Devon Energy Completes $58 Billion All-Stock Merger with Coterra Energy
DVN•Devon Energy completed its $58bn all-stock merger with Coterra Energy, forming a combined E&P company with daily production of about 600,000 barrels of oil equivalent. The transaction is expected to deliver $400m in annual cost synergies and streamline operations in the Permian and Appalachian basins.
1. Merger Completion
Devon Energy and Coterra Energy have finalized their previously announced $58bn all-stock merger, creating a unified oil and gas producer under the Devon Energy name. The combined company now operates on a single balance sheet and governance structure following the stock-for-stock exchange.
2. Combined Production and Assets
The merged entity holds a diversified asset base across major U.S. basins—including the Permian, Appalachian, Barnett and Eagle Ford—with pro forma daily production of approximately 600,000 barrels of oil equivalent. This scale positions the company among the top independent upstream producers in North America.
3. Cost Synergies and Strategic Outlook
Management projects approximately $400m in annual cost synergies through integration of operations and overhead reductions. The company will focus on free cash flow generation, disciplined capital allocation, dividend growth and further debt reduction.
