Devon's 2026 Map: 1.38 Mmboe/D, $4.9B Spend, and a Merger That Must Earn a 35% Upside

The Coterra merger changes Devon's scale first; cash conversion comes next

The key question is not whether Devon is bigger after the Coterra deal. It is whether the combined company can turn scale into more cash in the register. Devon now expects 1.380 million BOE/D of 2026 production on roughly $4.9 billion of capital spending, with more than 60% directed to the Permian Basin. That is a credible operating plan, but size alone does not create value.