DEVON ENERGY CORP/DE

Devon Energy Corp. announced it will report its second-quarter 2026 financial results on Tuesday, August 4, after the close of U.S. financial markets. The earnings release and presentation will be accessible on the company's website. A conference call to discuss the results and answer questions from analysts and investors is scheduled for Wednesday, August 5, at 10 a.m. CDT (11 a.m. EDT), with a webcast link available on their website.

Devon Energy Corporation completed the settlement of its previously announced private exchange offers for outstanding notes issued by its subsidiary, Coterra Energy Inc. Approximately $2.95 billion aggregate principal amount of Existing Coterra Notes were tendered, accepted, and retired. In connection with the settlement, Devon issued new unsecured notes totaling $2.95 billion aggregate principal amount, which will rank equally with its other unsecured and unsubordinated debt obligations.

Devon Energy announced the final results of its exchange offers for outstanding notes issued by its subsidiary, Coterra Energy Inc. Eligible holders tendered a significant portion of the existing Coterra notes in exchange for new Devon notes and cash. The settlement of these exchange offers is expected to occur on or about June 25, 2026.

Devon Energy provided an updated outlook for the combined company following its merger with Coterra Energy. The company expects 2026 production to average 1.380 million barrels of oil equivalent per day, with capital spending projected at approximately $4.9 billion, primarily focused on the Permian Basin. Devon aims to return up to 70% of free cash flow to shareholders through a fixed dividend and an $8 billion share repurchase program. The company also plans to retire $1.25 billion of debt in 2026 and accelerate synergy capture to $1.0 billion annually by year-end 2027.

Devon Energy announced the early tender results for its exchange offers and consent solicitations for Coterra Energy notes. As of June 5, 2026, significant principal amounts of each series of Existing Coterra Notes were validly tendered, with percentages ranging from 65.76% to 97.78%. Coterra also received the necessary consents to amend the indentures for five series of notes. The deadline for the exchange offers has been extended to June 23, 2026, with the total exchange consideration remaining the same for all validly tendered notes.

Devon Energy Corporation filed a prospectus supplement on June 5, 2026, registering the issuance of up to 175,000 shares of its common stock. These shares are convertible from Coterra Energy Operating Co.'s 8 1/8% Series A Cumulative Perpetual Convertible Preferred Stock. The conversion terms were established following the merger of Devon's subsidiary with Coterra Energy Inc., and the filing includes a legal opinion on the validity of these shares.

Devon Energy announced the successful completion of its transformational merger with Coterra Energy on May 7, 2026. Following the merger, the company increased its quarterly dividend by 33% to $0.32 per share and authorized a new $8 billion share repurchase program, reflecting confidence in its free cash flow potential. Devon expects to capture $1 billion in sustainable pre-tax synergies by the end of 2027 from the merger, in addition to $1 billion in annual pre-tax free cash flow improvements from its business optimization program. The company also reported strong 2025 operating results, including $2.6 billion in net earnings and $3.1 billion in free cash flow. The definitive proxy statement outlines proposals for the 2026 Annual Meeting of Stockholders on June 30, 2026, including the election of 11 directors, ratification of the independent auditor, and an advisory vote on executive compensation.

Devon Energy Corp. filed unaudited pro forma combined financial statements reflecting its merger with Coterra Energy Inc., which was completed on May 7, 2026. The pro forma balance sheet is presented as if the merger occurred on March 31, 2026, while the pro forma statements of operations for Q1 2026 and FY 2025 assume the merger was completed on January 1, 2025. The statements are illustrative and do not represent actual future financial positions or results.

Devon Energy announced the commencement of exchange offers for any and all outstanding notes issued by Coterra Energy, following the completed merger where Coterra became a wholly owned subsidiary of Devon. Eligible Holders can exchange their Existing Coterra Notes for new Devon Notes and cash. Concurrently, Coterra is soliciting consents to amend the indentures governing most of the Existing Coterra Notes. The Early Tender Date for the offers is June 5, 2026, and the Expiration Date is June 23, 2026.

Devon Energy Corporation announced the successful acquisition of 16,300 net undeveloped acres in the core of the Delaware Basin in Lea and Eddy Counties, New Mexico, for approximately $2.6 billion. This acquisition, secured through a BLM lease sale, is expected to bolster the company's premier Delaware Basin positions, extend inventory life, and be accretive to net asset value per share. The transaction, valued at approximately $161,500 per net acre, will be funded with cash on hand while maintaining a strong credit profile, aligning with Devon's disciplined cash-return framework.