YOU’RE WATCHING KOCO 5 BREAKING NEWS IS HAPPENING NOW. BREAKING RIGHT NOW. A MERGER JUST ANNOUNCED BETWEEN DEVIN AND TERRA ENERGY. IT’S A 27 ALEJANDRA BRIONES KYLIE WALKER. AND THEY ANNOUNCED THE COMBINED COMPANY WILL BE NAMED DEVON ENERGY AND WILL BE HEADQUARTERED IN HOUSTON. BUT THEY SAY THE COMPANY WILL STILL HAVE A, QUOTE, SIGNIFICANT PRESENCE HERE IN OKLAHOMA CITY. THE TRANSACTION WAS UNANIMOUSLY APPROVED BY THE BOARD OF DIRECTORS OF BOTH COMPANIES, AND IS EXPECTED TO CLOSE IN THE SECOND QUARTER OF THIS YEAR, SUBJECT TO REGULATORY APPROVALS AND APPROVALS OF SHAREHOLDERS FOR BOTH COMPANIES. THE PRESIDENT AND CEO OF DEVON ENERGY WILL STAY ON AS PRESIDENT AND CEO OF THE COMBINED COMPANY. IN A STATEMENT, HE SAID THE MERGER, QUOTE, WILL DRIVE HIGHER FREE CASH FLOW AN
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: 9:34 AM 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. 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.
This is a developing story. KOCO 5 will provide more details as they become available.
Top Headlines