EXCLUSIVE-US shale producers Devon Energy and Coterra Energy in merger talks, sources say

Reuters01-16

By David French

NEW YORK, Jan 15 (Reuters) - Devon Energy DVN.N and Coterra Energy CTRA.N are exploring a potential merger, potentially creating one of the largest independent U.S. shale producers, people familiar with the matter said.

The two companies are said to be in early-stage talks for a combination, said the sources who cautioned that a transaction was not guaranteed. Devon has a market value of around $24 billion, while Coterra is worth about $20 billion.

The sources also spoke on condition of anonymity to discuss confidential deliberations.

Devon and Coterra didn't immediately respond to requests for comment.

(Reporting by David French in New York. Editing by Dawn Kopecki and Chizu Nomiyama )

((davidj.french@tr.com))

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