Commodities whip, AI capex pressure, earnings spotlight

And first up, we got a deal in the energy space, Devin Energy.

Yes, merger Monday.

Merger Monday here.

So Devin buying Cotera in an all-stock deal here.

It's valued at $21.4 billion.

It's always interesting when you've got the backdrop of a big oil deal, oil prices going down.

But hey, you know, sometimes that's the breaks.

Yeah, I mean, both stocks are going down right now.

You might expect Devon to go down and maybe the other one up a little bit.

But nevertheless, let's highlight some of the deal terms here.

We got all stock merger, $58 billion combined enterprise value.

And the exchange ratio is going to be 0.7%.

Devon shares per each Coterra share, and Devon owners are going to end up with 54% of the combined company.

What you're looking there on the Wi-Fi Interactive is a one-year chart of Devon Energy.

You can see it's down 2% in the extended morning market, and it's up about 14%, just recently climbed out of this long trading range.

I'll give you a five-year look, too, and you can see it's been trending down a lot of energy stocks.

are pretty sideways trading.

And that's because they pay a lot in dividends.

And so you don't necessarily see that reflected in the stock price.

But energy companies are expected by investors to return cash to them.

And that can be through buybacks and also those dividends that I was talking about.

Oh, a couple more details.

Leadership, Devon CEO Clay Gasper is going to run the whole operation.

And Tom Jordan, who's the Cotera CEO, is going to become the non-executive chair.

Headquarters will be in Houston with a big presence in Oklahoma City.