Devon, Coterra to Merge in $58B Deal, Including Debt

Dow Jones

Feb 02

By Elias Schisgall

Devon Energy and Coterra Energy agreed to merge in a roughly $58 billion all-stock deal, including debt.

Coterra shareholders would receive 0.7 shares of Devon for each share of Coterra they hold, the companies said Monday, giving the deal an implied value of about $58 billion, including debt, based on Devon's Friday closing price.

Devon shareholders would own about 54% of the combined company, which would maintain the Devon Energy name, while Coterra shareholders would own about 46%.

The merger is expected to unlock $1 billion in annual pretax synergies by the end of 2027, the companies said.

They added that the combined Devon Energy plans to pay a quarterly dividend of 31.5 cents a share and to begin a $5 billion stock-buyback program to return value to shareholders.

The deal is expected to close in the second quarter.

Devon shares were down 2.4% in premarket trading Monday. Coterra was down 3.2%.

Write to Elias Schisgall at elias.schisgall@wsj.com

(END) Dow Jones Newswires

February 02, 2026 07:26 ET (12:26 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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