With shareholder approvals secured and close expected within days, the spread should narrow. Monitor for any last-minute regulatory or litigation hurdles, but deal completion appears highly likely. Post-close, focus shifts to integration and synergy realization.
Price Chart
Executive Summary
Shareholders of both Devon Energy and Coterra Energy voted overwhelmingly to approve the all-stock merger, with >99% and >98% of votes cast in favor, respectively. The merger is expected to close on or around May 7, 2026, marking a major step toward creating a premier large-cap shale operator with ~$26.9B combined market cap.
Key Financial Metrics
Key Facts
- Coterra shareholders approved merger with >99% of votes cast in favor; >82% of shares represented.
- Devon shareholders approved with >98% of votes cast in favor; >76% of shares represented.
- Expected close on or around May 7, 2026.
- Exchange ratio: 0.70 shares of Devon for each Coterra share.
- Pro forma ownership: Devon ~54%, Coterra ~46% on a fully diluted basis.
Financial Impact
All-stock transaction valued at approximately $26.9B based on Coterra's market cap; no cash component. Deal is expected to close imminently.
Risk Factors
- Delays in regulatory approvals or closing conditions.
- Potential shareholder litigation seeking to block the merger.
- Integration risks and failure to achieve projected synergies.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 425 Filing (Primary) | 0001104659-26-055002 |
| Document: 0001104659-26-055002-index-headers.html | 0001104659-26-055002 |
| Document: 0001104659-26-055002-index.html | 0001104659-26-055002 |
| Document: 0001104659-26-055002.txt | 0001104659-26-055002 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 19, 2026 19w ago | EFFECT | — | awaiting T+5 | — | — |
May 5, 2026 21w ago | 425 | $35.63 $32.56 | ▼ −8.62% | ▼ −10.60% | — |
May 4, 2026 21w ago | 425 | $35.63 $32.56 | ▼ −8.62% | ▼ −10.60% | — |
Apr 28, 2026 22w ago | 425 | $35.68 $35.63 | ▼ −0.14% | ▼ −3.25% | — |
Apr 24, 2026 22w ago | 8-K / 425 | $33.67 $35.86 | ▲ +6.50% | ▲ +6.10% | — |
Apr 24, 2026 22w ago | 10-K/A | $33.67 $35.86 | ▲ +6.50% | ▲ +6.10% | — |
Mar 30, 2026 26w ago | DEFM14A | $35.14 $33.46 | ▼ −4.78% | ▼ −8.72% | — |
US Market Status
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