DEVON ENERGY CORP/DE — Form 8-K

Devon Energy closed its merger with Coterra Energy on May 7, 2026 (94 days post-announcement), creating a combined company. Q2 2026 results exceeded guidance: oil production averaged 503,000 bbl/d (top-end), total production 1,359,000 Boe/d, capital expenditures $1,269M (2% below midpoint), adjusted free cash flow $1.7B. The company acquired 16,300 net acres in Delaware Basin for $2.6B at the New Mexico federal lease sale. Devon targets at least $1.0B in annual pre-tax synergies by end-2027, with ~$600M expected in 2027. Returned $1,063M to shareholders via 33% dividend increase ($0.32/share), $197M in share repurchases (4.3M shares), and $500M debt repayment. Net debt stands at $10.4B; net debt-to-EBITDAX at 1.2x.