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AI brief of an SEC Form 8-K · Devon Energy (DVN)

Devon Energy agrees to all-stock merger with Coterra Energy in $58 billion deal

Neutral Impact 5 of 5 m&a Written later

Devon Energy and Coterra Energy signed a merger agreement on February 1, 2026, under which Coterra would merge into a Devon subsidiary and each Coterra share would convert into 0.70 Devon shares. Devon stockholders would own about 54% of the combined company and Coterra stockholders about 46%, and Devon expects $1 billion in annual pre-tax synergies by year-end 2027. Closing requires stockholder and regulatory approvals and is expected in the second quarter of 2026.

Key points

  • Exchange ratio of 0.70 Devon share for each Coterra share; the press release implies a combined enterprise value of about $58 billion based on Devon's January 30, 2026 closing price
  • Expected pre-tax synergies of $1 billion annually by year-end 2027
  • Termination fee of $865 million in certain circumstances; merger may be terminated if not completed by August 1, 2026, extendable for antitrust approvals
  • Post-merger board of 11 directors, with Clay Gaspar as CEO and Tom Jorden as Chair

The filing

CompanyDevon Energy (DVN)
Form8-K, current report
Filed with the SECFeb 2, 2026, 7:53 AM ET
Accession number0001193125-26-032720

Items reported: 1.01 Material Definitive Agreement5.02 Director / Officer Change7.01 Regulation FD Disclosure

Read the filing on SEC.gov ↗

Written by AI on Nov 8, 2026, 1:30 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on February 02, 2026.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.