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CommoditiesMedium•2 March 2026•

1 min read

Devon and Coterra Energy to Merge in $58 Billion U.S. Shale Deal

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Key Facts

1Devon Energy and Coterra Energy agreed to merge, creating a $58 billion giant in the shale sector.

2The deal is an all-stock transaction aimed at increasing multi-year drilling opportunities across multiple basins.

Devon Energy and Coterra Energy have announced a definitive agreement to merge in an all-stock transaction, creating a premier shale operator. The deal establishes a combined entity with an enterprise value of approximately $58 billion, marking a significant milestone in the U.S. energy sector. This strategic move is designed to secure multi-basin and multi-year drilling inventories to ensure long-term growth and stability. The merger reflects an ongoing wave of consolidation within the U.S. shale patch as companies seek greater operational efficiency and scale. By combining resources, the new entity aims to satisfy investor demands for sustainable returns and enhanced competitive positioning. Analysts view this consolidation as a strong signal of confidence in the long-term value of the North American energy landscape.