The Devon–Coterra merger creates a $58B, >1.6 MMBOE/d large-cap shale leader anchored by a dominant Delaware Basin position, deep sub-$40/bbl inventory, and a balanced oil-gas portfolio built for durability rather than growth. With $1B of run-rate synergies, disciplined reinvestment (<50%), and strong gas leverage to LNG and power demand, the combined company is positioned to deliver resilient free cash flow and accelerated shareholder returns through the cycle.

Devon Energy’s all-stock merger with Coterra Energy creates a premier large-cap shale operator anchored by a dominant core-of-core position in the Delaware Basin, delivering more than 10 years of high-quality inventory and resilient free cash flow. The combination unlocks $1 billion of annual pre-tax synergies while reinforcing capital discipline, balance-sheet strength, and shareholder returns through the cycle.