Devon Energy provides updated 2026 outlook after Coterra merger
Production expected at 1.38 MMboe/d, capital $4.9B, targeting 70% FCF return to shareholders.
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Independent oil and natural gas producer
devonenergy.comLast updated
In short: Devon completed a $58 billion merger with Coterra Energy, relocating its headquarters to Houston and initiating a review for potential asset sales.
Production expected at 1.38 MMboe/d, capital $4.9B, targeting 70% FCF return to shareholders.
The offers target outstanding Coterra notes for new Devon notes and cash, with concurrent consent solicitations to amend indentures.
The acquisition adds 400 net locations in New Mexico, funded with cash on hand.
The board approves a $0.320 quarterly dividend and $8 billion share repurchase authorization post-merger with Coterra. Devon expects resilient free cash flow.
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