Devon Energy, Corterra Energy Announce $58 Billion Merger Deal

The combined companies will form one of the largest oil and natural gas operators in the Delaware Basin in western Texas.

A pump jack operates at a well site leased by Devon Energy Production Company near Guthrie, Oklahoma on Sept. 15, 2015. Reuters/Nick Oxford

Devon Energy and Coterra Energy announced on Feb. 2 an agreement to merge the two companies in an all-stock transaction with an enterprise value of about $58 billion.

The merger of Oklahoma City-based Devon Energy and Houston-based Coterra Energy creates one of the largest shale operators in the Delaware Basin, a sub-basin of the Permian Basin in West Texas and southern New Mexico.