Houston

Devon Energy and Coterra Energy to merge, creating $58 billion shale company with Houston headquarters

Devon Energy and Coterra Energy will merge in a $58 billion all-stock deal, with the combined company to be headquartered in Houston and led by Devon CEO Clay Gaspar. The merger is expected to produce more than 1.6 million barrels of oil equivalent per day, generate $1 billion in annual cost savings and close in the second quarter of 2026 pending regulatory and shareholder approvals.

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