U.S. shale producers Devon Energy and Coterra Energy are set to merge in a $58 billion all-stock deal to create one of the largest independent shale producers in the country, the companies said on Monday.
A merger between Devon and Coterra brings complementary acreage together at a time when securing high-quality inventory is a priority and crude prices remain under pressure.
Coterra shareholders will receive 0.70 Devon shares for each share held.
This deal is the largest tie-up in the U.S. shale industry since Diamondback acquired Endeavor Energy Resources for about $26 billion in 2024.
After the merger Devon will roughly hold 54 per cent of the new company which will keep the Devon name and be headquartered in Houston while maintaining a major presence in Oklahoma City
(Reporting by Pooja Menon and Sumit Saha in Bengaluru; Editing by Tasim Zahid)
