Coterra, Devon Are Said to Be in Advanced Talks on Merger (2)

Coterra Energy Inc. and Devon Energy Corp. are in advanced talks about a combination, according to people familiar with the matter, in what would be one of the largest oil and natural gas deals in years.

The companies could announce a deal in the coming days, said the people, who asked to not be identified because the talks are private. No final decision has been made and the timing could change or talks could fall through, the people added.

Coterra rose as much as 4.6% in New York on Thursday, giving the company a market value of about $22 billion. ...