MergerMay 6, 2026, 05:12 PM
Coterra Energy Merger with Devon Approved by Stockholders
AI Summary
Coterra Energy Inc. announced that its stockholders, along with Devon Energy Corporation's stockholders, approved the all-stock merger, which is expected to close on May 7, 2026. Coterra stockholders will receive 0.70 shares of Devon common stock for each Coterra share. For the first quarter of 2026, Coterra reported a net income of $466 million and diluted EPS of $0.61, a decrease from $516 million and $0.68 respectively in Q1 2025, despite an increase in operating revenues to $1,947 million. The company also repaid the remaining $300 million of its Tranche B Term Loan in February 2026.
Key Highlights
- Stockholders approved all-stock merger with Devon Energy, expected to close May 7, 2026.
- Coterra stockholders to receive 0.70 shares of Devon common stock per Coterra share.
- Net income for Q1 2026 was $466 million, down from $516 million in Q1 2025.
- Diluted EPS for Q1 2026 was $0.61, compared to $0.68 in Q1 2025.
- Operating revenues increased to $1,947 million in Q1 2026 from $1,904 million in Q1 2025.
- Repaid remaining $300 million of Tranche B Term Loan in February 2026.
- Net cash provided by operating activities rose to $1,646 million from $1,144 million.
- The company has $1.0 billion remaining under its share repurchase program as of March 31, 2026.