$21.5B Merger Creates Houston-Based Shale Energy Powerhouse

Devon Energy (Oklahoma City) is acquiring Coterra Energy (Houston) in a $21.5 billion all-stock deal, forming a Houston-based energy giant with an enterprise value of $58 billion. The combined company, operating under the Devon brand, will be one of the world’s largest shale producers, with 550,000 barrels of oil per day and 4.3 billion cubic feet of gas per day as of Q3 2025. Operations will span the Delaware Basin, Permian Basin, Marcellus Shale, and Anadarko Basin, covering key oil and gas regions across Texas, New Mexico, Oklahoma, Colorado, Kansas, and several Eastern states. The merger is expected to close in Q2 2026, with Devon shareholders owning 54% and Coterra shareholders 46% of the combined entity.