Devon Energy and Coterra Announce Merger Agreement

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announced the signing of a definitive Agreement and Plan of Merger. The all-stock transaction, which is expected to close in the second quarter of 2026, is subject to regulatory approvals and shareholder approvals of both companies. The combined company, to be named Devon Energy, will be headquartered in Houston and maintain a significant presence in Oklahoma City. Devon shareholders are expected to own approximately 54% of the combined company, with Coterra shareholders owning approximately 46%. The merger is anticipated to deliver $1.0 billion in annual pre-tax synergies and accretive financial metrics, including free cash flow and net asset value. Key executive changes include Shannon E. Young, III, currently Chief Financial Officer of Coterra, serving as the principal financial officer of the combined company, and Jeffrey L. Ritenour transitioning to the role of overseeing Commercial operations. The transaction is expected to create a leading large-cap shale operator with a high-quality asset base and a premier position in the Delaware Basin.

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About Devon Energy Corporation

Devon Energy Corporation is a prominent player in the energy sector, specializing in the exploration, development, and production of oil and natural gas. With its corporate headquarters located in Oklahoma City, Oklahoma, Devon Energy operates principally across the United States. Its portfolio encompasses some of the most resource-rich areas, such as the Delaware Basin within the greater Permian Basin, Eagle Ford, Anadarko Basin, Powder River Basin, and the Williston Basin. The company's primary function is to harness and maximize value from its substantial onshore oil and gas reserves, making substantial contributions to the energy supply chain. Devon Energy is noted for its strategic focus on efficient and sustainable practices in hydrocarbon extraction and production. It plays a critical role in the U.S. energy landscape, providing resources essential for various sectors including transportation, manufacturing, and residential energy needs. Through innovative drilling and operating techniques, Devon Energy pursues operational excellence while remaining committed to reducing its environmental footprint and enhancing the safety of its operations.