BREAKINGVIEWS-A $47 bln deal heralds US oil boom’s middle age

Reuters02:24

BREAKINGVIEWS-A $47 bln deal heralds US oil boom’s middle age

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

By Robert Cyran

NEW YORK, Feb 2 (Reuters Breakingviews) - Devon’s all-share purchase of fellow shale driller Coterra promises to unleash savings worth maybe $8 bln. Most of that value is going back to shareholders, rather than into new extraction. It’s a sign that the dramatic transformation of American energy is peaking at last.

Full view will be published shortly.

Follow Robert Cyran on Bluesky.

CONTEXT NEWS

U.S. shale oil producers Devon Energy and Coterra Energy said on February 2 that they had agreed to merge in an all-stock deal valued at approximately $58 billion including debt.

Coterra shareholders will receive 0.7 shares of Devon for each share they own. Upon completion of the deal, Devon shareholders will own approximately 54% of the combined company.

Devon said it plans to increase its dividend by 31% to 31.5 cents per quarter, and initiate a new share repurchase agreement exceeding $5 billion, following the close of the deal.

Evercore served as financial advisor to Devon. Goldman Sachs advised Coterra.

(Editing by Jonathan Guilford; Production by Pranav Kiran)

((For previous columns by the author, Reuters customers can click on CYRAN/robert.cyran@thomsonreuters.com; Reuters Messaging: robert.cyran.thomsonreuters.com@reuters.net))

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