Devon Energy and Coterra Energy have completed their previously announced USD 58-billion all-stock merger to create a major US shale operator, the company said on Thursday.
Shareholders of both companies approved the transaction on May 4, 2026. The combined entity will take the name Devon Energy, trade on the New York Stock Exchange under the ticker “DVN,” and be headquartered in Houston while maintaining a significant presence in Oklahoma City.
Devon Energy will be led by Clay Gaspar as president and CEO, and will have an 11-member board of directors, with six coming from Devon and five from Coterra.
“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,” said Gaspar.
The company is targeting USD 1 billion in annual pre-tax synergies by year-end 2027.
In a separate announcement, Devon Energy said on Thursday its board had approved a USD 8-billion share buyback programme, equivalent to about 15% of the company’s market capitalisation, that will run until June 30, 2029.
Devon Energy’s oil and gas production portfolio is anchored in the Delaware Basin of southwestern New Mexico and western Texas, where it holds approximately 750,000 net acres. The company also holds assets in the Anadarko Basin, Eagle Ford, Marcellus Shale, Powder River Basin and Williston Basin.