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StocksMediumUpdated•Originally published 20 March 2026•Updated 21 March 2026•

1 min read

Devon Energy and Coterra Energy to Merge in Massive $58 Billion Deal

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Key Facts

1Devon Energy (DVN) and Coterra Energy (CTRA) are merging in an all-stock deal valued at $58 billion to create a Delaware Basin heavyweight.

2 months ago

Version History

11 additional sources confirmed this story

Version 12 months ago

What changed: Updated the story to include the context of rising global oil prices and added specific recommendations for Chevron and Diamondback Energy as top dividend picks.

Devon Energy (DVN) and Coterra Energy (CTRA) have agreed to a $58 billion all-stock merger to create a dominant player in the Delaware Basin and the U.S. shale sector. The deal is expected to significantly enhance free cash flow by 2027, supported by increased dividends and new share buyback authorizations. This consolidation occurs as surging global oil prices increase the overall attractiveness of energy stocks for institutional investors. Within this environment, Chevron (CVX) is being highly recommended due to its long-standing historical commitment to consistent dividend payouts. Additionally, Diamondback Energy (FANG) is gaining attention for its insulation from international conflicts and its opportunistic variable dividend model. Together, these trends underscore a strategic shift across the industry toward capital discipline and maximizing shareholder returns.