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Devon Energy and Coterra Energy merge in $58B deal, moving HQ to Houston
The combined company will be one of the world's largest shale producers, with a strong foothold in the Delaware Basin.
Feb. 2, 2026 at 3:47pm
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Energy companies Devon Energy and Coterra Energy announced a $58 billion all-stock merger on Monday. The combined company will operate under the Devon Energy name and be headquartered in Houston, while maintaining a significant presence in Oklahoma City. The merger creates one of the world's largest shale producers, with over 1.6 million barrels of oil equivalent per day in production and more than 10 years of high-quality drilling inventory.
Why it matters
The merger further solidifies Houston's role as the nation's energy capital, with the combined company's executive leadership and corporate headquarters based in the city. The deal is expected to unlock around $1 billion in annual cost savings and efficiencies, helping generate more cash and deliver bigger returns to shareholders.
The details
The merged company will oversee strategy, capital allocation and technology development from Houston, even as drilling operations remain focused in West Texas, New Mexico and other shale regions. Integration efforts will focus on cost savings, technology deployment, and streamlined corporate operations. It's unclear if the merger will result in job cuts, as large energy consolidations often lead to back-office consolidation over time.
- The merger was announced on Monday, February 2, 2026.
- The deal is expected to close in the second quarter of 2026, pending regulatory and shareholder approvals.
The players
Devon Energy
An American oil and natural gas exploration and production company.
Coterra Energy
An American oil and natural gas exploration and production company.
Clay Gaspar
The President and CEO of Devon Energy, who will lead the combined company from Houston.
Tom Jorden
The CEO of Coterra Energy, who will serve as non-executive chairman of the combined company.
What they’re saying
“This transformative merger combines two companies with proud histories and cultures of operational excellence.”
— Clay Gaspar, President and CEO, Devon Energy
What’s next
The merger is expected to close in the second quarter of 2026, pending regulatory and shareholder approvals.
The takeaway
The $58 billion merger between Devon Energy and Coterra Energy solidifies Houston's position as the nation's energy capital, with the combined company's executive leadership and corporate headquarters based in the city. The deal is expected to unlock significant cost savings and efficiencies, positioning the new energy giant for long-term success in the shale industry.
