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(Bloomberg) — Coterra Energy Inc. and Devon Energy Corp. are in advanced talks about a combination, according to people familiar with the matter, in what would be one of the largest oil and gas deals in years.
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The companies could announce a deal in the coming days, said the people, who asked to not be identified because the talks are private. No final decision has been made and the timing could change or talks could fall through, the people added.
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Coterra rose 2.9% to $28.60 at 1:12 p.m. in New York trading Thursday, giving the company a market value of about $21.8 billion. Devon rose 1.6% to $40.47, for a market value of about $25.4 billion.
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Representatives for Coterra and Devon didn’t immediately respond to requests for comment. Bloomberg News first reported the talks earlier this month.
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The talks illustrate how big oil and gas players are eager to ramp up consolidation after a relatively slow 2025. The deal would strengthen their positions in Permian Basin of West Texas and New Mexico, the country’s largest and most productive oil field, giving them more scale to better compete with rivals such as Exxon Mobil Corp. and Diamondback Energy Inc.
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Devon has about 400,000 net acres in a fast-growing swathe of the Permian known as the Delaware Basin, where Coterra also has a 346,000-acre position. Coterra also has a large position in a gassy patch of Pennsylvania in the Marcellus Shale.
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Kimmeridge Energy Management Co., an outspoken oil and gas investor with stakes in both companies, has voiced support for the potential tie-up.
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—With assistance from Kevin Crowley.
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