Coterra Energy — Feb 26, 2026 release

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 common stock. 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. The transaction is expected to close in the second quarter of 2026 and has been unanimously approved by the boards of directors of both companies. The closing of the transaction is subject to customary closing conditions, including approvals from Devon and Coterra shareholders. 2 Shareholder Return Highlights • Common Dividend: On February 26, 2026, Coterra's Board of Directors approved a quarterly dividend of $0.22 per share, equating to a 2.9% annualized yield, based on the Company's $29.90 closing share price on February 25, 2026. The dividend will be paid on March 25, 2026 to holders of record on March 11, 2026. • Share Repurchases: During the quarter, the Company repurchased 4 million shares for $93 mi