By Freya Zhang, Akshi Bansal, Chak Li, Ka Ho Chan and Liu Sharon (HKUST); Utku Kaya, Omar Kanaa, Nayoung Kim, Harvey Han and Tomiwa Oshai (King’s College London) Photo: Zbynek Burival (Unsplash) Overview of the deal Acquirer:  Devon Energy Target:  Coterra Energy Total Transaction Size : $58 billion (Combined Enterprise Value) Announced Date  February 2nd, 2026 Expected Close Date: Q2 2026 Target Advisor:  Goldman Sachs, J.P. Morgan (Financial); Gibson, Dunn & Crutcher LLP