Devon provides pro forma financials for $23.4B Coterra merger; combined reserves of 4.99B Boe

DEVON ENERGY CORP/DE

Exchange ratio: 0.70 Devon shares per Coterra share; total consideration ~$23.4B based on $44.00 DVN price.
Pro forma FY2025 revenue $24.8B, net earnings $3.807B ($3.24 diluted EPS).
Combined proved reserves of 4,993 MMBoe (2,428 Devon + 2,565 Coterra) as of Dec 31, 2025.
Fair value adjustments add $10.9B to oil & gas property; deferred tax liabilities increase $2.6B.
Estimated one-time transaction costs of $50M (pre-tax) reflected in pro forma adjustments.

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