Devon Energy and Coterra Energy have announced the successful completion of their previously announced all-stock merge, creating 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. The Transaction was approved by stockholders of both companies at special meetings held on May 4, 2026. 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 combined company will be headquartered in Houston, while maintaining a significant presence in Oklahoma City.
'This transformative merger marks a defining moment for Devon Energy,' said Clay Gaspar, Devon’s President and Chief Executive Officer. '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. 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.'
'I want to thank the employees of both companies for their extraordinary efforts to bring this combination to completion,' said Tom Jorden, Non-Executive Chairman of the Board. '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. I am confident that the combined organization’s disciplined capital allocation, operational expertise and commitment to shareholder returns will drive enduring value creation.'
TRANSACTION DETAILS
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. Coterra common stock will no longer be listed for trading on the NYSE. 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.
Additional information regarding the exchange of Coterra common stock for merger consideration was mailed to registered holders of Coterra common stock.
SENIOR LEADERSHIP TEAM
As previously announced, the senior leadership team consists of:
- Clay M. Gaspar, President and Chief Executive Officer
- Shannon E. Young III, Executive Vice President and Chief Financial Officer
- Michael D. Deshazer, Executive Vice President, Exploration & Production – Anadarko, Eagle Ford, Marcellus & Rockies
- Robert (Trey) F. Lowe III, Executive Vice President and Chief Technology Officer
- John D. Raines, Executive Vice President, Exploration & Production – Permian
- Jeffrey L. Ritenour, Executive Vice President and Chief Corporate Development Officer
- Blake A. Sirgo, Executive Vice President, Operations
- Andrea M. Alexander, Senior Vice President and Chief Administrative Officer
- Adam M. Vela, Senior Vice President and General Counsel
BOARD OF DIRECTORS
The combined company’s new Board of Directors consists of 11 members, six from Devon and five from Coterra, with a diverse mix of skills, perspectives, and experience. The members are:
- Clay M. Gaspar, President and Chief Executive Officer
- Thomas E. Jorden, Non-Executive Chairman of the Board (former Coterra Board member)
- Amanda M. Brock (former Coterra Board member)
- Ann G. Fox
- Jacinto J. Hernandez (former Coterra Board member)
- Kelt Kindick
- Karl F. Kurz
- Jeffrey E. Shellebarger (former Coterra Board member)
- Brent Smolik
- Marcus A. Watts (former Coterra Board member)
- Valerie M. Williams
ABOUT DEVON ENERGY
Devon Energy is a leading oil and gas producer in the U.S. with a premier multi-basin portfolio touching the Anadarko Basin, Eagle Ford, Marcellus Shale, Powder River Basin, Williston Basin, and anchored by a world-class acreage position in the Delaware Basin. Devon’s disciplined cash-return business model is designed to achieve strong returns, generate resilient free cash flow and return capital to shareholders, while focusing on safe and sustainable operations. For more information, please visit www.devonenergy.com.
Source: Devon Energy
