History
Devon rebuilt itself from a diversified producer into a U.S.-only oil company, using asset sales and stock-funded mergers, culminating in its May 2026 all-stock merger with Coterra.
2014-2016: Buying Eagle Ford, then raising equity
The record opens in March 2014, when Devon closed a roughly $6 billion purchase of Eagle Ford Shale oil assets in Texas from GeoSouthern Energy. The deal added 82,000 net acres of drilling land and was paid for with cash and new debt. Shares on issue stood near 410 million at the time.
In late 2015 Devon turned to its own stock as currency. It agreed to buy Powder River Basin assets in Wyoming for $600 million in total, paid as $300 million in cash plus 6,857,488 new shares. It then agreed to buy Felix Energy Holdings for $850 million in cash plus 23,470,000 new shares, with closing expected in January 2016. Both deals were flagged as diluting existing shareholders.
In February 2016, during the oil-price downturn, Devon raised about $1.5 billion by selling nearly 79.4 million new shares at $18.75 each, to shore up its balance sheet. Shares on issue rose from about 411 million at the end of 2015 to about 524 million a year later, reflecting these issuances.
2017-2020: Shrinking to a U.S. oil company
The record for 2017 is quiet. The story picks up in June 2018, when Devon agreed to sell its entire stake in EnLink Midstream, a pipeline business it had helped create in 2014, to an affiliate of Global Infrastructure Partners for $3.125 billion. The sale was expected to cut Devon's debt by 40%, and Devon lifted its share-buyback authorization to $4 billion. It closed in July 2018. Shares on issue fell from about 526 million at the end of 2017 to about 384 million by the end of 2019, a period in which buybacks were authorized.
Canada went next. In May 2019 Devon agreed to sell essentially all its remaining Canadian oil and gas business to Canadian Natural Resources for CAD $3.775 billion (about USD $2.8 billion). The sale closed in July 2019 with net proceeds of about USD $2.6 billion, earmarked for debt repayment.
The last piece was the Barnett Shale gas assets in Texas. In December 2019 Devon agreed to sell them to Banpu Kalnin Ventures for $770 million and authorized a new $1 billion buyback. After the 2020 price collapse the deal was renegotiated and closed in October 2020: Devon received $490 million net plus rights to up to $260 million in future earnouts (extra payments if targets are met). That completed its shift to a U.S.-only oil portfolio.
2020-2021: The WPX merger
In September 2020 Devon agreed to an all-stock "merger of equals" with WPX Energy, with WPX holders receiving 0.5165 Devon shares per WPX share. Devon holders were to own about 57% of the combined company and WPX holders 43%. As oil recovered, the implied value rose from $4.53 to $6.59 per WPX share between announcement and November. EnCap, a WPX holder, signed a support agreement, and either side would owe a $75 million break fee if it walked away.
The merger closed on January 7, 2021. EnCap received a board nominee right and resale registration rights. Dave Hager became Executive Chair, Rick Muncrief President and CEO, Clay Gaspar COO and Jeff Ritenour stayed CFO. Shares on issue rose from about 383 million at the end of 2020 to about 677 million at the end of 2021, in line with the merger. The record is then quiet until 2024.
2024-2026: Williston Basin and the Coterra merger
On July 8, 2024, Devon agreed to buy Grayson Mill's Williston Basin business for $3.25 billion in cash plus 37,210,292 new shares. It was later funded partly by a $2.0 billion term loan and $2.25 billion of notes in August 2024.
On February 2, 2026, Devon agreed to an all-stock merger with Coterra Energy, with each Coterra share becoming 0.70 Devon shares. The combined company was expected to have about $58 billion of pro forma enterprise value and to target $1 billion in annual pre-tax synergies. Devon holders would own about 54% and Coterra holders 46%. An $865 million break fee applied either way, and Evercore gave a fairness opinion to Devon's board. The proxy, filed March 30, asked Devon holders to approve the share issuance and a rise in authorized shares from 1 billion to 2 billion at a May 4 vote.
The merger closed on May 7, 2026. Devon continued under the Devon Energy name (NYSE: DVN) with Clay Gaspar as CEO, headquartered in Houston with a continued Oklahoma City presence, as a large-cap U.S. shale operator. Shares on issue were about 1.1 billion.
Written from the 22 story beats below (2014 to 7 May 2026), which come from the company's own announcements and filings.