Devon Energy has spent more than a decade building one of the largest unconventional drilling portfolios in North America through a series of strategic acquisitions and mergers. Analysis of Devon-operated U.S. wells shows that today’s drilling program is no longer driven solely by legacy Devon assets. Instead, it reflects the combined inventory of multiple companies acquired over the past decade, culminating with the transformational merger with Coterra Energy in 2026.
From the Delaware Basin and Eagle Ford to the Williston Basin and the Anadarko Basin, Devon’s current drilling footprint represents the integration of numerous operators that once competed independently.
Building a Multi-Basin Drilling Portfolio
Devon’s acquisition strategy began well before the recent Coterra transaction.
The company strengthened its position in Oklahoma’s STACK play with the $2.4 billion acquisition of RKI Exploration & Production in 2015, followed by the $2.5 billion purchase of Felix Energy in 2020, adding high-quality Delaware Basin acreage.
In 2021, Devon completed its approximately $12 billion all-stock merger with WPX Energy, creating a larger unconventional producer with expanded operations across the Delaware Basin, Eagle Ford and Williston Basin. That merger significantly increased Devon’s drilling inventory and established the foundation for future growth.
The company continued expanding through acquisitions in 2022 by purchasing Validus Energy for approximately $1.8 billion, increasing its Eagle Ford position, and acquiring RimRock Oil & Gas’s Williston Basin assets for roughly $865 million.
Devon’s most significant acquisition prior to Coterra came in 2024 with the $5 billion purchase of Grayson Mill Energy, substantially increasing its operated position in the Williston Basin.
Legacy Company Current Owner M&A / Corporate Event Cabot Oil & Gas (all variations including Cabot Oil & Gas Corporation) Devon Energy Cabot Oil & Gas merged with Cimarex Energy in 2021 to form Coterra Energy (approximately $17 billion merger of equals). Coterra merged with Devon Energy in 2026 in a transaction valued at approximately $58 billion. Cimarex Energy (all variations) Devon Energy Cimarex Energy merged with Cabot Oil & Gas in 2021 to create Coterra Energy. Coterra subsequently merged with Devon Energy in 2026. COG Operating LLC Devon Energy COG Operating is the operating subsidiary of Coterra Energy. Following the 2026 Devon–Coterra merger, it became part of Devon Energy. WPX Energy Devon Energy Devon Energy merged with WPX Energy in 2021 in an all-stock merger valued at approximately $12 billion, with the combined company retaining the Devon name. Felix Energy Devon Energy Devon Energy acquired Felix Energy’s Delaware Basin assets in 2020 for approximately $2.5 billion. RKI Exploration & Production Devon Energy Devon Energy acquired RKI Exploration & Production in 2015 for approximately $2.4 billion, significantly expanding its STACK position. Validus Energy Devon Energy Devon Energy acquired Validus Energy in the Eagle Ford in 2022 for approximately $1.8 billion. RimRock Oil & Gas Devon Energy Devon Energy acquired RimRock Oil & Gas’s Williston Basin assets in 2022 for approximately $865 million. Grayson Mill Energy Devon Energy Devon Energy acquired Grayson Mill Energy in 2024 for approximately $5.0 billion, expanding its Williston Basin position. Franklin Mountain Energy Devon Energy Coterra Energy acquired Franklin Mountain Energy in 2024 for approximately $3.9 billion. Franklin Mountain became part of Devon following the 2026 Devon–Coterra merger. Avant Natural Resources Devon Energy Coterra Energy acquired Avant Natural Resources in 2024 as part of its Permian acquisitions (combined transaction value approximately $3.95 billion with Franklin Mountain). The assets became part of Devon in 2026 following the merger with Coterra.
The Coterra Merger Creates a Much Larger Operator
The defining transaction came in 2026, when Devon completed its approximately $58 billion merger with Coterra Energy.
That deal brought together two companies with highly complementary asset bases while also incorporating the legacy portfolios of several earlier acquisitions.
Coterra itself was created through the 2021 merger of Cabot Oil & Gas and Cimarex Energy, meaning Devon inherited substantial drilling inventory from both organizations.
In addition, Devon now controls assets previously acquired by Coterra, including:
- Franklin Mountain Energy
- Avant Natural Resources
- COG Operating LLC
- Legacy Cabot Oil & Gas assets
- Legacy Cimarex Energy assets
As a result, many wells that were originally licensed under Cabot, Cimarex, Franklin Mountain, Avant or COG Operating are now part of Devon’s operated portfolio.
Why This Matters for Drilling Activity
The impact of these acquisitions extends well beyond corporate ownership.
Every major acquisition increased Devon’s inventory of drilling locations, acreage, production infrastructure and operational expertise. Rather than relying on organic leasing alone, Devon has consistently expanded through acquisitions that immediately added producing assets and future drilling opportunities.
For suppliers and oilfield service companies, this consolidation means activity that was previously spread across multiple operators is increasingly being managed by a single customer. Procurement, drilling programs, completion schedules and infrastructure development are becoming centralized under Devon’s operating organization.
It also creates opportunities for companies that monitor drilling permits and well activity using historical licensee names. Many active wells continue to appear under legacy operators even though they now fall within Devon’s asset portfolio.
Devon Energy U.S. Well Permit Activity Summary
Total Well Permits: 7,361
County Well Permits Lea, NM 2,344 Eddy, NM 1,237 Culberson, TX 634 Loving, TX 583 Reeves, TX 432 Canadian, OK 229 Winkler, TX 207 Karnes, TX 203 Ward, TX 113 McKenzie, ND 112 DeWitt, TX* 177 Blaine, OK 96 Converse, WY* 138 Williams, ND 76 Upton, TX 57 Midland, TX 44 Dunn, ND 42 Susquehanna, PA 35 Wise, TX 35 Martin, TX 28 Andrews, TX 24 Frio, TX 23 Kingfisher, OK 21 Other Counties 313 Total 7,361
Industry Impact
Devon’s acquisition strategy illustrates how consolidation continues to reshape the North American upstream sector. By combining the assets of WPX Energy, Grayson Mill, Validus, RimRock, Felix, RKI, and the entire Coterra portfolio—including Cabot, Cimarex, Franklin Mountain and Avant—Devon has assembled one of the industry’s largest multi-basin drilling inventories. For operators, investors and suppliers, understanding these legacy ownership relationships provides a clearer picture of where drilling capital is being deployed and who ultimately controls future development across several of North America’s most active oil and gas basins.
Author: phinds