The combined entity will hold a 54-46 ownership split and target $1bn in annual pre-tax synergies.
Devon Energy has completed its $58bn all-stock merger with Coterra Energy, creating a single entity under the Devon name. The deal, agreed in February 2026, establishes a leading shale operator with a combined enterprise value of $58bn.
Shareholders approved the merger on 4 May, with Coterra shares converted to 0.70 Devon shares each. Devon shareholders now own 54% of the combined company, while former Coterra shareholders hold 46%. Coterra’s stock has ceased trading on the New York Stock Exchange.
The new entity, headquartered in Houston, targets $1bn in annual pre-tax synergies. Operations will maintain a significant presence in Oklahoma City, bolstering its position in the Delaware Basin.