Overview
- Coterra shareholders will receive 0.70 shares of Devon for each Coterra share, leaving Devon investors with about 54% of the combined company and Coterra holders with roughly 46%.
- The merged company will keep the Devon Energy name and move its headquarters to Houston while maintaining a significant presence in Oklahoma City.
- Pro‑forma output is pegged at more than 1.6 million barrels of oil equivalent per day with roughly 750,000 net acres in the Delaware Basin, the deal’s key growth engine.
- Devon CEO Clay Gaspar will lead the combined company, and Coterra CEO Tom Jorden will serve as non‑executive chairman.
- Analysts view the merger as part of a continuing shale consolidation trend, with the transaction cited as the largest in the sector since Diamondback’s 2024 Endeavor deal.