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(Reuters) – Coterra Energy and Devon Energy could announce an agreement to merge as soon as next week, in what would be the largest oil and gas deal in the U.S. shale industry in almost two years, a source familiar with the matter told Reuters on Thursday.
The Financial Times was the first to report the talks between the two companies were at an advanced stage and that they could be billed as a merger of equals.
Coterra and Devon Energy did not immediately respond to Reuters’ requests for comment.
A possible combination, which would rank among the largest between U.S. energy producers in recent years, comes as U.S. crude prices are pressured by a near-term global oil glut and the prospect of more supplies entering the market in the coming years from Venezuela.
Shares of Coterra were up over 3% and Devon was up 2% in afternoon trading, supported by a rise in crude oil prices.
Earlier this month, Reuters reported the two companies were in talks for a possible merger.
Reporting by Dharna Bafna in Bengaluru and David French; Editing by Vijay Kishore and Alan Barona
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