Leadership and Governance
Upon closing, Gaspar will serve as president and chief executive officer of the combined entity. Jorden will transition to the role of non-executive chair.
The board will consist of 11 directors — six appointed from Devon and five from Coterra — reflecting the negotiated balance of influence.
Timeline and Approvals
The Devon and Coterra $58B Merger is expected to close in the second quarter of 2026, subject to regulatory clearances, customary closing conditions and approval by shareholders of both companies.
Evercore is serving as financial adviser to Devon. Goldman Sachs and J.P. Morgan Securities are advising Coterra.
Devon’s legal team from Skadden includes partners Steve Gill, Dohyun Kim, Mingda Zhao, Elizabeth Gonzalez-Sussman, Emery Choi, Erica Schohn, Joseph Penko, Michael Hong, Steven Messina, Trevor Allen and David Wales.
Coterra’s counsel at Gibson Dunn includes partners Tull Florey, Hillary Holmes, Andrew Kaplan, Rahul Vashi, Shalla Prichard, Krista Hanvey and Joshua Lipton.
As consolidation accelerates across the shale patch, the merger signals another chapter in the industry’s evolution — where scale is strategy, acreage is currency and the race for operational supremacy continues beneath the surface of America’s energy heartland.
