WHAT THIS COULD MEAN FOR US HERE IN OKLAHOMA CITY MONDAY MORNING. DEVON ENERGY AND COCO TERRE ENERGY ANNOUNCED PLANS TO MERGE, CREATING A COMPANY VALUED AT ABOUT $58 BILLION. THE COMPANY WILL KEEP THE DEVON ENERGY NAME, WITH HEADQUARTERS MOVING TO HOUSTON. DEVIN SAYS IT STILL PLANS TO KEEP A MAJOR PRESENCE HERE IN OKLAHOMA CITY. COMPANY LEADERS SAY THE MERGER IS EXPECTED TO MAKE OPERATIONS MORE EFFICIENT, AND THEY PREDICT UP TO $1 BILLION IN SAVINGS. ONE OF THE BIG QUESTIONS THIS MORNING. WHAT THIS MEANS FOR JOBS IN OKLAHOMA CITY. LIEUTENANT GOVERNOR MATT PINNELL TOLD KOCO FIVE THIS MORNING THAT THOSE DETAILS ARE STILL BEING WORKED OUT. THAT’S AN ONGOING CONVERSATION WITH DEVIN. DEVIN CERTAINLY WILL BE PUTTING OUT MORE OF THOSE DETAILS INTO THE FUTURE. WE’RE GOING TO DO EVERYTHING THAT WE POSSIBLY CAN DO AT 23RD AND LINCOLN TO MAKE SURE THAT THAT SIGNIFICANT PRESENCE IS SIGNIFICANT AND THAT IT STAYS HERE, RIGHT HERE IN OKLAHOMA CITY. OKLAHOMA CITY CHAMBER RELEASED A STATEMENT CONGRATULATING DEVIN, SAYING THEY’RE OPTIMISTIC OKLAHOMA CITY WILL REMAIN PART OF DEVIN’S FUTURE. DEVIN CEO CLAY GASPAR WILL LEAD THE COMBINED COMPANY, WHILE KOCH HARRAH CEO TOM JORDAN WOULD BECOME CHAIR OF THE BOARD. THE DEAL IS EXPECTED TO CLOSE EARLY NEXT YEAR.
Devon Energy announces merger with Coterra Energy, to move headquarters to Houston
The combined company will be named Devon Energy and will be headquartered in Houston while maintaining a significant presence in Oklahoma City
Updated: 4:07 PM CST Feb 2, 2026
Devon Energy has announced a multi-billion-dollar merger with Coterra Energy in an agreement that will move the company’s headquarters to Texas.>> Download the KOCO 5 App | Subscribe to KOCO 5’s YouTube channel | Sign up for KOCO 5’s Morning NewsletterThe agreement was reached in an all-stock transaction that will create a company worth about $58 billion. Once the agreement is complete, Devon shareholders will own approximately 54 percent of the go-forward company, and Coterra shareholders will own about 46 percent on a fully diluted basis. The combined company will be named Devon Energy and will be headquartered in Houston while maintaining a significant presence in Oklahoma City. “This transformative merger combines two companies with proud histories and cultures of operational excellence, creating a premier shale operator,” Devon Energy President and CEO Clay Gaspar said in a news release. “We’ve now built a diverse asset base of high-quality, long duration inventory to drive resilient value creation and returns for shareholders through cycles. Underpinned by our leading position in the best part of the Delaware Basin, and a deep set of complementary assets, we expect to capture annual pre-tax synergies of $1 billion. This will drive higher free cash flow and greater shareholder returns beyond what either company could achieve alone.” >> Get the latest news stories of interest by clicking here.Company leaders said the merger will save money and help improve company efficiency. Gaspar will remain the CEO of the combined company, and its board will comprise of six directors – one from Devon and five from Coterra. The deal is expected to close in mid-2026 if regulators approve it and shareholders of both companies vote yes. Officials with the State Chamber of Oklahoma issued a statement congratulating Devon Energy on its merger. “Today marks a significant moment for Oklahoma City and the State of Oklahoma. Devon Energy has been a transformative force not only for our city, but for the entire state, strengthening our economy, shaping our skyline, and setting a high standard for corporate citizenship through its deep investment in communities across Oklahoma. Devon’s influence reaches far beyond energy, and its legacy here is enduring,” Chad Warmington, the president and CEO of the State Chamber of Oklahoma, said in the statement. “We congratulate Devon and Coterra Energy on a historic merger that will create one of the most significant energy companies in the nation. Oklahoma City is Devon’s birthplace, and while this announcement marks a new chapter, we are optimistic that Oklahoma City will remain an important part of Devon’s future.” Top Headlines Bad Bunny wins album of the year at the 2026 Grammy Awards, a first for a Spanish-language album Groundhog Day 2026: Punxsutawney Phil makes his prediction Oklahoma Chronicle: More than 200,000 signatures turned in for State Question 836 Mother of ‘Today’ show host Savannah Guthrie reported missing in Arizona Oklahoma Highway Patrol investigating what led up to woman being struck by train near Pauls Valley
OKLAHOMA CITY —
Devon Energy has announced a multi-billion-dollar merger with Coterra Energy in an agreement that will move the company’s headquarters to Texas.
>> Download the KOCO 5 App | Subscribe to KOCO 5’s YouTube channel | Sign up for KOCO 5’s Morning Newsletter
The agreement was reached in an all-stock transaction that will create a company worth about $58 billion. Once the agreement is complete, Devon shareholders will own approximately 54 percent of the go-forward company, and Coterra shareholders will own about 46 percent on a fully diluted basis.
The combined company will be named Devon Energy and will be headquartered in Houston while maintaining a significant presence in Oklahoma City.
“This transformative merger combines two companies with proud histories and cultures of operational excellence, creating a premier shale operator,” Devon Energy President and CEO Clay Gaspar said in a news release. “We’ve now built a diverse asset base of high-quality, long duration inventory to drive resilient value creation and returns for shareholders through cycles. Underpinned by our leading position in the best part of the Delaware Basin, and a deep set of complementary assets, we expect to capture annual pre-tax synergies of $1 billion. This will drive higher free cash flow and greater shareholder returns beyond what either company could achieve alone.”
>> Get the latest news stories of interest by clicking here.
Company leaders said the merger will save money and help improve company efficiency. Gaspar will remain the CEO of the combined company, and its board will comprise of six directors – one from Devon and five from Coterra.
The deal is expected to close in mid-2026 if regulators approve it and shareholders of both companies vote yes.
Officials with the State Chamber of Oklahoma issued a statement congratulating Devon Energy on its merger.
“Today marks a significant moment for Oklahoma City and the State of Oklahoma. Devon Energy has been a transformative force not only for our city, but for the entire state, strengthening our economy, shaping our skyline, and setting a high standard for corporate citizenship through its deep investment in communities across Oklahoma. Devon’s influence reaches far beyond energy, and its legacy here is enduring,” Chad Warmington, the president and CEO of the State Chamber of Oklahoma, said in the statement. “We congratulate Devon and Coterra Energy on a historic merger that will create one of the most significant energy companies in the nation. Oklahoma City is Devon’s birthplace, and while this announcement marks a new chapter, we are optimistic that Oklahoma City will remain an important part of Devon’s future.”
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