Devon Energy Corp SEC Filings

Devon Energy is asking stockholders to vote at its June 30, 2026 virtual annual meeting on three main items: elect 11 directors, ratify KPMG as auditor for 2026, and approve executive compensation in an advisory say‑on‑pay vote.

The proxy highlights completion of an all-stock merger with Coterra, creating a larger, multi-basin oil and gas producer anchored by a Delaware Basin position expected to generate more than half of production and cash flow. Devon targets $1 billion in sustainable pre-tax synergies by the end of next year, plus $1 billion in annual pre-tax free cash flow improvements from an ongoing optimization program.

The company increased its quarterly dividend to $0.32 per share and authorized an $8 billion share repurchase program, emphasizing capital returns. The filing also details board structure (11 members, 9 independent), committee responsibilities, director pay, environmental and sustainability goals including a net zero Scope 1 and 2 target by 2050, and the company’s cybersecurity and risk oversight framework.

Devon Energy Corporation has filed unaudited pro forma combined financial statements illustrating the impact of its completed merger with Coterra Energy Inc. Devon is the accounting acquirer and applies the acquisition method of accounting.

Each Coterra common share was converted into the right to receive 0.70 shares of Devon common stock, plus cash in lieu of fractional shares. The preliminary total merger consideration is $24,947 million, based on issuing 531.6 million Devon shares at $46.60 per share and share-based replacement awards. The preliminary purchase price allocation assigns $33,690 million to oil and gas property and equipment, within total assets acquired of $36,908 million, and total liabilities assumed of $11,961 million.

On a pro forma basis, combined revenues for the three months ended March 31, 2026 are $5,744 million with net earnings of $401 million, or basic earnings per share of $0.35 on 1,148 million weighted average basic shares. For the year ended December 31, 2025, pro forma revenues are $24,785 million and net earnings attributable to Devon are $3,768 million, with basic earnings per share of $3.24 on 1,164 million weighted average basic shares. The company notes that these pro forma results are preliminary, exclude projected synergies and related costs, and may change as final fair value estimates are completed.

Devon Energy Corporation completed a major federal lease acquisition, buying 16,300 net undeveloped acres in the core of the Delaware Basin in Lea and Eddy Counties, New Mexico, for approximately $2.6 billion, or about $161,500 per net acre, through a Bureau of Land Management oil and gas lease sale.

The company states the acreage enhances its Delaware Basin position, extends inventory life and is accretive to net asset value per share, supported by favorable federal lease terms such as lower royalty burdens, multi-pay potential and the ability to drill longer laterals on multi-well pads.

Devon Energy Corporation completed a major federal lease acquisition, buying 16,300 net undeveloped acres in the core of the Delaware Basin in Lea and Eddy Counties, New Mexico, for approximately $2.6 billion, or about $161,500 per net acre, through a Bureau of Land Management oil and gas lease sale.

The company states the acreage enhances its Delaware Basin position, extends inventory life and is accretive to net asset value per share, supported by favorable federal lease terms such as lower royalty burdens, multi-pay potential and the ability to drill longer laterals on multi-well pads.

Devon Energy director Thomas E. Jorden reported non-market share dispositions tied to merger-related equity vesting. On May 15, 2026, he made bona fide gifts totaling 631,784 shares of Devon common stock and had additional shares withheld to cover taxes.

The filing shows 204,956 shares were disposed of at $49.49 per share through tax-withholding transactions, which satisfied exercise price or tax obligations on vested restricted stock units rather than open-market sales. After these steps, Jorden holds 2,408,753 shares indirectly through a trust and 468,042 shares directly.

Devon Energy furnished a Rule 144 notice for proposed sales of Common Stock through Fidelity Brokerage Services LLC with an execution date noted as 05/19/2026. The filing lists multiple restricted stock vesting lots with share counts of 31,263, 6,195, 3,353, 6,390, and 12,800.

Devon Energy senior vice president and general counsel Adam M. Vela reported an open-market sale of 24,342 shares of common stock on May 14, 2026. The shares were sold at a weighted average price of $47.21 per share, in multiple transactions between $47.21 and $47.23. After these sales, Vela directly owns 130,540 Devon Energy shares.

Devon Energy Corporation, through its wholly owned subsidiary Devon Technology Ventures Holdings, L.L.C., reported indirect acquisitions of Fervo Energy Co Class A Common Stock via conversions of preferred stock. On the closing of Fervo’s initial public offering, all reported Series D-1, D-2, D-3 and E-1 Preferred Stock automatically converted into Class A Common Stock at a 0.7194-for-1 ratio. After these conversions, Devon’s subsidiary held 35,728,296 shares of Fervo Class A Common Stock indirectly, while its positions in the converted preferred series were reduced to zero. These are non-cash derivative conversions, not open‑market purchases or sales.