Devon Energy’s stock price rose slightly after the OKC-based company announced a merger with Coterra Energy.
In the announcement, Devon said its corporate headquarters will be moved to Houston after the merger is complete sometime in spring 2026. Devon Energy employs 1,600 people in Oklahoma City and occupies the 50-story Devon Energy Center, which is Oklahoma’s tallest skyscraper.
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By mid-morning on Feb. 2, Devon’s stock price was trending around half a percentage point higher than Friday’s closing bell price of $40.21.
The stock did fall into negative territory several times, however, as investors raced to secure their position in the merger’s fallout. Since the start of the year, Devon’s stock price has risen more than 6%.
On the New York Stock Exchange, Coterra Energy was down nearly 3% from Friday’s close of $28.85 per share.
Under the terms of the deal, unanimously approved by both companies’ boards of directors, Coterra shareholders will receive 0.70 shares of Devon stock for each Coterra share they own. The merger is estimated to result in a company worth about $58 billion, with Devon shareholders owning about 54% of the company.
When the deal closes, the company plans to declare a quarterly dividend of $0.315 per share and authorize the repurchase of $5 billion worth of shares.
This article originally appeared on Oklahoman: Devon Energy, Coterra stocks flex after merger announcement. Latest on markets
