MergerAug 5, 2026, 12:08 PM
Devon Completes $24.8B Coterra Merger; Q2 Net Earnings $1.91B
AI Summary
Devon Energy completed an all-stock merger of equals with Coterra on May 7, 2026, valued at approximately $24.8 billion, significantly expanding its asset base. The company also acquired 16,300 net undeveloped acres in the Permian Basin for $2.6 billion and divested its Matterhorn investment for $372 million. For the second quarter of 2026, Devon reported net earnings of $1,911 million and diluted EPS of $2.03, with total revenues reaching $7,417 million.
Key Highlights
- Completed all-stock merger with Coterra on May 7, 2026, valued at $24.8 billion.
- Acquired $37.25 billion in assets and assumed $12.30 billion in liabilities from Coterra.
- Acquired 16,300 net undeveloped acres in Permian Basin for $2.6 billion.
- Divested Matterhorn investment for $372 million, recognizing a $307 million pre-tax gain.
- Net earnings attributable to Devon for Q2 2026 were $1,911 million.
- Diluted net earnings per share for Q2 2026 were $2.03.
- Total revenues for Q2 2026 increased to $7,417 million.
- Net cash from operating activities for Q2 2026 was $3,674 million.
Price Impact
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