Devon Energy announced that its stockholders have approved two key proposals related to the company's pending merger with Coterra Energy Inc. The approvals, secured during a special meeting on May 4, 2026, are critical steps toward the finalization of the merger transaction.
Key Details
- Stock Issuance Approved: Shareholders approved the issuance of Devon common stock to Coterra stockholders pursuant to the merger agreement, with 470,046,943 votes in favor.
- Authorized Shares Increased: A proposal to amend the company's charter to increase authorized common stock from 1 billion to 2 billion shares was also approved, facilitating the stock issuance for the merger.
- Expected Closing: Devon anticipates the merger will close on or about May 7, 2026, subject to the satisfaction of remaining customary closing conditions.