Business
Devon Energy and Coterra Energy to Combine, Creating a Premier Shale Operator
OKLAHOMA CITY & HOUSTON, February 02, 2026--Devon Energy ("Devon") (NYSE: DVN) and Coterra Energy ("Coterra") (NYSE: CTRA) today announced the signing of a definitive agreement to merge in an all-stock transaction. The combination will create a leading large-cap shale operator with a high-quality asset base anchored by a premier position in the economic core of the Delaware Basin.
About this update from Devon Energy Corporation
[{"type":"text","content":"OKLAHOMA CITY & HOUSTON, February 02, 2026--(BUSINESS WIRE)--Devon Energy ("Devon") (NYSE: DVN) and Coterra Energy ("Coterra") (NYSE: CTRA) today announced the signing of a definitive agreement to merge in an all-stock transaction. The combination will create a leading large-cap shale operator with a high-quality asset base anchored by a premier position in the economic core of the Delaware Basin.","length":424,"tagName":"p"},{"type":"text","content":"The combined company will be named Devon Energy and will be headquartered in Houston while maintaining a significant presence in Oklahoma City. The formation of this premier company is expected to unlock substantial value by leveraging each company’s core strengths and through the realization of $1 billion in annual pre-tax synergies. The realization of synergies, technology-driven capital efficiency gains and optimized capital allocation will drive near and long-term per share growth.","length":490,"tagName":"p"},{"type":"text","content":"KEY HIGHLIGHTS","length":14,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Transformative merger combines high-quality assets and complementary technical capabilities","length":91,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Creates a scaled, large-cap E&P with leading inventory duration and durable free cash flow","length":94,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Devon to be a leader in the Delaware Basin, with more than 10 years of high-quality inventory","length":93,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"$1.0 billion in identified pre-tax synergies projected to drive significant, annual free cash flow improvements","length":111,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Integration of technology platforms expected to materially enhance capital efficiency","length":85,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Accretive to key per-share financial measures, including free cash flow and net asset value","length":91,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Committed to returning capital to shareholders through a planned quarterly dividend of $0.315 per share and a new share repurchase authorization exceeding $5 billion, both subject to Board approval","length":1...