Devon Energy

Devon Energy | Energy Companies

Surprise! Devon May Sell Eagle Ford & Powder River, Not Marcellus
July 27, 2026July 27, 2026

Well, this isn’t what we expected. Bloomberg reported Friday, citing unnamed people “familiar with the matter,” that Devon Energy is exploring a sale of two of its shale positions — the Eagle Ford in South Texas and the Powder River Basin in Wyoming — that together could bring in more than $4 billion. Devon plans to announce a formal strategic review of the two packages when it releases second-quarter results in early August (the release is scheduled for Tuesday, Aug. 4, with the analyst call the next morning). Nothing is final. The timing could slip, and Devon could decide to keep both. Just two weeks ago we told you activist investor Kimmeridge is beating on Devon for moving too slowly on divestitures following the Coterra merger (see Activist Investors Say Devon Energy Too Slow with Asset Sales). We assumed — as did nearly everyone — that the Marcellus would be first out the door. Apparently not. Read More “Surprise! Devon May Sell Eagle Ford & Powder River, Not Marcellus”
Antero Resources | Ascent Resources | CNX Resources | Commodity Price | Devon Energy | Energy Companies | EQT Corp | Expand Energy | Gulfport Energy | Industrywide Issues | Range Resources Corp | Seneca Resources

Will Higher NatGas Demand and New Pipes Spur More M-U Production?
July 21, 2026July 21, 2026

Despite rising Northeast gas demand from retiring coal plants and new data centers, plus added Appalachian pipeline capacity, production growth isn’t guaranteed—operators prioritize capital discipline, debt reduction, and shareholder returns over volume. Appalachia has held flat at roughly 33-36 Bcf/d since 2020. Can anything tempt Marcellus/Utica drillers to drill and produce more than they are now? According to RBN Energy, sustained Henry Hub prices above $4/MMBtu (versus the current $3.50-$3.60 long-dated curve) and better takeaway infrastructure could be enough of a temptation. Read More “Will Higher NatGas Demand and New Pipes Spur More M-U Production?”
Devon Energy | Energy Companies

Activist Investors Say Devon Energy Too Slow with Asset Sales
July 13, 2026July 13, 2026

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”
AI | Devon Energy | Energy Companies | Industrywide Issues

How Devon Energy’s “Three Waves of AI” is Transforming the Company
July 7, 2026July 7, 2026

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. Read More “How Devon Energy’s “Three Waves of AI” is Transforming the Company”
Devon Energy | Energy Companies

Devon Energy CEO: Asset Review to Finish in Months, Not a Year
June 26, 2026June 26, 2026

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. Scratch that. In comments made on Tuesday, Gaspar said the review would be “a month’s exercise, not a year’s exercise.” Read More “Devon Energy CEO: Asset Review to Finish in Months, Not a Year”
Devon Energy | Energy Companies | Industrywide Issues | M&A | Pennsylvania | Susquehanna County

“Top 5” Shareholder in Devon Energy Pushes Company to Sell Itself
June 18, 2026June 18, 2026

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 Devon and Coterra Complete Merger, Launches $8B Buyback Program). It’s been no secret that one of the larger investors in Coterra and Devon (owning about 1.4% of Devon’s stock), so-called activist investor Kimmeridge, lobbied Coterra prior to the merger to sell off its Marcellus assets (see Activist Investor Declares Coterra Merger Failed – Sell Marcellus). Kimmeridge has some new company. Another so-called activist investor, TOMS Capital Investment Management, recently invested big money in the combined Devon (now a “top 5” investor in Devon) and is pressuring the recently merged company to sell assets and (in a complete surprise), consider selling itself! Just a month after merging! Read More ““Top 5” Shareholder in Devon Energy Pushes Company to Sell Itself”
Devon Energy | Energy Companies | Pennsylvania | Susquehanna County

Devon Energy Updated 2026 Outlook: Marcellus Getting the Least $$
June 10, 2026June 10, 2026

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. Read More “Devon Energy Updated 2026 Outlook: Marcellus Getting the Least $$”
Coterra Energy (Cabot O&G) | Devon Energy | Energy Companies

Devon Swaps Old Coterra Debt for New Debt in Financial Housekeeping
June 9, 2026June 9, 2026

