Devon Energy and Coterra Energy completed their $58 billion all-stock merger. The combined entity operates under the Devon Energy name. The company is headquartered in Houston and maintains a significant presence in Oklahoma City.
Shareholders from both companies approved the transaction on May 4, 2026. The merger establishes a major footprint in the Delaware Basin, Anadarko Basin, and Eagle Ford.
Devon Energy’s board authorized a new $8 billion share buyback program. The company targets $1 billion in annual pre-tax synergies by the end of 2027.