Traders should monitor the progress of the Devon-Coterra merger, as the pro forma financials suggest a significant increase in scale and earnings potential. However, the actual financial impact will depend on the final terms and closing of the merger, which is subject to change based on stock price fluctuations and final valuations.
Price Chart
Executive Summary
Devon Energy filed an 8-K to release unaudited pro forma combined financial statements related to its proposed merger with Coterra Energy. The filing provides a financial preview of the combined entity as if the merger had closed on December 31, 2025, including balance sheet and income statement projections.
Key Facts
- Devon Energy and Coterra Energy announced a merger agreement on February 1, 2026, where Coterra shareholders will receive 0.70 shares of Devon stock for each Coterra share.
- The pro forma financial statements assume the merger closed on December 31, 2025, and are based on preliminary estimates.
- The combined pro forma net earnings attributable to Devon would be $3.768 billion for the year ended December 31, 2025.
- The pro forma combined company would have total assets of $66.715 billion and total liabilities and equity of $66.715 billion as of December 31, 2025.
- The merger consideration is valued at $23.386 billion based on Devon's stock price of $44.00 on March 3, 2026, and Coterra's outstanding shares.
Financial Impact
The pro forma combined net earnings attributable to Devon would be $3.768 billion for the year ended December 31, 2025, compared to $2.642 billion for Devon alone. The combined company would have total assets of $66.715 billion and total liabilities and equity of $66.715 billion as of December 31, 2025.
Risk Factors
- The pro forma financial statements are preliminary and subject to change as additional information becomes available.
- The final merger consideration could differ significantly from the $23.386 billion estimate due to fluctuations in Devon's stock price up to the closing date.
- The actual financial position and results of operations following the merger may differ materially from the pro forma estimates.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-151250 |
| Document: d129387d8k.htm | 0001193125-26-151250 |
| Document: 0001193125-26-151250-index-headers.html | 0001193125-26-151250 |
| Document: 0001193125-26-151250-index.html | 0001193125-26-151250 |
| Document: 0001193125-26-151250.txt | 0001193125-26-151250 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 18d ago | Insider Cluster | $49.73 $47.59 | ▼ −4.30% | ▼ −5.96% | $46.94 (−5.61%) |
Jul 13, 2026 11w ago | Institutional Cluster | $43.73 $43.83 | ▲ +0.23% | ▲ +1.01% | $46.94 (+7.34%) |
Jun 25, 2026 14w ago | 8-K | $42.21 $40.47 | ▼ −4.12% | ▼ −6.29% | $46.94 (+11.21%) |
Jun 9, 2026 16w ago | Press Release | $46.60 $42.89 | ▼ −7.96% | ▼ −11.39% | $46.94 (+0.73%) |
Jun 5, 2026 16w ago | 8-K | $45.08 $43.53 | ▼ −3.44% | ▼ −5.55% | $46.94 (+4.13%) |
May 22, 2026 18w ago | 8-K | $47.29 $46.31 | ▼ −2.07% | ▼ −3.73% | $46.94 (−0.73%) |
May 21, 2026 19w ago | 8-K | $47.09 $44.50 | ▼ −5.50% | ▼ −7.35% | $46.94 (−0.31%) |
May 21, 2026 19w ago | Press Release | $47.09 $44.50 | ▼ −5.50% | ▼ −7.35% | $46.94 (−0.31%) |
May 15, 2026 19w ago | Insider Cluster | $49.67 $45.14 | ▼ −9.12% | ▼ −10.74% | $46.94 (−5.49%) |
May 15, 2026 19w ago | Insider Cluster | $49.67 $45.14 | ▼ −9.12% | ▼ −10.74% | $46.94 (−5.49%) |
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