# Devon Energy and Coterra Energy announced on Monday a definitive agreement to merge and create a premier shale operator in an all-stock transaction.

*business · news · 2026-02-02 · OilPrice*

## Key points

- Devon Energy and Coterra Energy are merging in an all-stock deal valued at $58 billion.
- The merged company will have a combined production exceeding 1.6 million Boe per day in Q3 2025.
- Devon and Coterra project $1 billion in annual pre-tax synergies from the merger.
- The company will have the largest Delaware basin inventory with sub-$40 per barrel breakeven costs.
- Coterra shareholders will receive 0.70 shares of Devon for each Coterra share and own 46% post-merger.

**Companies:** Devon Energy, Coterra Energy
**Countries:** United States

[Read the full story on OilPrice](https://oilprice.com/Latest-Energy-News/World-News/Devon-and-Coterra-to-Create-Shale-Giant-in-58-Billion-Merger-Deal.html)

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