receive 0.70 shares of Devon stock for each Coterra share, leaving Devon shareholders with about 54% of the combined company and Coterra shareholders with about 46%.
The companies say the merger would create a larger U.S. shale operator with a major footprint in the Permian Basin, including sizable adjacent positions in the Delaware Basin, alongside assets in other core U.S. producing regions. Leadership is expected to include Devon CEO Clay Gaspar as chief executive, with Coterra CEO Tom Jorden serving as non-executive chair. The companies also highlighted targeted cost and operating synergies, alongside a plan focused on scale, inventory depth, and shareholder returns—an approach that continues the broader consolidation trend across U.S. upstream producers.
If you want more background on oil & gas consolidation, see our explainer on industry consolidation and our overview of oil production in Texas.
Source: MSN
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