Devon Energy and Coterra Energy announced on Monday a definitive agreement to merge and create a premier shale operator in an all-stock transaction, implying a combined enterprise value of about $58 billion.
Devon separately said it will receive about $375 million in proceeds. “Proceeds from the divestiture will be used to further strengthen the company’s investment-grade financial position”, it said in its quarterly report. “The monetization of Devon’s equity ownership will not change the terms or conditions of the company’s secured capacity on the pipeline”.