Oil and Gas Exploration and Production

Coterra Energy

US Upstream Oil and Gas M&A Reaches New High, Mitsubishi Acquires Aethon Energy for $7.6B

Devon Energy Shareholders Approve Key Merger Proposals

Coterra Energy released FY2026 Q1 earnings on May 6 (EST), actual revenue USD 1.947 B, actual EPS USD 0.61

Kimmeridge Offers Strategic Post-Merger Advice to Devon Energy's Future Board

Devon Energy and Coterra Merger Passes U.S. Antitrust Review

Devon Energy and Coterra Energy Merger Expected to Boost Free Cash Flow and Dividends

Devon Energy to Merge with Coterra Energy

Coterra Energy released FY2025 Annual Earnings on February 26 After-Market (EST), Actual Revenue USD 6.991 B (Forecast USD 7.566 B), Actual EPS USD 2.24 (Forecast USD 2.2456)

Coterra Energy released FY2025 Q4 earnings on February 26 After-Market (EST), actual revenue USD 1.959 B (forecast USD 1.89 B), actual EPS USD 0.4829 (forecast USD 0.4705)

Coterra Energy reports 67% increase in free cash flow for fiscal year 2025 and announces merger progress with Devon Energy

Coterra Energy Falls Short of Q4 Profit Expectations

Coterra Energy to Release FY2025 Q4 Earnings on February 26 After-Market EST, Forecast Revenue USD 1.89 B, EPS USD 0.4705

Devon Energy and Coterra Energy Plan $58 Billion All-Stock Merger

Roth MKM Maintains Buy Rating on Coterra Energy

Coterra Considers Merging with Devon Energy

Cerity Partners LLC Increases Holdings in Coterra Energy

Coterra Energy CEO Defends Diversified Shale Strategy

Siebert Williams Shank & Co Maintains Buy Rating on Coterra Energy

ProPetro Holding and Coterra Energy Subsidiary Plan to Develop Microgrid in Permian Basin Operations in New Mexico

ProPetro's PROPWR unit signs power service contract with Coterra Energy

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CTRA

RBC Capital Markets suggests Devon Energy (DVN) may benefit from its merger with Coterra Energy (CTRA) in June, highlighting potential asset sales and merger synergies. The firm anticipates a new guidance update mid-June, with asset sales possibly exceeding $4 billion. Devon's $1 billion synergy target and $8 billion stock buyback plan indicate strong confidence. RBC maintains a sector perform rating with a $59 price target.

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Devon Energy Could Gain From Merger Update in June, Asset Review, Buybacks, RBC Says

US upstream M&A reached $38 billion in Q1 2026, driven by major deals like Devon-Coterra and Mitsubishi-Aethon. Factors such as high oil prices, LNG export growth, and limited shale output are fueling consolidation. Analysts predict Brent crude will average $95 in 2026, with possible spikes due to Middle East tensions.

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Mitsubishi Corporation

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US upstream M&A surges to $38B despite market volatility

In Q1, US oil and gas mergers and acquisitions reached a record $38 billion, primarily driven by Devon Energy's $25 billion merger with Coterra. Analysts attribute this surge in M&A activity to rising oil prices, despite market volatility. Additionally, niche service providers and renewable energy companies are gaining from the evolving energy market landscape.

US oil and gas M&A hits $38B as Devon-Coterra deal leads

CFRA maintains a 'Sell' opinion on Devon Energy Corporation (DVN) shares, raising the 12-month target price to $42 based on relative valuation and DCF models. The intrinsic value is estimated at $43 per share. The EPS estimates for 2026 and 2027 have been increased to $5.17 and $4.70, respectively. The recent acquisition of Coterra Energy diversifies DVN's asset base, though concerns about natural gas pricing in the Permian persist. DVN's quarterly dividend is set at $0.32/share, yielding 2.8%, with an $8B buyback authorization in place.

Fidelity

Research Alert: CFRA Maintains Sell Opinion On Shares Of Devon Energy Corporation

Devon Energy shareholders approved two key proposals for the merger with Coterra Energy during a virtual meeting. The first proposal involves issuing shares of Devon common stock to Coterra stockholders, while the second increases the number of authorized shares from 1 billion to 2 billion. CEO Clay Gaspar expressed confidence in closing the merger soon, with expectations set for the 7th. The meeting confirmed that over 98% of voted shares supported the stock issuance, and 75% backed the charter amendment. Final voting results will be disclosed in a Form 8-K filing.

Market Beat

Broadridge Financial Solution

Devon Energy Shareholders Clear Key Votes for Coterra Merger, Closing Nears

Devon Energy (NYSE:DVN) reported strong Q1 2026 results, highlighting effective operational execution, reduced capital spending, and significant free cash flow. The company is also preparing for its merger with Coterra Energy. CEO Clay Gaspar announced that oil production reached 387,000 barrels per day during the quarter.

Devon Energy Q1 earnings call highlights

Gran Tierra Energy forecasts 2026 EBITDA between $345M and $395M, following portfolio revisions after the Simonette sale. The company reported a net loss of $119M for Q1 2026, an improvement from the previous quarter's loss. Adjusted EBITDA was $74M, with capital expenditures of $45M. Gran Tierra has strengthened its balance sheet with $125M in cash and is expanding its portfolio in Azerbaijan and Colombia. The company anticipates production of 40,000 to 45,000 barrels of oil equivalent per day at an average Brent price of $84.

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Gran Tierra Energy

Gran Tierra forecasts 2026 EBITDA of $345M-$395M while revising portfolio after Simonette sale and new Colombia block

Devon Energy has announced an $8 billion share buyback program following its merger with Coterra Energy. The company also increased its quarterly dividend by 33% to $0.32 per share, reflecting confidence in cash flow and shareholder returns. The merger is expected to yield over $1 billion in annual pre-tax synergies by 2027. Devon's President and CEO, Clay Gaspar, emphasized the company's strong financial position and commitment to capital returns. The stock price rose approximately 1.4% in pre-market trading.

Devon Energy unveils $8B buyback after Coterra merger

Coterra Energy(CTRA.US)