Devon Energy Director Receives 55,734 Shares From Coterra Merger

Devon Energy (NYSE: DVN) and Coterra Energy (NYSE: CTRA) completed their merger on May 7, 2026, under an agreement that sets a 0.7‑for‑1 exchange ratio: each Coterra share becomes the right to receive 0.7 Devon shares. The deal combined two mid‑size U.S. oil and gas producers, creating a company with a market capitalization of roughly $62 billion (Devon’s $41 billion plus Coterra’s $21 billion). As of the close on May 6, 2026, DVN traded at $45.30, up 0.6% from the prior close, while CTRA was at $27.80, down 0.3%.

On May 7, 2026, Amanda M. Brock, a Devon board member, received 55,734 Devon common shares reported as a grant/award at $0.00 per share on Form 4. Of those, 34,541 shares originated from the conversion of her Coterra deferred restricted stock unit (RSU) awards, applying the 0.7 exchange ratio (each Coterra RSU → 0.7 Devon RSU). The remaining 21,193 shares represent the balance of her award unrelated to the RSU conversion.

The award increases Brock’s direct Devon holdings to 55,734 shares, raising her insider stake but leaving overall insider ownership unchanged relative to the total share count. Because the shares were issued at zero cost, they do not affect Devon’s earnings per share directly, though the added share count contributes to modest dilution as the merged entity integrates. Investors should watch for the next proxy statement, expected in June 2026, which will detail any further equity awards tied to the merger integration and any shifts in Devon’s share‑based compensation plans.