Overview
- Under the agreement, Coterra shareholders will receive 0.70 share of Devon common stock for each Coterra share.
- Post-close ownership is expected to be about 54% for Devon shareholders and about 46% for Coterra shareholders.
- The combined company will be named Devon Energy, based in Houston with a continued significant presence in Oklahoma City.
- Pro-forma third-quarter 2025 output is projected to exceed 1.6 million barrels of oil equivalent per day, including over 550,000 barrels of oil and 4.3 billion cubic feet of gas per day.
- The boards of both companies unanimously approved the deal, which targets a second-quarter 2026 close subject to regulatory and shareholder approvals.