Post-merger Devon sees big role for AI as it tackles integration, seeks $1 billion in synergies

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  "company": {
    "name": "Devon Energy",
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    "url": "https://drillingcontractor.org/post-merger-devon-sees-big-role-for-ai-as-it-tackles-integration-seeks-1-billion-in-synergies-78873",
    "title": "Post-merger Devon sees big role for AI as it tackles integration, seeks $1 billion in synergies - Drilling Contractor",
    "assets": "undeveloped acres",
    "excerpt": "By Jessica Whiteside, Contributor Investments in AI will be key to the new Devon Energy’s strategy for boosting operating results as the Devon and Coterra Energy organizations are integrated following their mega-merger. Prior to the closure of the deal on 7 May, former Coterra CEO and President, Tom Jorden, now Devon’s Non-Executive Chairman of the Board, said the combined company would be characterized by a “relentless emphasis on technology and innovation.” Pre-merger, both Devon and Coterra had built reputations as AI leaders in the exploration and production space, including applications of AI for subsurface modeling, drilling and completions, and production operations. “By combining our complementary technological capabilities and expansive datasets, we create an industry-leading technology platform that accelerates AI deployment across our combined portfolio,” Clay Gaspar, Devon Energy President and CEO, said prior to completion of the merger. “This enhanced capability will drive meaningful value through optimized wellbore placement, reduced nonproductive time, improved artificial lift efficiency and faster, more informed capital allocation decisions.” Maximizing value from scale The merger makes Devon Energy one of the biggest large caps in its peer group, with an enterprise value of just over $60 billion, proforma production of more than 1.6 million barrels of oil...",
    "summary": "Devon Energy acquired 16,300 net undeveloped acres in New Mexico for approximately $2.6 billion through a US Bureau of Land Management oil and gas lease sale.",
    "location": "New Mexico, USA",
    "planning": false,
    "image_url": "https://drillingcontractor.org/wp-content/uploads/2026/07/Devon-featured-image.jpg",
    "confidence": 1,
    "published_at": "2026-07-06T20:35:41Z",
    "location_data": [
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        "state": "New Mexico",
        "region": "Northern America",
        "country": "United States",
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    "article_sentence": "Just two weeks after the merger, Devon strengthened its Delaware position even further by acquiring 16,300 net undeveloped acres in New Mexico for approximately $2.6 billion through a US Bureau of Land Management oil and gas lease sale.",
    "amount_normalized": 2600000000,
    "related_company_name": "US Bureau of Land Management",
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