Coterra and Devon reportedly in advanced merger talks

Investing.com -- Coterra Energy Inc. and Devon Energy Corp. are in advanced discussions about a potential merger that could be announced in the coming days, according a Bloomberg report Thursday.

Coterra shares rose 3% to $28.62 during Thursday trading, giving the company a market value of approximately $21.8 billion. Devon Energy shares increased 1.97% to $40.61, valuing the company at about $25.4 billion.

The deal would represent one of the largest oil and gas sector combinations in recent years, bringing together two significant players with complementary assets in key production regions.

Both companies have substantial positions in the Delaware Basin, a rapidly developing area of the Permian Basin. Devon controls about 400,000 net acres in this region, while Coterra holds a 346,000-acre position. Coterra also maintains significant natural gas assets in Pennsylvania's Marcellus Shale.

The talks are at an advanced stage, but no final decision has been made, the report added. The timing could change or negotiations could still fall through.

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