Devon Agrees to Buy US Shale Rival Coterra for $21.4 Billion (2)

Devon Energy Corp. agreed to acquire Coterra Energy Inc. for about $21.4 billion in stock to create one of the world’s biggest shale companies as dwindling drilling sites spur producers to consolidate.

The deal calls for Coterra stockholders to receive 0.7 Devon shares for each share they own, according to a statement Monday. It amounts to a roughly 12% premium for Coterra investors based on the stock value in mid-January before news broke that the companies were in talks, but it’s a slight discount to Friday’s closing price, according to energy data platform Enverus.

Coterra’s shares fell Monday as much ...