Devon and Coterra merge in $58 billion deal to create U.S. Shale giant
Devon Energy and Coterra Energy decided on Monday to merge as part of a $58 billion all-stock transaction, creating a large-cap company with the top spot in the Permian Basin. The shale industry is consolidating to reduce costs and increase'scale. The largest deal in the sector, since Diamondback's deal of $26 billion for Endeavor Energy Resources 2024, comes at a time when a global glut of oil and the increasing likelihood that more Venezuelan barrels will return to the market are putting pressure on U.S. crude price margins.
Source: US shale producers Coterra and Devon are in advanced merger talks.
Sources familiar with the matter said that Coterra Energy and Devon Energy, two U.S. producers of shale gas, could announce a merger agreement as soon as next week. The combination of U.S. energy companies would be?among?the largest in recent years. Both companies are active in multiple shale formations. They have both operations in the Delaware portion in Texas, New Mexico and Oklahoma’s?Anadarko Basin. The potential deal is set against the backdrop of Thursday's spike in crude prices, which was attributed to fears that the U.S.
Enverus reports that the US upstream M&A sector rebounded in Q4, reaching $23.5 billion.
Enverus, an analytics firm, said that the U.S. Upstream Mergers and Acquisitions Market regained its momentum in the fourth quarter of 2025 after a midyear slowdown. The market reached $23.5 billion announced deals in this period and pushed full-year activity to $65 billion. Enverus' report said that the?rebound" was driven by motivated purchasers, including refunded Private Equity teams, increased securitized funding and new international players competing for limited assets. In 2025, international buying in U.S.
Sources: Devon Energy and Coterra Energy, two US shale producers, are in merger talks.
Three people with knowledge of the matter have confirmed that Devon Energy and Coterra Energy are looking at a possible merger. This could result in one of the biggest independent shale producers in the United States. The combination would be among the biggest between U.S. producers of energy in recent years. This comes at a time when U.S. crude oil prices are under pressure from a global glut in the near term and the prospect that Venezuela will increase its supply to the market over the next few years.
Sources: Devon Energy and Coterra Energy, two US shale producers, are in merger talks.
People familiar with the matter have confirmed that Devon Energy and Coterra Energy were exploring the possibility of merging, which could result in one of the biggest independent shale producers in the United States. The U.S. oil market is still under pressure from the?near term global oil glut, and Venezuela's increased supply in the coming years. Sources said that the two companies were in early stage talks about a merger. They cautioned, however, that a deal was not guaranteed.
Sources: Devon Energy and Coterra Energy, two US shale producers, are in merger talks.
People familiar with the matter have confirmed that Devon Energy and Coterra Energy were exploring the possibility of a merger, which would create one the largest independent U.S. Shale producers. Sources said that the two companies are in early stage talks for a merger. They cautioned, however, that a transaction was not guaranteed. Devon's shares?fell 3% while Coterra's stock rose more than 6% in response to the story. Devon's market value is around $24 billion while Coterra's is about $20 billion. Devon and?Coterra didn't immediately respond to comments.
BP and Chevron top the list of bidders in Trump's first Gulf of Mexico Oil and Gas auction
BP, Chevron, and Shell were the top bidders at the first U.S. Government sale of oil and natural gas drilling rights for the Gulf of Mexico since 2023. The auction ended with a total of $279.4 millions in "high" bids. It was the first out of 30 required by President Donald Trump's tax cuts and spending bill that he signed in July. His administration's plans on offshore leasing represent a major departure from those of his predecessor President Joe Biden.
Kimmeridge, an activist investor, takes a stake in US energy company Devon
Kimmeridge Energy Management, an activist investment firm, has acquired a stake in Devon Energy of the United States. This was revealed by a stock exchange filing on Friday. Kimmeridge held 5.66 million Devon shares at the end of September according to the filing. According to calculations, this would equate an approximately 0.9% share in Devon. It is also the 14th largest shareholder of Devon according to data provider LSEG. Devon shares dropped 1% during the first 30 minutes of Friday's trading amid a wider market sell-off.
Occidental Petroleum predicts flat production and lower spending in 2026
Occidental Petroleum, an oil and gas company, said Tuesday that it expects a flat growth in production and lower spending than the current year levels by 2026 as crude prices fall. The U.S. shale oil producers are coping with a global oil crisis, as prices remain in the $60 per barrel range. This is due to OPEC+ production increases and a slowing of global demand. Benchmark Brent crude prices have fallen by about 12.7% this year. Sunil Mathew, Chief Financial officer of Occidental…
ConocoPhillips lifts dividend, raises output forecast after profit beat
ConocoPhillips increased its quarterly dividend on Thursday and raised its full-year production projection after posting earnings that were above expectations in the third quarter, thanks to lower costs and higher output which offset weaker oil price. In premarket trading, shares of the United States' largest independent oil and natural gas producer rose by 1.5%. The company's efforts to streamline operations, cut costs and save more than $1 billion…
Ovintiv expands its Montney shale business with NuVista $2.7 billion deal
Ovintiv announced on Tuesday that it will buy the remainder of NuVista in a cash and stock deal valued at $2.7 Billion, including debt. This move will strengthen the presence of the Canadian shale producers in the Montney basin. The North American firm acquired oil assets in the Montney Shale from Canadian company Paramount Resources for $2.38 Billion in cash last year. The company said that it also planned to start a divestiture for its Anadarko assets, which they expect to finish by the end 2026. The proceeds will be used to reduce debt.
