Devon Energy CEO: ‘Stars align’ to acquire Coterra for nearly $26 billion as merger mania returns to the oilfield

U.S. shale producer Devon Energy will acquire Coterra Energy for nearly $26 billion in a combination that creates a domestic oil and gas juggernaut trailing only household names Exxon Mobil, Chevron, and ConocoPhillips in sheer production volumes, the companies announced Feb. 2.

After a couple of years of rapid consolidation in the energy sector, dealmaking slowed down dramatically last year as oil prices fell when OPEC ramped up its output and the Trump administration implemented a series of tariffs worldwide.