Devon Energy and Coterra Energy finalized an all-stock merger with a pro forma enterprise value of $70 billion. The companies expect the transaction to close on or around May 7, 2026. This deal creates a dominant independent producer within the Delaware Basin.
The combined company projects daily production exceeding 1.6 million barrels of oil equivalent. The commodity mix includes oil, natural gas, and natural gas liquids.
Management targets $1.0 billion in annual pre-tax synergies by 2027. The entity will increase quarterly dividends following the merger. A new share repurchase program will authorize over $5 billion in buybacks.