Devon Energy and Coterra Energy completed their $58 billion all-stock merger. The deal creates a leading U.S. shale operator 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 combined entity holds a substantial footprint in the Delaware Basin, Anadarko Basin, and Eagle Ford. Devon Energy’s board approved an $8 billion share buyback program following the merger. The company targets $1 billion in annual pre-tax synergies by the end of 2027.