Occidental reduces debt by selling Berkshire's chemicals unit for $9.7 billion
Occidental Petroleum announced on Thursday that it will sell OxyChem, its chemicals division, to Warren Buffett’s Berkshire Hathaway, for $9.7 Billion. This is the largest divestment to date to reduce debt following years of expensive acquisitions. The deal would be Berkshire's largest since the $11.6 billion acquisition of Alleghany Corporation by Berkshire in 2022. It would also expand the chemical portfolio of Berkshire beyond Lubrizol. Berkshire, Occidental’s largest shareholder, began acquiring stakes in the U.S. producer of oil and gas in February 2022.
WSJ reports that Berkshire is in negotiations to purchase OxyChem from Occidental for around $10 billion.
The Wall Street Journal, citing sources familiar with the situation, reported Tuesday that Berkshire Hathaway was in discussions to purchase Occidental Petroleum’s petrochemical division for around $10 billion. The sale of OxyChem, which provides products for sectors like medical care, food safety and construction, will add to the series of divestitures that the U.S. Oil and Gas producer has made in recent years. Occidental, where Berkshire already holds the majority stake, is struggling with a heavy amount of debt.
TotalEnergies sells 50% of its North American solar portfolio and invests in U.S. Gas assets
TotalEnergies said it would sell half of its North American solar portfolio for $950 million in a deal announced on Monday. It also stated that it plans to invest in US gas-producing assets, which will help it secure future supplies. The sale of the stakes is in line with the strategy of the French oil giant to develop renewable energy projects, then sell them to raise cash to invest in its natural gas portfolio. The company announced that it would receive $950 millions from the sale of its assets to investment firm KKR, as well as a refinancing by a bank.
Coterra Energy's profit beats expectations in the second quarter due to higher gas prices and strong output
Coterra Energy beat Wall Street expectations for the second quarter profit on Monday as higher production volumes, a rebound of U.S. Natural Gas prices and lower oil prices were offset. Houston-based shale producers benefited from increased production across the Permian basin and Anadarko Basin. The total production increased to 783.900 barrels equivalent of oil per day (boepd), from 669.200 boepd, during the second quarter. The production gains helped boost results but were partly offset by lower crude prices.
Sources say that ConocoPhillips is close to selling Oklahoma assets to Stone Ridge Energy.
Three people with knowledge of the situation said on Tuesday that ConocoPhillips, a U.S. oil producer and gas company, is in advanced discussions to sell assets in Oklahoma for $1.3 billion to Stone Ridge Energy. One source said that Oklahoma City's Flywheel Energy will manage the assets for Stone Ridge Energy. Sources cautioned, however, that there is no guarantee of a deal and the talks could end without an agreement. The sources also spoke under condition of anonymity in order to discuss private discussions. ConocoPhillips refused to comment.
Sierra Leone is West Africa's new oil and gas frontier
A senior government official announced on Thursday that Sierra Leone would wait to see the results of its recently launched offshore 3D seismic study, its first for over a decade. This will allow it to open its next round of oil and gas licenses later this year. GeoPartners, in partnership with the petroleum directorate of the government, began the six-week survey last month to reduce the risk associated with exploration in the offshore basin of Sierra Leone. Foday Mansaray is the director general of the Sierra Leone Petroleum Directorate.
ConocoPhillips is looking to sell assets in Oklahoma worth more than $1 billion, according to sources
People familiar with the situation said that ConocoPhillips has begun exploring the possibility of selling oil and gas assets it acquired from Marathon Oil when it bought the company for $22.5 billion last year. Sources said that the energy producer hired Moelis & Co as an investment bank to manage the sale of the assets. However, they added that talks were at a very early stage, and a deal was not guaranteed. Sources, who requested anonymity because the discussions are confidential…
Sources: Validus Energy will buy natural gas producer, 89 Energy III, for $850 Million.
Sources familiar with the deal said that Validus Energy, a privately owned U.S. gas and oil producer, has agreed to purchase 89 Energy III, a rival company, for $850 million including debt. According to sources, the deal will add more than 25,000 barrels equivalent to oil per day to Validus’s growing footprint in Oklahoma's Anadarko Shale Basin, making it one of the biggest private players in U.S. Mid-Continent region oil. According to its website, 89 Energy III produces 70% gas.
Coterra Energy misses its profit forecast as oil and gas prices fall
Coterra Energy, a U.S. oil-and-gas producer, missed Wall Street's expectations for the third quarter profit on Thursday because of lower commodity prices. The benchmark natural gas price remained low for most of the third quarter due to high storage levels and weak demand. Energy Information Administration (EIA) expects U.S. Gas Production to Decline in 2024 for the First Time Since 2020 as Producers like Coterra reduced their output following prices that reached multi-decade Lows.