PresentationOperator Welcome to the Devon Energy and Coterra Energy's Conference Call to discuss the announced merger. [Operator Instructions] Today's call will include forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially. For more information, please refer to our press release and SEC filings. I'd now like to turn the call over to Tom Jorden, Chairman, CEO and President of Coterra Energy. Sir, you may begin. ...

Core Viewpoint - Coterra is under investigation for potential breaches of fiduciary duty related to its transaction with Devon Energy, which may not be in the best interest of its shareholders [1][3]. Group 1: Transaction Details - Coterra stockholders will receive 0.70 shares of Devon common stock for each Coterra share, resulting in Devon shareholders owning approximately 54% of the combined company and Coterra shareholders holding about 46% on a fully diluted basis [2]. - Coterra insiders are set to receive substantial benefits as part of the change of control arrangements [2]. Group 2: Investigation Focus - The transaction agreement imposes significant penalties on Coterra for accepting competing bids, which raises concerns about the board's fulfillment of fiduciary duties to all shareholders [3].

Core Viewpoint - Coterra Energy's stock price declined over 1.7% following Devon Energy's announcement of a $21.4 billion all-stock acquisition, marking one of the largest oil and gas deals in recent years [1] Group 1: Acquisition Details - Devon Energy will acquire Coterra Energy in an all-stock transaction valued at approximately $21.4 billion [1] - Coterra Energy shareholders will receive 0.7 shares of Devon stock for each share they own [1] - The merger is expected to be completed in the second quarter of this year and aims to achieve about $1 billion in pre-tax synergies [1] Group 2: Operational Impact - The merger will enhance both companies' positions in the Permian Basin, the largest oil field in the United States [1] - Post-merger, the combined daily production is projected to exceed 1.6 million barrels of oil equivalent [1] - The enterprise value of the merged entity is estimated to be around $58 billion [1]

智通财经APP获悉，周一，Coterra Energy(CTRA.US)股价走低，截至发稿，该股跌超1.7%，报28.345美 元。戴文能源(DVN.US)宣布，将以约214亿美元全股票交易收购该公司，成为近年来规模最大的油气交 易之一。根据协议，Coterra Energy股东每持有1股可换取0.7股Devon股票，合并后公司仍沿用Devon名 称，现任CEO克莱·加斯帕将继续执掌。交易预计于今年二季度完成，并有望带来约10亿美元税前协同 节省。此次整合将强化双方在美国最大油田二叠纪盆地的布局，合并后日产量将超过160万桶油当量， 企业价值约580亿美元。 ...

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Summary of Conference Call on Devon Energy and Coterra Energy Merger Industry and Companies Involved - **Industry**: Energy and Oil & Gas Exploration and Production (E&P) - **Companies**: Devon Energy (NYSE: DVN) and Coterra Energy (NYSE: CTRA) Core Points and Arguments 1. **Merger Announcement**: The merger between Devon Energy and Coterra Energy is described as transformative, creating a powerful new E&P company characterized by asset quality, scale, and operational excellence [2][3] 2. **Leadership and Integration**: The merger combines the leadership teams of both companies, emphasizing a commitment to operational excellence and disciplined capital allocation [5][6] 3. **Market Position**: The combined company will be a leader in the Delaware Basin, with significant opportunities to capitalize on core positions and enhance financial performance [3][4] 4. **Synergies and Cost Savings**: The merger is expected to deliver $1 billion in annual pre-tax synergies by year-end 2027, representing approximately 20% of the combined market cap [10][18] 5. **Free Cash Flow Generation**: Enhanced free cash flow generation is anticipated, allowing for accelerated capital returns to shareholders through higher dividends and a significant share repurchase authorization [10][23] 6. **Operational Efficiency**: The merger will leverage best practices and advanced technologies, including artificial intelligence, to drive operational excellence and cost efficiencies [9][20] 7. **Asset Portfolio**: The combined portfolio includes substantial positions in the Delaware Basin, with over 860,000 barrels of oil equivalent per day, and nearly 5,000 gross drilling locations [12][14] 8. **Capital Allocation Philosophy**: The new management team will prioritize capital allocation among assets, focusing on optimizing returns and rationalizing the portfolio [27][49] 9. **Shareholder Returns**: A quarterly dividend of $0.315 per share is planned, with a target for consistent dividend growth and a share buyback program exceeding $5 billion [23][44] 10. **Technological Integration**: The merger will enhance technological capabilities, particularly in AI deployment, to optimize operations and improve decision-making [20][21] Other Important but Potentially Overlooked Content 1. **Cultural Integration**: The merger emphasizes complementary cultures and mutual respect between the two organizations, which is seen as critical for successful integration [3][5] 2. **Geographic and Commodity Diversity**: The combined company will benefit from a balanced commodity mix and geographic diversity, providing resilience through commodity cycles [9][16] 3. **Operational Flexibility**: The merger is expected to enhance operational flexibility, allowing for better utilization of existing infrastructure and driving down well costs [13][16] 4. **Future Challenges**: Acknowledgment of potential challenges in volatile oil and natural gas markets, with a focus on maintaining flexibility and adaptability [4][10] 5. **Long-term Value Creation**: The merger is positioned as a long-term value creation opportunity for shareholders, with a commitment to exceeding synergy targets and delivering on financial performance [19][24] This summary captures the key points discussed during the conference call regarding the merger between Devon Energy and Coterra Energy, highlighting the strategic advantages, expected synergies, and future outlook for the combined entity.

NEW YORK--(BUSINESS WIRE)--Halper Sadeh LLC, an investor rights law firm, is investigating whether the sale of Coterra Energy Inc. (NYSE: CTRA) to Devon Energy Corporation for 0.70 share of Devon common stock for each share of Coterra common stock is fair to Coterra shareholders. Halper Sadeh encourages Coterra shareholders to click here to learn more about their legal rights and options or contact Daniel Sadeh or Zachary Halper at (212) 763-0060 or sadeh@halpersadeh.com or zhalper@halpersadeh. ...

Core Viewpoint - Devon Energy is set to acquire Coterra Energy in an all-stock deal, aiming to enhance scale and competitiveness in the oil-and-gas sector, particularly in the Permian Basin, despite shareholder dissatisfaction due to a lower-than-expected purchase price [1] Group 1: Merger Details - The all-stock merger implies a combined enterprise value of $58 billion [1] - Devon shareholders will own 54% of the combined entity, while Coterra shareholders will hold 46% [1] Group 2: Market Reaction - Shares of both Devon and Coterra fell in early trading following the announcement of the merger [1] - The implied purchase price is below the last closing price of both companies' stocks, contributing to shareholder discontent [1]

格隆汇2月2日｜Devon Energy和Coterra Energy同意合并，这是一项价值约580亿美元的全股票交易（含 债务）。 ...

In this articleDVNCTRADevon Energy and Coterra Energy plan to merge in a $58 billion all-stock deal, including debt. (Courtesy Devon Energy)Devon Energy and Coterra Energy, the natural gas and oil exploration companies, plan to merge in a roughly $58 billion all-stock transaction. ...