Feb. 6 at 12:24 PM
$CTRA $DVN
Devon Energy (DVN) has agreed to acquire Coterra Energy (CTRA) in an all-stock transaction valued at approximately
$21.4 billion (roughly
$58 billion enterprise value) to create a major U.S. shale producer. The deal, expected to close in Q2 2026, aims for
$1 billion in annual cost savings
Exchange Ratio: Coterra shareholders will receive 0.70 shares of Devon common stock for each share of CTRA.
Ownership: Upon closing, Devon shareholders will own ~54% of the combined company, and Coterra shareholders will own ~46%.
Structure: The combined company will operate under the Devon Energy name and will be headquartered in Houston.
Strategic Rationale: The merger combines assets in the Delaware Basin, creating a top-three Permian producer with over 1.6 million barrels of oil equivalent per day.
Financial Impact: The deal is expected to be accretive to free cash flow, with plans for a
$0.315 per share quarterly dividend and a
$5 billion share repurchase program
