Devon Energy Pumps $2B into Oklahoma's Anadarko Basin Boom

Devon Energy, headquartered in Oklahoma City, announced plans to invest $2 billion in expanded drilling operations across the Anadarko Basin, primarily in Oklahoma's Canadian, Kingfisher and Blaine counties. The focus targets the oil-prone Meramec formation and liquids-rich Cana-Woodford Shale, leveraging Devon's vast contiguous acreage in the over-pressured oil window. This move builds on operational gains, including a 15% increase in drilling speed and completed feet per day in 2024, with average drilling costs down 12% and completion spending reduced 15% over two years in key basins.

The investment coincides with Devon's blockbuster $26 billion all-stock merger with Houston-based Coterra Energy, unveiled Feb. 2, 2026, creating a shale powerhouse with 1.6 million barrels of oil equivalent daily production. The deal, valuing Coterra at $21.5 billion plus $5 billion in debt for a $58 billion enterprise value, bolsters Devon's footprint beyond the Permian’s Delaware Basin—where it plans 14 rigs and 265 gross wells online in 2025—into Oklahoma, Pennsylvania, North Dakota, Wyoming and Eagle Ford. CEO Rick Gaspar hailed the merger as positioning Devon for 'sustained success,' with a significant corporate presence staying in Oklahoma City despite a new Houston headquarters later this year.

For Oklahoma, the Anadarko push means economic ripple effects in oil patch communities long reliant on energy. Devon's low breakeven costs—$45 per barrel overall, $40 in core areas—insulate against volatility, while projected free cash flow supports further investment. The expansion arrives as Devon reports 2025 earnings beating Wall Street, signaling robust prospects for state jobs, royalties and supply chain activity amid national energy demands.