Devon-Coterra merger targets $1B synergies; Q1 core earnings fall 14% on lower prices

Filed May 6, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 7, 2025 · ~1 min read

Key Changes

• high

  All-stock merger of equals with Coterra announced Feb 2026, targeting $1B annual synergies and expected to close May 7. Post-merger plans include $0.315 quarterly dividend (up 31%) and new $5B+ buyback authorization.

  MD&A: Coterra merger verify on EDGAR →
• high

  Q1 core earnings fell to $1.04/share from $1.21 year-ago, driven by lower realized commodity prices. Operating cash flow declined to $1.7B from $1.9B despite cost efficiencies.

  MD&A: Core earnings verify on EDGAR →
• high

  Share repurchase program suspended per merger agreement after completing 89% ($4.5B of $5B authorization). Buybacks expected to resume post-close with new $5B+ authorization.

  MD&A: Share repurchases verify on EDGAR →