Devon Energy and Coterra Energy to Merge in All-Stock Deal to Form Large-Cap Shale Operator

Devon Energy and Coterra Energy have agreed to merge in an all-stock deal to create a large-cap shale operator. The deal is expected to create one of the largest independent oil and gas producers in the US. The combined company will have a market value of over $22 billion and produce approximately 750,000 barrels of oil equivalent per day. The deal is subject to regulatory approvals and is expected to close in the second half of 2023.