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). The merger closed on May 7 (see Devon and Coterra Complete Merger, Launches $8B Buyback Program). 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. And now Devon is pushing to clean up Coterra’s outstanding debt. Read More “Devon Swaps Old Coterra Debt for New Debt in Financial Housekeeping”
Devon Energy | Energy Companies | Industrywide Issues | M&A | Pennsylvania | Susquehanna County

Investment Firm Offers Devon Energy $8B for PA Marcellus Assets
June 1, 2026June 1, 2026

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 Kimmeridge Hints Devon Energy Needs to Sell M-U After Coterra Merger). Reuters is reporting the rumor, based on super-secret inside sources, that investment firm Stone Ridge Asset Management is offering Devon $8 billion to take the Marcellus off its hands. Read More “Investment Firm Offers Devon Energy $8B for PA Marcellus Assets”
Coterra Energy (Cabot O&G) | Devon Energy | Energy Companies | Expand Energy | Industrywide Issues | Pennsylvania | Regulation | Susquehanna County

2 Water Pipes (and Fracking) Coming to Susq. County’s Auburn Twp
May 18, 2026May 18, 2026

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. Read More “2 Water Pipes (and Fracking) Coming to Susq. County’s Auburn Twp”
Coterra Energy (Cabot O&G) | Devon Energy | Energy Companies | Industrywide Issues | M&A

Devon and Coterra Complete Merger, Launches $8B Buyback Program
May 8, 2026May 8, 2026

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”
Coterra Energy (Cabot O&G) | Devon Energy | Energy Companies | Industrywide Issues | M&A

Devon and Coterra Shareholders Approve Merger; Happening May 7
May 5, 2026May 5, 2026

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”
Coterra Energy (Cabot O&G) | Devon Energy | Energy Companies | Industrywide Issues | M&A

Kimmeridge Hints Devon Energy Needs to Sell M-U After Coterra Merger
April 29, 2026April 29, 2026

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”
AI | Coterra Energy (Cabot O&G) | Devon Energy | Energy Companies | Industrywide Issues | M&A

Devon-Coterra Merger Marks End of Shale 2.0, Start of Shale 3.0
April 10, 2026April 10, 2026

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 Devon Energy Buying Coterra Energy for $21.4B in All-Stock Merger). The deal combines Devon’s Permian Basin oil operations with Coterra’s dominance in the Marcellus Shale, yielding pro forma production of 1.6 million Boe/d (barrels of oil equivalent per day), including 4.3 Bcf/d (billion cubic feet per day) of natural gas. The merger strategically positions the new Devon to supply direct, fixed-price gas contracts to tech hyperscalers like Microsoft, Meta, and Google, signaling a historic convergence of the shale energy and artificial intelligence industries. Read More “Devon-Coterra Merger Marks End of Shale 2.0, Start of Shale 3.0”
Coterra Energy (Cabot O&G) | Devon Energy | Energy Companies | Industrywide Issues | M&A | Regulation

DOJ Working from Outdated Info in Evaluating Devon/Coterra Merger
March 2, 2026March 2, 2026

The proposed $58 billion merger between Devon Energy and Coterra Energy is under scrutiny by the U.S. Department of Justice (DOJ) over “shale market dominance.” The key problem is: how does the DOJ define a “market” that may be dominated? What, exactly, is a market? Critics argue that the DOJ’s narrow market definitions—mirrored in its antitrust case against Visa—ignore broader competitive realities and existing regulations, such as the Durbin Amendment. While the Devon/Coterra merger increases shale concentration, natural gas remains a singular, competitive (much broader) market regardless of extraction methods. By applying outdated antitrust frameworks, the government risks stifling innovation and weakening companies’ ability to compete globally. Ultimately, rational policy must reflect modern market dynamics to avoid economic stagnation and the fragmentation of viable industries. So says author (and lawyer) Daniel Markind. Read More “DOJ Working from Outdated Info in Evaluating Devon/Coterra Merger”
Coterra Energy (Cabot O&G) | Devon Energy | Energy Companies | Industrywide Issues | M&A

Devon and Coterra Name Merger Team Members, Integration Underway
February 27, 2026February 27, 2026

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”