Devon Energy and Coterra Energy have completed their all-stock merger, creating a larger Devon-led U.S. shale operator headquartered in Houston with a major Oklahoma City presence.
Devon Energy and Coterra Energy have completed their all-stock merger, closing one of the latest major U.S. shale consolidation deals.
The companies said on May 7 that the combined business will operate under the Devon Energy name and continue trading on the New York Stock Exchange under the ticker DVN. The new company will be headquartered in Houston and keep a significant presence in Oklahoma City.
Under the deal terms, each Coterra share converts into 0.70 Devon shares, with cash paid in lieu of fractional shares. Devon shareholders will own about 54% of the combined company on a fully diluted basis, while former Coterra shareholders will own about 46%.
The merger had already been approved by stockholders of both companies at special meetings on May 4. A Devon filing had said the transaction remained on track to close in the second quarter.
The completion turns a previously announced combination into an operational reality and adds another example of consolidation in the U.S. shale patch, where scale and capital efficiency remain central themes.
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