Devon 2Q26 Numbers Show Why Marcellus Sale Rumors Won’t Die
With Devon Energy’s first full quarter as a combined Devon-Coterra company now in the books, the numbers on the former Coterra Marcellus assets tell an interesting story — one that lines up with what MDN has been reporting for months about activist pressure to sell the Appalachian position. Devon reported second-quarter 2026 earnings on August 4, followed by an analyst call on August 5. Buried in the supplemental tables and sprinkled through management’s answers to Wall Street analysts is a clear picture of how the Marcellus fits (or doesn’t) into the new, Permian-obsessed Devon. Below we break down what the company said — and didn’t say — about its Northeast Pennsylvania gas position, plus the latest on the broader portfolio review that has investors like Kimmeridge Energy pushing for a Marcellus sale. Read More “Devon 2Q26 Numbers Show Why Marcellus Sale Rumors Won’t Die”
Peregrine Energy Partners, the Dallas-based royalty buyer we’ve been tracking since 2019, is back in the Marcellus/Utica with its checkbook open. Yesterday (Aug. 4), the company announced it closed five separate mineral and royalty deals — two of them right here in the M-U — totaling roughly 3,680 net royalty acres and interests in more than 1,240 producing wells. The first Appalachian deal is a cash-flowing overriding royalty portfolio in Susquehanna County, PA, covering about 936 gross acres and 86 producing horizontal Coterra Energy (now Devon Energy) wells, with more than 50 DUCs and PUDs behind them in both the Upper and Lower Marcellus. 
The highly functional and responsible Susquehanna River Basin Commission (SRBC), unlike its dysfunctional and irresponsible counterpart, the Delaware River Basin Commission (DRBC), continues to support the shale energy industry by approving water withdrawals and consumptive use requests for responsible, safe shale drilling. The SRBC published a notice in the July 25th Pennsylvania Bulletin that the SRBC approved and/or renewed 21 general water use permits in June for individual shale gas well drilling pads in Clearfield, Lycoming, Sullivan, Susquehanna, Tioga, and Wyoming counties. 
In February, MDN brought you the big news that Devon Energy is buying out and merging with Coterra Energy, paying $21.4 billion in Devon stock (see 
If you live in Auburn Township in Susquehanna County, Pennsylvania, it’s a pretty safe bet that either there is or soon will be shale well drilling going on near you. The PA Department of Environmental Protection (DEP) published notice in the May 16 Pennsylvania Bulletin announcing it has issued a permit for one aboveground water pipeline for one driller and is seeking comments on a request for a second aboveground water pipeline for a second driller, both in Auburn Township. 
In February, MDN brought you the big news that Devon Energy is buying out and merging with Coterra Energy, paying $21.4 billion in Devon stock (see 
On April 5 (Easter Sunday), Coterra Energy reported that approximately 400,000 to 704,000 gallons of freshwater were released from an impoundment at the Brooks shale gas well pad in Susquehanna County, Pennsylvania. The release began at 8:02 a.m. when all six stanchion valves opened simultaneously, flowing by gravity into a pasture and reaching Meshoppen Creek before being discovered by a landowner’s relative that evening. Coterra attributed the incident to a corrupted software configuration file, which also prevented remote valve closure and disabled electronic notifications. 
On February 2, 2026, Devon Energy and Coterra Energy announced a landmark $58 billion all-stock merger, creating a “Super-Independent” energy producer targeting the AI-driven surge in power demand (see 
Coterra Energy issued its fourth quarter and full-year 2025 update yesterday. For this latest update, there was no earnings conference call with analysts due to the impending merger of Coterra into Devon Energy. Companies don’t want to face questions about the merger or risk screwing it up, so they keep mum. Can’t blame them. What we noticed about Coterra’s 4Q update is that the company continues to treat its Marcellus gas production as a cash cow to fund oil drilling in the Permian Basin. Even so, we were encouraged to see an increase in the number of new wells drilled in 4Q and for full-year 2025, although Marcellus production slipped in 4Q and for full-year 2025 relative to 2024. Call it maintenance mode.