Coterra Energy and Devon Energy said last week they have completed their previously announced all-stock merger. Tom Jordan, chairman, CEO and president of Houston-based Coterra, said May 4 that the “overwhelming support from both Devon and Coterra shareholders affirms the compelling strategic rationale of this combination. We will leverage our complimentary portfolios and proven operational expertise to capture meaningful capital and operational synergies and deliver sustainable long-term value.”
Coterra is an exploration and production company focused on operations in Permian Basin, Anadarko Basin and Marcellus Shale. Oklahoma City-based Devon is an oil and gas producer with a multi-basin portfolio, including the core of the Delaware Basin.
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