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Reuters: US shale producers Devon Energy and Coterra Energy in merger talks, sources say
Posted on 1/15/26 at 1:45 pm
Posted on 1/15/26 at 1:45 pm
quote:
NEW YORK, Jan 15 (Reuters) - Devon Energy and Coterra Energy are exploring a potential merger, in a deal that could create one of the largest independent U.S. shale producers, people familiar with the matter said.
A possible combination, which would ?rank among the largest between U.S. energy producers in recent years, comes ?as U.S. crude prices remain pressured by a near-term global oil glut and the prospect of higher supplies entering the market in coming years from Venezuela.
quote:
Devon has a market value of around $24 billion, while Coterra is worth about $20 billion. Devon and ?Coterra ?did not immediately respond to requests for comment.
While energy dealmaking was subdued in 2025, versus prior record-breaking years, arguments for consolidation among U.S. oil and natural gas producers remain valid. Benefits include economies of scale which would help control costs within a ?depressed price environment for ?crude, as well ?as securing additional resources at a time when many shale basins are maturing and new prime development land is at a premium.
quote:
Both companies have operations across multiple shale formations, with both ?present in the Delaware portion of the Permian basin in Texas and New Mexico and Oklahoma's Anadarko basin.
Devon also has assets in South Texas' Eagle Ford play, as well as North Dakota's ?Williston basin. Coterra has a significant presence in ?Appalachia, having been formed in 2021 through a merger of Cimarex Energy and Marcellus-focused Cabot Oil & Gas.
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