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The Devon-Coterra Merger and the Shale Consolidation Wave
Devon to buy Coterra in $58B all-stock deal, creating a 1.6M boe per day US shale heavyweight focused on the Permian
What happened
Devon Energy and Coterra Energy agreed to an all-stock merger valued at about $58B. Devon holders will own 54 percent of the combined company, which keeps the Devon name and relocates HQ to Houston, targeting $1B of annual pre-tax savings by 2027 and a $5B shareholder returns plan (dividends plus buybacks).
Why it matters for markets
This is another signal the US shale patch is still consolidating to get bigger, cut costs, and run fewer, higher-quality drilling…
The skinny
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