DVN · 10-Q · 2026Q3 · Full report

Acquisition / Partnership / Divestiture

DEVON ENERGY CORP/DE · 2026-11-06 · Importance 71 · Surprise 60 · In source text

Devon and Coterra completed an all-stock merger of equals on May 7, 2026, with $24.9 billion of purchase-price consideration allocated to acquired assets and assumed liabilities. Devon assumed approximately $3.5 billion of Coterra debt and expects at least $1.0 billion of annual pre-tax synergies by year-end 2027, including approximately $700 million expected in 2027. On October 8, 2026, Devon agreed to sell its Eagle Ford assets for $4.2 billion in cash, subject to customary adjustments, with closing expected in early 2027. Devon intends to use the sale proceeds to accelerate share repurchases and reduce debt.

Key facts

• On October 8, 2026, Devon agreed to sell its Eagle Ford assets for $4.2 billion in cash, subject to customary purchase price adjustments. source
• Devon expected at least $1.0 billion of annual pre-tax run-rate merger synergies by year-end 2027, with approximately $700 million expected to be captured in 2027. source
• Devon expects the Coterra merger to generate at least $1.0 billion of sustainable annual pre-tax synergies. source
• On February 1, 2026, Devon entered into an all-stock merger of equals agreement with Coterra, which closed on May 7, 2026. source
• Devon expected the Eagle Ford asset sale to close in early 2027. source
• Devon plans to use Eagle Ford sale proceeds to accelerate share repurchases and reduce debt to strengthen its balance sheet. source

Impact estimates