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Energy Pulse: The US oil industry is consolidating as growth slows
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Report summary
Oklahoma City has taken a couple of blows this month, with two of its leading oil and gas companies, Devon Energy and Expand Energy, announcing they are relocating their headquarters to Houston. The moves are symbolic of the consolidation trend moving through the US oil industry. Devon is moving following its US$58 billion merger with Coterra Energy, a deal that will make it the largest independent oil and gas producer in the US. The deal is a sign of the continuing evolution of US tight oil, in particular, as the sector matures. Investors in US tight oil generally want scale, stability, efficiency, capital discipline and shareholder distributions. Those demands will continue to shape the industry in the months and years to come.
Table of contents
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The US$58 billion Devon-Coterra merger reflects investors’ demands for scale and stable cash flows
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