Devon Energy Corporation and Coterra Energy Inc have completed their merger, a statement posted on Devon’s website on Thursday announced.
The completion creates a “premier large-cap shale operator with a high-quality asset base anchored by a leading position in the economic core of the Delaware Basin,” according to the statement, which noted that the deal was approved by stockholders of both companies at special meetings held on May 4.
The combined company will operate under the name Devon Energy and will continue to trade on the New York Stock Exchange under the ticker symbol ‘DVN’, the statement revealed, adding that the combined business will be headquartered in Houston “while maintaining a significant presence in Oklahoma City”.
In accordance with the merger agreement, each share of Coterra common stock has been converted into the right to receive 0.70 shares of Devon common stock, with cash paid in lieu of any fractional shares, the statement noted. Coterra common stock will no longer be listed for trading on the NYSE, it added.
The statement pointed out that Devon shareholders before the merger own approximately 54 percent of the combined company and former Coterra shareholders own approximately 46 percent on a fully diluted basis.
The statement confirmed that Clay M. Gaspar will be the President and CEO of the combined company. Shannon E. Young III will serve as Executive Vice President and Chief Financial Officer, Michael D. Deshazer will serve as Executive Vice President, Exploration & Production – Anadarko, Eagle Ford, Marcellus & Rockies, Robert (Trey) F. Lowe III will serve as Executive Vice President and Chief Technology Officer, John D. Raines will serve as Executive Vice President, Exploration & Production – Permian, Jeffrey L. Ritenour will serve as Executive Vice President and Chief Corporate Development Officer, Blake A. Sirgo will serve as Executive Vice President, Operations, Andrea M. Alexander will serve as Senior Vice President and Chief Administrative Officer, and Adam M. Vela will serve as Senior Vice President and General Counsel, the statement outlined.
The combined company’s new board of directors will consist of 11 members, six from Devon and five from Coterra, the statement confirmed. These members comprise Gaspar, Thomas E. Jorden, Non-Executive Chairman of the Board, Amanda M. Brock, Ann G. Fox, Jacinto J. Hernandez (former Coterra Board member), Kelt Kindick, Karl F. Kurz, Jeffrey E. Shellebarger, Brent Smolik, Marcus A. Watts, and Valerie M. Williams, the statement showed.
“This transformative merger marks a defining moment for Devon Energy,” Gaspar said in the statement.
“We have brought together two companies with proud histories and cultures of operational excellence to create a premier shale operator with the scale, inventory depth and financial strength to deliver differentiated returns for shareholders through any commodity cycle,” he added.
“With a leading Delaware Basin position and $1 billion in identified annual pre-tax synergies targeted by year-end 2027, Devon is exceptionally well-positioned to generate resilient free cash flow and return meaningful capital to shareholders for years to come,” he continued.
Jorden said in the statement, “I want to thank the employees of both companies for their extraordinary efforts to bring this combination to completion”.
“Coterra’s world-class assets, technical capabilities and people now strengthen Devon in a way that creates a company greater than the sum of its parts,” he added.
“I am confident that the combined organization’s disciplined capital allocation, operational expertise and commitment to shareholder returns will drive enduring value creation,” he continued.
Rigzone has asked Devon if there will be any job cuts as a result of the deal, and if so, how many and when. Responding to Rigzone, a Devon representative revealed that “integration decisions are still being worked through”.
In a joint statement released on February 2, Devon and Coterra announced the signing of a definitive agreement to merge in an all-stock transaction.
“Based on Devon’s closing price on January 30, 2026, the transaction implies a combined enterprise value of approximately $58 billion,” that statement noted.
In an analysis sent to Rigzone earlier this year, Andrew Dittmar, Principal Analyst at Enverus Intelligence Research (EIR), said “consolidation among large-cap E&Ps is back on the table with Devon Energy’s blockbuster $26 billion acquisition of Coterra Energy”.
“The deal is comparable in size to Diamondback’s Endeavor purchase and the fourth largest upstream combination since 2020,” Dittmar added, highlighting that it “forms a company with a pro forma enterprise value of $58 billion”.
Coterra’s website highlights that the company has officially completed its merger with Devon and directs visitors to Devon’s website for more information.
To contact the author, email andreas.exarheas@rigzone.com