One-Page Deal Sheet
Devon Acquires Coterra Energy; Bulk Up on Permian, Adds Gas Bank
Calculated Metrics( EV/Category)
Transaction Details:
Transaction Overview
Devon and Coterra have agreed to merge in an all-stock transaction that will create a large-cap U.S. shale operator with a premier position in the Delaware Basin. The combined company will retain the Devon Energy name and be headquartered in Houston, with continued presence in Oklahoma City.
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Implied Enterprise Value: ~$58 billion
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Exchange Ratio: 0.70 DVN shares for each CTRA share
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Ownership Split: 54% Devon / 46% Coterra (pro forma)
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Expected Close: Q2 2026
Strategic Rationale
The merger significantly expands scale in the Delaware Basin, creating one of the largest producers in the play with more than 10 years of high-quality inventory. The combined portfolio is expected to generate durable free cash flow across cycles, supported by a balanced oil and gas mix and leading cost structure.
Management highlights enhanced capital efficiency through technology integration and optimized capital allocation.
Coterra's Land (as of 12/31/2024)
Permian : 297,000 net acres
Marcellus : 186,000 net acres
Anadarko : 181,000 net acres
Production Stream
61% natural gas
17% NGL
21.3% Oil.
| Date | Deal Headline | Price | $/acre |
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