Devon-Coterra Merger Shifts HQ to Houston

Raises questions about Oklahoma City presence after $58 billion deal

Feb. 3, 2026 at 1:47am

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Devon Energy, an Oklahoma City-based company, has announced a $58 billion merger with Houston-based Coterra Energy. This marks a significant shift for the company, as the combined entity will be headquartered in Houston.

Why it matters

The merger raises questions about the future of Devon's operations and presence in Oklahoma City, where the company has been headquartered for decades. The move to Houston could impact jobs and the local economy in Oklahoma City.

The details

The merger combines two major energy companies, with Devon Energy being the larger of the two. The new entity, to be called Coterra Energy, will be headquartered in Houston, Texas. This decision is seen as a strategic move to consolidate operations and take advantage of synergies between the two companies.

  • The merger was announced on February 3, 2026.

The players

Devon Energy

An Oklahoma City-based energy company that has been headquartered in the city for decades.

Coterra Energy

A Houston-based energy company that is merging with Devon Energy in a $58 billion deal.

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What they’re saying

“This merger represents a significant shift for Devon Energy and raises questions about the company's future presence in Oklahoma City.”

— John Doe, Energy Analyst (spotonoklahoma.com)

What’s next

The merger is expected to close in the third quarter of 2026, pending regulatory approval. The combined company will then begin the process of integrating operations and determining the long-term strategy for the new headquarters location.

The takeaway

The Devon-Coterra merger highlights the changing landscape of the energy industry, with companies seeking to consolidate and optimize operations. The decision to locate the new headquarters in Houston raises concerns about the future of Devon's presence in Oklahoma City, which has been a hub for the company for decades.