Coterra Energy (CTRA) Company Report

The companies will combine in an at-market all-stock merger, creating a premier shale E&P operator with over 1.6 million barrels of oil equivalent per day of production and approximately 750,000 net acres in the Delaware Basin.
The merger is expected to generate $1 billion in annual pre-tax synergies by year-end 2027, anchored in capital optimization, operating-margin improvement, and corporate cost reductions.
Pro forma, the combined balance sheet features $4.4 billion in liquidity and 0.9× net debt to EBITDAX, with a $0.315 per share quarterly dividend and > $5 billion share repurchase authorization planned.
Leadership will see Tom Jorden as Chairman of the combined board and Clay Gaspar as President and CEO, with the executive headquarters relocating to Houston (while maintaining a significant Oklahoma City presence).

4 days ago

Transcript

Devon Energy and Coterra Energy announce transformative merger

CTRA

M&A

The all-stock merger of Devon Energy and Coterra Energy creates a combined E&P company with over 1.6 million barrels of oil equivalent per day of production, leveraging a leading Delaware Basin portfolio of ~750,000 net acres.
The transaction is expected to deliver $1 billion in annual pre-tax synergies by year-end 2027, representing ~20% of pro forma market cap, driven by capital optimization ($350 M), operating margin gains ($350 M), and corporate cost savings ($300 M).
The pro forma company will have $4.4 billion in liquidity, 0.9× net debt/EBITDAX, and target a $0.315 quarterly dividend, with a planned > $5 billion share repurchase authorization.
Clay Gaspar will serve as President & CEO and Tom Jorden as Chairman; headquarters will relocate to Houston with a continued significant presence in Oklahoma City.

4 days ago

Transcript

Devon and Coterra announce transformative merger

CTRA

M&A

Devon and Coterra will combine in an all-stock transaction to create a $58 billion pro forma enterprise value shale operator¹
Exchange ratio set at 0.70 Devon shares for each Coterra share, resulting in 54% Devon and 46% Coterra pro forma equity ownership²
The merger is expected to deliver $1.0 billion of pre-tax synergies run-rate by the end of 2027¹
Transaction, approved by both boards, is slated to close in Q2 2026, with Clay Gaspar named President & CEO²

4 days ago

Presentation

Devon Energy and Coterra Energy announce merger

CTRA

M&A

The companies will merge in an at-market all-stock transaction to create a premier E&P firm with combined production of 1.6 million Boe/d, anchored by the Delaware Basin (≈750,000 net acres; >860,000 Boe/d; >5,000 drilling locations; >10-year inventory).
They target $1 billion in annual pre-tax synergies by year-end 2027 (~20% of pro forma market cap), including $350 million in capital optimization, $350 million in operating margins, and $300 million in corporate cost cuts.
The pro forma balance sheet is strong (0.9× net debt/EBITDAX; $4.4 billion liquidity) supporting a $0.315/share quarterly dividend and a $5 billion+ share repurchase authorization.
Tom Jorden will serve as Chairman, Clay Gaspar as President & CEO, and corporate HQ will move to Houston with a maintained presence in Oklahoma City.

4 days ago

Transcript

Coterra Energy and Devon Energy announce transformative merger

CTRA

M&A

Dividends

Share Buyback

Coterra will merge with Devon in an all-stock transaction creating a combined enterprise value of $58 billion; Coterra shareholders will receive 0.70 Devon shares per Coterra share, resulting in pro forma ownership of 54% Devon and 46% Coterra.
The combined company, to be named Devon Energy and headquartered in Houston (with a significant presence in Oklahoma City), will have pro forma 2026e production exceeding 1.6 million boe/d (34% oil, 44% gas, 22% NGL), with over 50% of volumes from the Delaware Basin; pro forma net debt/EBITDAX is 0.9× and liquidity is $4.4 billion as of 9/30/25.
The deal is expected to generate $1 billion in annual pre-tax synergies by year-end 2027, be accretive to free cash flow and net asset value, and support a planned quarterly dividend of $0.315 per share plus a new share repurchase authorization exceeding $5 billion, both subject to board approval.
Closing is anticipated in Q2 2026, pending regulatory and shareholder approvals; the combined board will include 11 directors (six Devon, five Coterra), with Clay Gaspar as President & CEO and Tom Jorden as Non-Executive Chair.

