DVN · Devon Energy Corporation

Devon Energy Corporation completed its all-stock merger with Coterra Energy Inc. on May 7, 2026, creating a premier large-cap shale operator with a high-quality asset base anchored by a leading position in the Delaware Basin. The transaction was approved by stockholders of both companies on May 4, 2026. Under the merger agreement, each share of Coterra common stock was converted into 0.70 shares of Devon common stock, with cash paid in lieu of fractional shares. Devon shareholders own approximately 54% of the combined company, while former Coterra shareholders own approximately 46% on a fully diluted basis. The combined company will operate under the name Devon Energy and trade on the NYSE under the ticker DVN, headquartered in Houston with a significant presence in Oklahoma City. The company targets $1 billion in identified annual pre-tax synergies by year-end 2027. The board of directors was expanded to 11 members, including six from Devon and five from Coterra, with Thomas E. Jorden appointed as non-executive Chair and Brent Smolik as Lead Independent Director. Key officer appointments include Shannon E. Young III as Executive Vice President and Chief Financial Officer, succeeding Jeffrey L. Ritenour who continues as Executive Vice President and Chief Corporate Development Officer. Gregory F. Conaway was appointed Vice President and Chief Accounting Officer. The authorized shares of common stock were increased from 1 billion to 2 billion to facilitate the merger. The merger is expected to generate resilient free cash flow and return meaningful capital to shareholders.