MergerMay 4, 2026, 04:08 PM
Devon Energy & Coterra Energy Shareholders Approve All-Stock Merger
AI Summary
Devon Energy and Coterra Energy announced that shareholders of both companies have approved all proposals required to complete their previously announced all-stock merger. The transaction received overwhelming support, with over 98% of Devon votes and over 99% of Coterra votes cast in favor. The merger is expected to close on or around May 7, 2026, creating a premier, large-cap shale operator with greater scale and enhanced margins.
Key Highlights
- Shareholders of both Devon Energy and Coterra Energy approved the previously announced all-stock merger.
- More than 76% of Devon shares were represented, with over 98% of votes cast in favor of the transaction.
- More than 82% of Coterra shares were represented, with over 99% of votes cast in favor of the transaction.
- The merger is expected to close on or around May 7, 2026.
- Each Coterra common stock share will convert into 0.70 shares of Devon common stock.
- Devon shareholders will own approximately 54% and Coterra shareholders 46% of the combined company.