Devon Energy — May 5, 2026 release

The go-forward company, to be named Devon Energy, is expected to unlock substantial value for shareholders by leveraging enhanced scale to improve margins, increase free cash flow, and accelerate cash returns through the capture of $1.0 billion in sustainable annual pre-tax synergies, expected to be fully achieved by year-end 2027. Shareholders of both companies approved the transaction on May 4, 2026, and the merger is expected to close on or around May 7, 2026. Upon completion of the transaction, Devon shareholders will own approximately 54 percent of the combined company and Coterra shareholders will own approximately 46 percent of the combined company on a fully diluted basis. FINANCIAL RESULTS Devon reported net earnings of $120 million, or $0.19 per diluted share, in the first quarter of 2026. Adjusting for items analysts typically exclude from estimates, the company’s core earnings were $641 million, or $1.04 per diluted share.   1 Devon’s operating cash flow totaled $1.7 billion in the first quarter. The company funded its capital requirements and had $816 million in free cash flow for the quarter. At the end of the first quarter, Devon had a cash balance of $1.8 billion and an undrawn credit facility of $3.0 billion. Outstanding debt totaled $8.4 billion and the company’s net debt-to-EBITDAX ratio was 0.9 times. RETURN OF CAPITAL Devon has not yet declared a quarterly dividend during the second quarter due to the pending merger wit