Devon, Coterra agree to combine, forming large-scale US shale operator

Devon Energy and Coterra Energy agreed to merge in an all-stock transaction that will create a large-cap US shale operator with a diversified upstream asset base anchored by a leading position in the Delaware Basin.

The combined company will operate under the Devon Energy name and be headquartered in Houston, while maintaining an operational presence in Oklahoma City. The merged portfolio will include nearly 750,000 net acres in the core of the Delaware Basin, supported by more than 10 years of high-quality inventory, along with complementary assets across other US shale regions.

Following completion of the transaction, Clay Gaspar will serve as President and CEO of Devon Energy, while Tom Jorden will assume the role of Non-Executive Chairman of the Board. The transaction is expected to close in Q2 2026.