Announcement • May 08

Devon Energy Corporation (NYSE:DVN) acquired Coterra Energy Inc. (NYSE:CTRA).

Devon Energy Corporation (NYSE:DVN) entered into definitive agreement to acquire Coterra Energy Inc. (NYSE:CTRA) for $21.6 billion on February 1, 2026. Under the terms of the agreement, Coterra shareholders will receive a fixed exchange ratio of 0.70 share of Devon common stock for each share of Coterra common stock. The transaction implies a combined enterprise value of approximately $58 billion. Upon completion, Devon shareholders will own approximately 54% of the go-forward company and Coterra shareholders will own approximately 46% on a fully diluted basis. In case of termination, either Devon or Coterra will pay $865 million. Following the merger, the board of directors will consist of 11 members, six directors from Devon and five from Coterra. Clay Gaspar will serve as President and CEO, and Tom Jorden will assume the role of Non-Executive Chairman of the Board. Devon will appoint the lead independent director. The CEO and executive leadership will be based in Houston with executive leadership comprised of talent from both Devon and Coterra. The combined company will be named Devon Energy and will be headquartered in Houston. The transaction unanimously approved by the boards of directors of both companies, is expected to close in the second quarter of 2026, subject to regulatory approvals, anti trust approval, effectiveness of registration statement, listing approval and customary closing conditions, including approvals by Devon and Coterra shareholders. The transaction is expected to be accretive to all shareholders on key per-share financial measures, including free cash flow and net asset value. Both Devon Energy and Coterra will hold a special meeting of its stockholders, respectively, on May 4, 2026 in connection with the transactions contemplated by the Merger Agreement. As of May 4, 2026, Devon Energy Corporation and Coterra Energy Inc. shareholders approved the transaction. The merger is expected to close on or around May 7, 2026. Dan Ward, Francis Stapleton IV, Bill Anderson, and Robert McElmurry of Evercore Group L.L.C. acted as financial advisor and fairness opinion provider for Devon Energy Corporation. Devon has agreed to pay Evercore a fee for its services in the aggregate amount of approximately $35 million, of which (i) $5 million was earned upon the execution of the Merger Agreement and paid promptly thereafter, (ii) $3 million was payable upon delivery of Evercore’s opinion in connection with the Merger Agreement and is fully creditable against any fee payable upon the consummation of the merger and (iii) the remainder will be payable contingent upon the consummation of the merger, plus an additional fee of up to $5 million. Stephen M. Gill, Dohyun Kim, Mingda Zhao and Elizabeth Gonzalez-Sussman of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor for Devon Energy Corporation. Suhail Sikhtian, Scott Hankey, and Avinash Mehrotra of Goldman Sachs & Co. LLC acted as financial advisor and fairness opinion provider for Coterra Energy Inc. Coterra paid fees of $42.5 million to Goldman Sachs & Co. for rendering its fairness opinion. Jonathan Cox of J.P. Morgan Securities LLC acted as financial advisor for Coterra Energy Inc. Tull Florey, Hillary Holmes, Andrew Kaplan, Jonathan Sapp, Rahul Vashi, Gregory Nelson, Shalla Prichard, Krista Hanvey, John Curran and Joshua Lipton of Gibson, Dunn & Crutcher LLP led by acted as legal advisor for Coterra Energy Inc. Fried, Frank, Harris, Shriver & Jacobson LLP advised Evercore. Computershare Trust Company, National Association served as transfer agent Devon Energy. Innisfree M&A Incorporated served as information agent to Coterra Energy and Coterra paid fees of $0.075 million. MacKenzie Partners, Inc. served as information agent to Devon Energy. Equiniti Trust Company, LLC served as transfer agent to Coterra Energy. Devon Energy Corporation (NYSE:DVN) completed the acquisition of Coterra Energy Inc. (NYSE:CTRA) on May 7, 2026. The combined company will operate under the name Devon Energy and will continue to trade on the New York Stock Exchange under the ticker symbol “DVN.”

Coterra Energy Inc. Stock Price

CTRA Share Price Performance

CTRA Community Narratives

Coterra Energy will boost earnings with LNG and high-margin projects

CTRA: Expanding U.S. Gas Demand Will Lift Production And Shareholder Returns

Long Term LNG Contracts And Rising Costs Will Pressure Future Margins

Coterra Energy will boost earnings with LNG and high-margin projects

CTRA: Expanding U.S. Gas Demand Will Lift Production And Shareholder Returns

Long Term LNG Contracts And Rising Costs Will Pressure Future Margins

LNG Contracts And Cost Efficiencies Will Support Stronger Long Term Outcomes

Trending Discussion

Recently Updated Narratives

Coterra Energy will boost earnings with LNG and high-margin projects

CTRA: Devon Merger And Higher Oil Decks Will Support Future Upside

Long Term LNG Contracts And Rising Costs Will Pressure Future Margins

Snowflake Analysis

Coterra Energy Inc. Key Details

About CTRA

Recent CTRA News & Updates

Devon Energy Corporation (NYSE:DVN) acquired Coterra Energy Inc. (NYSE:CTRA).

First quarter 2026 earnings: EPS and revenues miss analyst expectations

Recent updates

Coterra Energy Inc. Competitors

ConocoPhillips

Valero Energy

Marathon Petroleum

Phillips 66