Devon and Coterra merger creates shale major
Devon Energy has signed a definitive merger agreement with Coterra Energy. The companies say that the combination will create a leading shale operator with a high-quality asset base anchored by a premier position in the economic core of the Delaware Basin. The combined company will be named Devon Energy and will be headquartered in Houston while maintaining a significant presence in Oklahoma City. The companies say that they have identified $1 billion in annual pre-tax synergies which, together with technology-driven capital efficiency gains and optimised capital allocation will drive near and long-term per share growth.
