Devon Energy Corporation (NYSE: DVN) filed pro forma financial statements on May 22, 2026. The filing follows its $25 billion all-stock merger with Coterra Energy. This transaction closed on May 7, 2026.
The merger established a premier player in the U.S. shale market. Devon launched private exchange offers for all outstanding Coterra Energy senior notes. Eligible holders may trade these for new Devon-issued notes and cash.
Pro forma total assets reached $69.45 billion as of March 31, 2026. The company reported Q1 pro forma net earnings of $401 million.
Evercore ISI initiated coverage on Devon with an In-Line rating. Analysts cited attractive valuation and expected synergies.