Devon Energy Corporation (DVN)

A Newly Formed Permian Shale Giant

Devon Energy (NYSE: DVN) is no longer the same company it was a year ago. On May 7, 2026, Devon completed an all-stock merger with Coterra Energy (NYSE: CTRA) — each Coterra share was converted into 0.70 Devon shares (plus cash for any fractional shares). The result: a combined company worth ~$52 billion in market value (the combined enterprise value was cited at around $58 billion at the time of the announcement), one of the largest shale producers in the United States, still using the 'Devon Energy' name and the same DVN ticker, headquartered in Houston with a major presence in Oklahoma City.

Existing Devon shareholders hold ~54% of the combined company, while former Coterra shareholders hold ~46% (fully diluted) — so the share count has increased significantly compared to the old Devon; any EPS/production comparisons from before May 2026 CANNOT be directly equated with today's company figures.

Asset Segments

• Permian Basin (Delaware Basin) — the company's core, contributing roughly two-thirds of combined production
• Anadarko Basin (Oklahoma) — Devon legacy
• Marcellus (Appalachia) — Coterra legacy, natural gas
• Eagle Ford (South Texas) and Powder River (Wyoming) — currently under strategic review for a possible sale (news from July 24, 2026, estimated value $4 billion+)

Combined 2026 production guidance: ~1.38 million barrels of oil equivalent per day (MMBoe/d), including ~500,000 bbl/d of crude oil. 2026 capital expenditure (capex) is estimated at $4.9 billion, with more than 60% directed to the Permian.

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