Skadden is advising Devon Energy on its agreement to merge with Coterra Energy in an all-stock transaction, creating a large-cap shale operator that will be one of the largest producers in the Delaware Basin. The transaction implies a combined enterprise value of approximately $58 billion. The combined company will be named Devon Energy and expects to achieve $1.0 billion in annual pre-tax merger synergies by year-end 2027.
The transaction, which was unanimously approved by the boards of directors of both companies, is expected to close in the second quarter of 2026, subject to regulatory approvals and customary closing conditions.
Devon is an oil and gas producer in the U.S. with a diversified multi-basin portfolio headlined by an acreage position in the Delaware Basin. Coterra is an energy producer based in Houston, Texas, with focused operations in the Permian Basin, Marcellus Shale and Anadarko Basin.
The Skadden team includes Steve Gill, Dohyun Kim, Mingda Zhao and Elizabeth Gonzalez-Sussman.
The transaction, which was unanimously approved by the boards of directors of both companies, is expected to close in the second quarter of 2026, subject to regulatory approvals and customary closing conditions.
Devon is an oil and gas producer in the U.S. with a diversified multi-basin portfolio headlined by an acreage position in the Delaware Basin. Coterra is an energy producer based in Houston, Texas, with focused operations in the Permian Basin, Marcellus Shale and Anadarko Basin.
The Skadden team includes Steve Gill, Dohyun Kim, Mingda Zhao and Elizabeth Gonzalez-Sussman.