Devon Energy to merge with Coterra Energy.

Devon Energy, a company engaged in hydrocarbon exploration, agreed to merge with Coterra Energy, energy company engaged in hydrocarbon exploration. Financial terms were not disclosed. "This transformative merger combines two companies with proud histories and cultures of operational excellence, creating a premier shale operator. We've now built a diverse asset base of high-quality, long duration inventory to drive resilient value creation and returns for shareholders through cycles. Underpinned by our leading position in the best part of the Delaware Basin, and a deep set of complementary assets, we expect to capture annual pre-tax synergies of $bn. This will drive higher free cash flow and greater shareholder returns beyond what either company could achieve alone," Clay Gaspar, Devon President and CEO.