U.S. shale producers Devon and Coterra to merge in a $58 billion deal
Devon Energy’s Jackfish Projects processing plant in Alberta, Canada.
Jimmy Jeong | Bloomberg | Getty Images
U.S. shale producers Devon Energy and Coterra Energy are set to merge in a $58 billion all-stock deal to create one of the largest independent shale producers in the country, the companies said on Monday.
A merger between Devon and Coterra brings complementary acreage together at a time when securing high-quality inventory is a priority and crude prices remain under pressure.
Coterra shareholders will receive 0.70 Devon shares for each share held.
This deal is the largest tie-up in the U.S. shale industry since Diamondback acquired Endeavor Energy Resources for about $26 billion in 2024.
After the merger, Devon will hold roughly 54% of the new company, which will retain the Devon name and be headquartered in Houston while maintaining a major presence in Oklahoma City.
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