M&A
confidence high
sentiment positive
materiality 0.95
Devon Energy reports Q4 earnings beat and announces all-stock merger with Coterra Energy
DEVON ENERGY CORP/DE
- Merger with Coterra Energy in all-stock deal; Devon shareholders to own ~54%, Coterra ~46%.
- Q4 net earnings $562M ($0.90 diluted EPS); core earnings $510M ($0.82 diluted).
- Q4 production 851 MBoe/d (390 Mbo/d oil), exceeding top-end guidance; capex $883M.
- Free cash flow $702M; quarterly dividend to increase 31% to $0.315/sh post-merger close.
- Share repurchases suspended until merger close; new >$5B authorization expected thereafter.