Activist Investors Say Devon Energy Too Slow with Asset Sales
In early May, Devon Energy completed its buyout of and merger with Coterra Energy, paying $21.4 billion in Devon stock (see Devon and Coterra Complete Merger, Launches $8B Buyback Program). After the merger, Devon CEO Clay Gaspar said his company was reviewing all of the combined assets with a view toward optimizing its portfolio. There was no specific timeline announced for the review, but analysts generally expected it to take up to a year. However, in comments made in June, Gaspar said the review would be “a month’s exercise, not a year’s exercise” (see Devon Energy CEO: Asset Review to Finish in Months, Not a Year). That’s still not fast enough for activist investor Kimmeridge, which is pushing Devon to divest NOW. Read More “Activist Investors Say Devon Energy Too Slow with Asset Sales”
Following its May merger with Coterra Energy, Devon Energy is positioning AI as central to integration efforts while targeting $1 billion in annual pre-tax synergies by the end of 2027. The combined company—valued at over $60 billion with 1.6 million boe/d production—is concentrated in the Delaware Basin (70% of oil output), recently bolstered by a $2.6 billion New Mexico acreage acquisition, and includes Coterra’s 190,000-acre Marcellus position, which reportedly drew an $8 billion offer. 
In early May, Devon Energy completed its buyout of and merger with Coterra Energy, paying $21.4 billion in Devon stock (see 
Devon Energy completed its merger with Coterra Energy just over one month ago, on May 7, paying Coterra $21.4 billion in Devon stock (see 
Yesterday, Devon Energy issued its first updated outlook for 2026 after completing its Coterra Energy merger. Devon forecasts 2026 production of about 1.38 million boe/d, including roughly 500,000 bpd of oil, on $4.9 billion in capital spending. Over 60% of the money Devon will spend this year will go to the Permian Basin, where Devon is concentrating growth. The company plans to operate 31 rigs and 10 completion crews and to drill 460–480 net wells across all shale plays in which it operates. What stood out to us in reviewing planned expenditures is that Devon plans to spend the least amount of capital on drilling in the Marcellus. 
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 
From the very first whisper of the rumor that Devon Energy was sniffing around a buyout and merger with Coterra Energy, we wondered, speculated, and worried about what such a merger would mean for Coterra’s considerable Marcellus assets in northeast Pennsylvania. From the outset, activist investor Kimmeridge (with a stake in both Coterra and Devon) has pressured Devon to consider selling the Marcellus assets (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. 
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