Stock Movers Devon Energy and Coterra Energy Fall on $58B Merger; Crypto-Linked Stocks Fall After Bitcoin Tumbles Over Weekend; Oracle Kicks Off US Dollar Bond Sale
Feb 2, 2026
John Tucker, a market reporter and Bloomberg contributor who covers energy deals, crypto moves and corporate finance. He breaks down the $58B Devon–Coterra all‑stock merger and market reaction. He explains the crypto selloff that hit exchange stocks after Bitcoin tumbled. He outlines Oracle's large US dollar bond offering to fund cloud and AI infrastructure.
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Major Shale Consolidation Deal
- Devon and Coterra will merge in an all-stock deal creating a roughly $58 billion combined company.
- The deal targets $1 billion pre-tax savings and strengthens positions in the Permian Basin.
Leadership And Competitive Motive
- The combined company will keep the Devon name with Clay Gasper becoming CEO after close.
- Executives expect the merger to improve competitiveness against larger peers like Exxon.
Crypto Downturn Hits Exchanges Hard
- Bitcoin's slump has pushed trading volumes sharply lower, hitting exchange stocks harder than crypto itself.
- Coinbase shares fell steeply as transaction-fee revenue dried up amid the crypto downturn.