The merger close removes overhang and sets stage for synergy realization. Watch for Q2 2026 combined financials and progress on $1B synergy target; successful integration could drive multiple expansion.
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Executive Summary
Devon Energy completed its all-stock merger with Coterra Energy on May 7, 2026, creating a premier large-cap shale operator. The combined company targets $1 billion in annual pre-tax synergies by year-end 2027, with Devon shareholders owning approximately 54% and former Coterra shareholders 46%.
Key Facts
- All-stock merger closed on May 7, 2026; each Coterra share converted to 0.70 Devon shares.
- Combined company named Devon Energy; DVN remains ticker; headquartered in Houston.
- New board of 11 directors (6 from Devon, 5 from Coterra); Shannon E. Young III appointed CFO.
- Authorized common shares increased from 1 billion to 2 billion to facilitate the merger.
- Targeting $1 billion in annual pre-tax synergies by the end of 2027.
Financial Impact
No dollar deal value disclosed; Devon shareholders own ~54% and Coterra ~46% of combined company; $1B annual pre-tax synergies targeted by 2027.
Risk Factors
- Integration challenges or cost overruns delaying synergy realization.
- Volatility in oil and gas prices impacting combined cash flow.
- Potential dilution from increased authorized shares if additional equity is issued.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-211971 |
| Document: d799973dex991.htm | 0001193125-26-211971 |
| Document: d799973dex231.htm | 0001193125-26-211971 |
| Document: 0001193125-26-211971-index-headers.html | 0001193125-26-211971 |
| Document: 0001193125-26-211971-index.html | 0001193125-26-211971 |
| Document: 0001193125-26-211971.txt | 0001193125-26-211971 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 18d ago | Insider Cluster | $49.73 $47.59 | ▼ −4.30% | ▼ −5.96% | $47.65 (−4.18%) |
Jul 13, 2026 11w ago | Institutional Cluster | $43.73 $43.83 | ▲ +0.23% | ▲ +1.01% | $47.65 (+8.96%) |
Jun 25, 2026 14w ago | 8-K | $42.21 $40.47 | ▼ −4.12% | ▼ −6.29% | $47.65 (+12.89%) |
Jun 9, 2026 16w ago | Press Release | $46.60 $42.89 | ▼ −7.96% | ▼ −11.39% | $47.65 (+2.25%) |
Jun 5, 2026 16w ago | 8-K | $45.08 $43.53 | ▼ −3.44% | ▼ −5.55% | $47.65 (+5.70%) |
May 22, 2026 19w ago | 8-K | $47.29 $46.31 | ▼ −2.07% | ▼ −3.73% | $47.65 (+0.77%) |
May 21, 2026 19w ago | 8-K | $47.09 $44.50 | ▼ −5.50% | ▼ −7.35% | $47.65 (+1.20%) |
May 21, 2026 19w ago | Press Release | $47.09 $44.50 | ▼ −5.50% | ▼ −7.35% | $47.65 (+1.20%) |
May 15, 2026 19w ago | Insider Cluster | $49.67 $45.14 | ▼ −9.12% | ▼ −10.74% | $47.65 (−4.06%) |
May 15, 2026 19w ago | Insider Cluster | $49.67 $45.14 | ▼ −9.12% | ▼ −10.74% | $47.65 (−4.06%) |
US Market Status
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