TOMS Capital Presses $58 Billion Devon for Asset Sales or Company Sale
Updated
Updated · Reuters · Jun 17
TOMS Capital Presses $58 Billion Devon for Asset Sales or Company Sale
3 articles · Updated · Reuters · Jun 17
Summary
TOMS Capital has built a sizable Devon stake and in recent weeks has urged the shale producer to speed asset sales or consider selling the whole company, according to five sources.
Devon is only a month removed from its $58 billion merger with Coterra and is already reviewing its portfolio around its core Permian position, after investors warned the enlarged company could suffer a conglomerate discount.
Two sources said TOMS has gone further than other critics by sounding out oil and gas companies about a possible bid for Devon, though industry sources said a near-term sale would be an uphill battle.
Devon shares are up about 17% in 2026, trailing the S&P Energy index's 22% gain, as management meets institutional investors and prepares to outline strategy for the combined company.