Devon and Coterra Merge to Create a Dominant U.S. Shale Player in $58 Billion Deal
Devon Energy and Coterra Energy announced an all-stock $58 billion merger to form a larger Permian-focused shale producer, with Devon owning about 54% of the combined company. The deal values equity at roughly $21.4 billion and would yield pro forma 2025 production above 1.6 million boe/d, centered in the Delaware Basin. The merged entity will be based in Houston, with Devon CEO Clay Gaspar leading and Coterra CEO Tom Jorden as non-executive chairman; closing is expected in Q2 2026.
