Devon Energy Corp. (DVN) and Coterra Energy Inc. (CTRA) announced today that they will merge in an all‑stock transaction valued at approximately $58 billion, creating one of the largest shale producers in the United States.
The combined company will produce an estimated 1.6 million barrels of oil equivalent per day, with Devon’s existing production of 836 MBoed and Coterra’s 764 MBoed adding to a portfolio that spans the Delaware, Eagle Ford, and Rockies basins.
The merger will be financed entirely with shares, giving Devon shareholders a 54 % ownership stake in the new entity and Coterra shareholders a 46 % stake. The deal is expected to close in the second half of 2026, subject to customary regulatory approvals and shareholder votes.
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