Devon Energy

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 Devon Energy Buying Coterra Energy for $21.4B in All-Stock Merger). On Monday of this week, shareholders from both companies voted overwhelmingly to approve the merger, the last remaining hurdle (see Devon and Coterra Shareholders Approve Merger; Happening May 7). Yesterday, the deed was done. Immediately after the merger was official, the new board of directors approved a plan to spend $8 billion by June 2029 to repurchase (buy back) shares of stock. Read More “Devon and Coterra Complete Merger, Launches $8B Buyback Program”

Devon Energy and Coterra Energy shareholders have approved all proposals needed to complete the companies’ previously announced all-stock merger, which is expected to consummate on May 7, 2026. More than 98% of the votes cast by Devon shareholders and more than 99% by Coterra shareholders supported the deal. Executives said the merger will create a larger shale operator with complementary assets, improved scale, enhanced margins, free cash flow growth, and stronger shareholder returns. Read More “Devon and Coterra Shareholders Approve Merger; Happening May 7”

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 Devon Energy Buying Coterra Energy for $21.4B in All-Stock Merger). That merger is set to happen next Monday, May 4th. One of the reasons (perhaps THE reason) why Coterra is merging was pressure from “activist” investor Kimmeridge, which launched a public campaign last November to force Coterra to split the company, to sell off its Marcellus (and Anadarko) assets, and focus 100% on oil drilling in the Permian (see Activist Investor Declares Coterra Merger Failed – Sell Marcellus). Kimmeridge, which holds approximately 1% of Coterra’s stock and 1.4% of Devon Energy’s stock, published an open letter to Devon yesterday. Read More “Kimmeridge Hints Devon Energy Needs to Sell M-U After Coterra Merger”

Following the announcement of a $25.35 billion all-stock merger, Devon Energy and Coterra Energy have launched integration planning by naming a dedicated leadership team. Devon CEO Clay Gaspar and Coterra CEO Tom Jorden announced that Trey Lowe (from Devon) and Blake Sirgo (from Coterra) will co-lead the effort, with support from external partner McKinsey & Co. The combined management team includes executives from both firms, with a focus on finance, technology, and human resources. This transition coincides with Devon’s move of its headquarters from Oklahoma City to Houston. Although integration planning has begun, the companies will operate independently until the merger’s expected closing in the second quarter of 2026. Read More “Devon and Coterra Name Merger Team Members, Integration Underway”

As rumored last week, Devon Energy and Coterra Energy are merging to create a shale drilling giant. The headlines say it’s a “$58 billion deal.” Beneath the headlines, you’ll learn that Devon is buying, Coterra is being acquired, and that Devon is paying (in stock only) $21.4 billion for Coterra Energy. The two companies combined into one will be worth (market capitalization) around $58 billion, which is where that headline number comes from. The merger is expected to take place in the second quarter of this year. The new company will keep the Devon Energy name. Coterra will be no more, just like Cabot Oil & Gas was no more after it merged with Cimarex Energy to form Coterra in October 2021 (see Cimarex Takes Over Cabot, Merged Co. Called “Coterra Energy”). Read More “Devon Energy Buying Coterra Energy for $21.4B in All-Stock Merger”

All the major media outlets (Reuters, Bloomberg, Financial Times) are reporting that a merger announcement between Coterra Energy and Devon Energy is very close, likely to happen next week, according to sources “familiar with the discussions.” MDN reported on the rumors of a potential merger earlier this month (see Rumor Mill Lights Up: Coterra Considers Merger with Devon Energy). The unnamed sources say the merger will be billed as a merger of equals. Which is rubbish. You’ll know which company is doing the buying when it’s announced which CEO and board will run the merged entity. Read More “Coterra/Devon $60B Merger Likely to be Announced Next Week”

Last Friday, MDN reported that the rumor mill was in overdrive with chatter that Devon Energy and Coterra Energy are exploring a potential merger “that would be among the biggest oil and gas deals in years” (see Rumor Mill Lights Up: Coterra Considers Merger with Devon Energy). Since that time, we’ve not heard anything further… until we came across an article in the Oklahoma Energy Today publication stating that the merger talks are in an “advanced” stage. Read More “Devon Energy, Coterra Energy Said to be in “Advanced Merger Talks””