Devon Energy and Coterra Energy Merge in $58 Billion Deal
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 03 2026
0mins
Should l Buy DVN?
Source: Fool
- Merger Scale: Devon Energy is acquiring Coterra Energy in a $58 billion all-stock deal, creating the second-largest independent oil and gas producer in the U.S. with a production capacity exceeding 1.6 million barrels of oil equivalent per day, second only to ConocoPhillips.
- Shareholder Structure: Upon completion of the merger, existing Devon shareholders will own approximately 54% of the combined entity, which is expected to close in the second quarter, enhancing Devon's position in the Delaware Basin and driving future cash flow growth.
- Synergy Expectations: Devon anticipates achieving over $1 billion in annual pre-tax synergies post-merger, primarily through optimizing capital programs and improving operating margins, which will significantly enhance the company's financial performance.
- Increased Shareholder Returns: Following the merger, Devon plans to raise its quarterly dividend by 31% to $0.315 per share and initiate a share repurchase program exceeding $5 billion, further enhancing shareholder returns and increasing investment appeal.
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Analyst Views on DVN
Wall Street analysts forecast DVN stock price to fall
21 Analyst Rating
17 Buy
4 Hold
0 Sell
Strong Buy
Current: 43.960
Low
35.00
Averages
43.25
High
55.00
Current: 43.960
Low
35.00
Averages
43.25
High
55.00
About DVN
Devon Energy Corporation is an oil and gas producer in the United States with a diversified multi-basin portfolio headlined by an acreage position in the Delaware Basin. The Company is primarily engaged in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs). It owns a portfolio of assets located in the Delaware Basin, Rockies, Eagle Ford and Anadarko Basin. The Delaware Basin operates in southeast New Mexico and across the state line into west Texas. It offers exploration and development opportunities from many geologic reservoirs and play types, including the oil-rich Wolfcamp, Bone Spring, Avalon and Delaware formations. Its Rockies development consists of its Williston Basin and Powder River Basin assets. The Eagle Ford operations are located in Texas' DeWitt and Karnes counties. The Anadarko Basin development is located in western Oklahoma. It has a joint venture with Dow to develop a portion of its Anadarko Basin acreage.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Strong Sales Figures: The company achieved quarterly sales of $8.764 billion, surpassing the analyst consensus estimate of $8.644 billion, reflecting Linde's competitiveness and growth potential in the global market, likely attracting more investor interest.
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- Shareholder Rights Protection: Halper Sadeh LLC encourages shareholders to consult about their rights and options at no cost, highlighting the firm's commitment to protecting shareholder interests.
- Legal Service Commitment: The law firm operates on a contingent fee basis, ensuring shareholders do not incur upfront legal costs, thereby enhancing legal protections for investors.
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