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Bond Market News
Devon Energy and Coterra Energy Agree to $58bn Merger
February 4, 2026
Devon Energy and Coterra Energy have agreed to merge in an all-stock transaction that will create a leading US shale producer with a premier position in the Delaware Basin. The combined company, to be named Devon Energy, will be headquartered in Houston with a significant presence in Oklahoma City. The transaction implies a combined enterprise value of about $58bn, with Devon and Coterra shareholders owning roughly 54% and 46%, respectively, on a fully diluted basis. Coterra shareholders will receive 0.70 Devon shares per Coterra share, and the deal is expected to close in 2Q26, subject to regulatory and shareholder approvals. The merger is designed to unlock $1bn in annual pre-tax synergies by end-2027 through capital optimization, operating efficiencies, and lower corporate costs. Management expects the deal to be accretive to free cash flow and net asset value, supported by technology-driven efficiency gains, a strong balance sheet with pro forma net debt-to-EBITDA of 0.9x, and enhanced shareholder returns via dividends and a planned $5bn+ share repurchase program. Following the announcement, both companies were put on a positive watch by the rating agencies.
Dollar bonds of Devon Energy traded stable with its 5.2% 2034s at 101.1, yielding 5.04%
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