Coterra Energy — Feb 26, 2026 release

We anticipate that capital will be modestly weighted towards the first half of 2026. • Based on recent strip prices and mid-point of capital expenditures, expect reinvestment rate of approximately 50% and Free Cash Flow (non-GAAP) of $2.35 billion. Transformative Merger with Devon Energy On February 2, 2026, we announced that we had entered into an agreement with Devon Energy (NYSE: DVN) ("Devon") to combine via an all-stock merger, creating an industry-leading shale operator with a flagship Delaware Basin asset. The combined entity is expected to unlock substantial value for shareholders, including enhanced Free Cash Flow supported by a balanced commodity mix and diversified assets, unleashing complementary AI capabilities across the enterprise, exceptional synergy potential, and maintaining a strong balance sheet. Transition planning efforts are underway, led by a team comprised of senior leaders from both companies. In addition to their integration responsibilities, the integration team will also be heavily focused on organization structure and fit, targeting pre-tax synergy capture of $1 billion per year on a run-rate basis by year-end 2027. The combined company proposes a compelling investment opportunity, offering scale, quality, and an industry-leading balance sheet. 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