Devon Energy and Coterra Energy announced a merger valued at approximately $58 billion, including debt. Following the merger, Devon plans to increase its dividend by 31% and initiate a $5 billion share repurchase program. The merger reflects a shift in the U.S. oil industry as producers focus on maximizing value from existing assets amid declining prime acreage and modest oil prices.
Sign in to access complete coverage, AI analysis, and related companies.
Sign In to Continue