Devon Energy and Coterra Energy to Combine

Feb 2 (Reuters) - DEVON ENERGY CORP:

• DEVON ENERGY CORP - DEAL IMPLIES ENTERPRISE VALUE OF ABOUT $58 BILLION

• DEVON ENERGY CORP - COTERRA SHAREHOLDERS TO RECEIVE 0.70 DEVON SHARES PER SHARE

• DEVON ENERGY CORP - CLAY GASPAR TO SERVE AS PRESIDENT AND CEO

• DEVON ENERGY CORP - MERGER EXPECTED TO REALIZE $1 BILLION IN ANNUAL SYNERGIES

• DEVON ENERGY CORP - COMBINED COMPANY WILL BE NAMED DEVON ENERGY

• DEVON ENERGY CORP - TRANSACTION, WHICH WAS UNANIMOUSLY APPROVED BY BOARDS OF DIRECTORS OF BOTH COMPANIES, IS EXPECTED TO CLOSE IN Q2 OF 2026

• DEVON ENERGY- PLANNED QTRLY DIVIDEND OF $0.315 PER SHARE AND NEW SHARE REPURCHASE AUTHORIZATION EXCEEDING $5 BILLION, BOTH SUBJECT TO BOARD APPROVAL

• DEVON ENERGY CORP - TOM JORDEN WILL ASSUME ROLE OF NON-EXECUTIVE CHAIRMAN OF BOARD OF COMBINED CO