MergerMay 7, 2026, 08:32 AM
Devon Energy Completes All-Stock Merger with Coterra Energy
AI Summary
Devon Energy and Coterra Energy successfully completed their previously announced all-stock merger, creating a premier large-cap shale operator. The combined company, operating as Devon Energy, is anchored by a leading position in the Delaware Basin and targets $1 billion in annual pre-tax synergies by year-end 2027. Stockholders of both companies approved the transaction, which converted each Coterra share into 0.70 shares of Devon common stock. The new entity will be headquartered in Houston, maintaining a significant presence in Oklahoma City, with a new senior leadership team and an 11-member Board of Directors.
Key Highlights
- Devon Energy and Coterra Energy successfully completed their all-stock merger.
- Stockholders of both companies approved the transaction on May 4, 2026.
- Each Coterra common stock share converted into 0.70 shares of Devon common stock.
- The combined company targets $1 billion in annual pre-tax synergies by year-end 2027.
- Former Devon shareholders own approximately 54% of the combined company.
- Former Coterra shareholders own approximately 46% of the combined company.
- The combined company will operate as Devon Energy and remain listed as DVN on NYSE.
- The new Board of Directors consists of 11 members, six from Devon and five from Coterra.