Devon Energy and Coterra Energy to Merge in $58 Billion Deal
Devon Energy and Coterra Energy have announced a definitive agreement to merge in an all-stock deal valued at approximately $58 billion, including debt, as they aim to strengthen their position in the Delaware Basin amid stagnant oil prices. The merger, which has been unanimously approved by both boards and is expected to close in Q2 2026, will create a company with an enterprise value of $58 billion, with Devon shareholders owning about 54% of the combined entity. Devon CEO Clay Gaspar will lead the new company, while Coterra CEO Tom Jorden will serve as non-executive chairman, and the companies anticipate generating $1 billion in annual pre-tax synergies by 2027.
Glencore nears Citi appointment for Rio Tinto merger talks
Glencore is reportedly close to appointing Citi as its lead investment bank for merger talks with Rio Tinto, which could result in a deal valued at approximately $300 billion. Sources indicate that the current deadline for a potential bid, set for February 5, may be extended as negotiations continue, with Rio Tinto having engaged JP Morgan, Evercore, and Macquarie as advisers. The advisory roles for such a significant transaction are highly sought after, with potential fees exceeding $100 million.
Trump Launches Project Vault to Secure Critical Minerals
US President Donald Trump announced the creation of a critical mineral reserve, dubbed Project Vault, which will combine $10 billion in financing from the US Export-Import Bank and $2 billion from the private sector. This initiative aims to reduce America's reliance on China for essential minerals used in electric vehicles and advanced technology, with participation from over a dozen companies including General Motors and Boeing. The project represents a significant commitment to stockpile critical minerals and is expected to be authorized by the Ex-Im board later today.
Palantir Reports Record Fourth Quarter Revenue of $1.41 Billion
Palantir Technologies Inc. reported a record revenue of $1.41 billion for the fourth quarter, driven by a 66% increase in sales from U.S. government contracts, totaling $570 million. The company anticipates revenue between $7.18 billion and $7.20 billion for 2026, representing over a 60% increase from the previous year. CEO Alex Karp defended the firm's surveillance technology amid scrutiny of its contracts with U.S. Immigration and Customs Enforcement.
