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Coterra Energy
Coterra Energy (CTRA) investor relations material
Coterra Energy M&A announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.M&A announcement summary2 Feb, 2026
Deal rationale and strategic fit
Merger creates a premier large-cap shale operator with a $58 billion pro forma enterprise value, enhanced asset quality, and leading scale in the Delaware Basin.
Combined company will have a diversified, high-margin portfolio and balanced commodity mix across top U.S. shale basins, designed for durability and top-tier shareholder returns.
Over 10 years of highly competitive inventory, with the Delaware Basin accounting for over 50% of production and cash flow.
Enhanced technology and AI capabilities will drive operational excellence, capital allocation efficiency, and data-driven decision-making.
Shared values, complementary cultures, and mutual respect underpin the integration, aiming for operational excellence and disciplined capital allocation.
Financial terms and conditions
All-stock transaction with an exchange ratio of 0.70 Devon shares for each Coterra share; pro forma equity ownership: 54% Devon, 46% Coterra.
Structured as an at-market merger, maximizing value for both shareholder bases.
Combined company will have $4.4 billion in liquidity and a net debt to EBITDAX ratio of 0.9x as of Q3 2025.
Plans to declare a quarterly dividend of $0.315 per share and authorize over $5 billion in share repurchases, subject to board approval.
Transaction unanimously approved by both boards and expected to close in Q2 2026, subject to regulatory and shareholder approvals.
Synergies and expected cost savings
Targeting $1 billion in annual pre-tax synergies by year-end 2027, split across capital optimization, operating margin improvements, and corporate cost reductions.
Synergies expected to drive meaningful accretion and enhanced free cash flow for both shareholder bases.
Technology integration and AI-driven optimization expected to enhance capital efficiency and operational performance.
Execution plan includes a dedicated integration team, rigorous tracking mechanisms, and immediate capital reallocation opportunities.
Prioritized synergy drivers for 2026-2027
Delaware sub-$40 inventory development strategy
How will new leadership ensure smooth integration?
Which synergy components are fastest to realize?
What is the combined company's growth philosophy?
How will non-Delaware assets compete for capital?
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Raising capital for global EV and AI expansion, with regulatory and dilution risks highlighted.
Next Coterra Energy earnings date
Q4 202527 Feb, 2026
Coterra Energy
Next Coterra Energy earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
Coterra Energy Inc is an independent exploration and production company focused on the development of oil and natural gas. The company operates in the Marcellus, Permian, and Anadarko basins, using horizontal drilling and hydraulic fracturing technologies. The company is headquartered in Houston, Texas, and its shares are listed on the NYSE.
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