Devon Energy and Coterra Energy said they will merge in a $58B all-stock deal to form a larger U.S. independent E&P anchored in the Permian’s Delaware Basin. The combined firm will keep the Devon Energy name and be headquartered in Houston, while maintaining a significant presence in Oklahoma City.
The combination is designed to consolidate scale and inventory depth in the Delaware. On a pro forma basis, the company is expected to produce more than 1.6 MMboe/d, including over 550,000 bbl/d of oil and 4.3 Bcf/d of natural gas. The merged company is expected to hold ~750,000 net acres in the Delaware Basin, with ~863,000 boe/d of pro forma production in that basin.
Deal terms imply Devon holders own ~54% and Coterra holders ~46% of the combined company, with Coterra shareholders receiving 0.70 shares of Devon per share owned. The company expects $1B in annual pre-tax synergies by year-end 2027, and expects a pro forma net debt-to-EBITDAX ratio of ~0.9x after closing. The transaction is expected to close in Q2.
Why it matters
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Delaware scale becomes the core story: the deal concentrates acreage and activity into one premier position.
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Synergies are a central deliverable: $1B pre-tax targeted by year-end 2027.
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Low leverage supports flexibility: ~0.9x net debt-to-EBITDAX pro forma after close.
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Output scale is immediately meaningful: >1.6 MMboe/d, with >550 kbbl/d oil and 4.3 Bcf/d gas expected pro forma.
What the map shows
A Delaware Basin-focused view of the combined footprint, showing how the two operators’ acreage positions fit together across SE New Mexico and West Texas.
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Devon acreage (red) and Coterra acreage (blue) plotted within the Delaware Basin outline
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Visible clustering across core Delaware counties, showing where overlap and adjacency create a larger contiguous position
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A simple before/after visual that explains why the Delaware is the anchor for the merger
A deeper dive with DataLink
Using Rextag Energy DataLink, users can:
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Validate the combined Delaware footprint and identify the densest concentration areas
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Compare Devon vs Coterra footprint adjacency to understand where operations can be streamlined
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Add additional layers (wells, pipelines, processing, and other context) to frame how the combined position connects to infrastructure
Create internal-ready map views for deal discussion, integration planning, or basin benchmarking
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