Coterra Energy and Devon Energy Engage in Merger Talks

Coterra Energy and Devon Energy are reportedly in merger talks, which would create one of the largest US shale producers. The companies operate in various shale formations, including the Permian Basin, and the merger would focus on their premier Delaware assets. Coterra Energy recently bolstered its portfolio in Lea County, New Mexico, through the acquisition of Franklin Mountain Energy and Avant Natural Resources. The merger talks come amid pressure on US crude prices due to a global oil surplus and future supply prospects from Venezuela.