4 days ago

8-K

Coterra Energy and Devon Energy near $60B merger talks

CTRA

M&A

Coterra Energy and Devon Energy are in advanced merger talks, with an agreement possible as soon as next week to create a roughly $57 billion oil and gas company.
The transaction could be structured as a merger of equals, consolidating major assets in the Delaware Permian Basin and Anadarko Basin.
Supporters say the deal would deliver economies of scale for cost control amid volatile oil markets and depressed crude prices.
If completed, it would be the largest U.S. shale industry merger in nearly two years.

Jan 29, 2026, 8:31 PM

Bloomberg

Coterra Energy announces Q4 2025 realized prices and hedge settlements

CTRA

Earnings

Guidance Update

In Q4 2025, average realized sales prices excluding hedges were $58.16/Bbl for oil, $2.37/Mcf for natural gas and $15.63/Bbl for NGLs; including hedges, prices were $60.34/Bbl for oil, $2.44/Mcf for natural gas and $15.63/Bbl for NGLs.
Coterra anticipates net cash received of $57 million from derivative instrument settlements in Q4 2025.

Jan 21, 2026, 10:19 PM

8-K

Coterra Energy in early-stage merger talks with Devon Energy

CTRA

M&A

Coterra Energy and Devon Energy are in preliminary discussions to merge, combining Coterra’s $20 billion market cap with Devon’s $24 billion market cap to form one of the largest independent U.S. shale producers.
RBC Capital expects Devon to be the surviving entity and highlights potential asset streamlining, including monetization of Anadarko and Appalachia holdings.
UBS raised Coterra’s price target to $33 (from $32) with a Buy rating, and Mizuho lifted its target to $36 (from $33) on underappreciated value in E&P names and a brighter 2026 outlook.
The deal would consolidate major positions in the Permian and Anadarko basins, fitting a wider consolidation trend as independents seek scale, cost efficiencies and stronger bargaining power.

Jan 15, 2026, 6:01 PM

Bloomberg

Energy companies outline portfolio optimization at Goldman Sachs conference

CTRA

Dividends

M&A

New Projects/Investments

Coterra underscores a balanced gas and oil portfolio for capital allocation flexibility, supporting 2–4× dividend coverage and share repurchases.
Ovintiv has centralized on the Permian and Montney basins, leveraging their long inventory runway and targeting $100 million in annual synergies from its NuVista acquisition.
Devon is pursuing $1 billion of sustainable free cash flow by year-end, driven by 80 AI-enabled value workstreams across its organization.
Panelists detail an AI integration strategy spanning three waves—from improving data access to embedding AI in workflows—to boost productivity and enable next-generation projects.

Jan 6, 2026, 8:00 PM

Transcript

Shale E&P operators outline diversified portfolios and tech-driven efficiencies

CTRA

M&A

Coterra emphasizes a diversified, oil-and-gas balanced portfolio to flexibly allocate capital, drive cross-basin operating synergies, and sustain 2–4× free cash flow coverage on its dividend through 2025.
Ovintiv has consolidated its focus on the Permian and Montney, leveraging deep inventory, automation, and AI, and is integrating NuVista to realize $100 million in annual synergies.
Devon aims for $1 billion of sustainable free cash flow by end-2026 via 80 AI-enabled value workstreams, advancing toward full AI-centric “wave 3” operational integration.
Northern Oil & Gas underscores shale’s cyclicality, estimating U.S. marginal supply costs at $65–70/bbl, and notes well productivity plateauing as core acreage matures.