Coterra Energy (NYSE: CTRA) director’s shares convert in Devon merger

Rhea-AI Filing Summary

Coterra Energy Inc. director Jeffrey Earle Shellebarger reported a non-cash disposition of 9,293 shares of Coterra common stock classified as a disposition to the issuer. Under a merger agreement with Devon Energy Corporation, each Coterra share was converted into the right to receive 0.7 shares of Devon common stock at the effective time, leaving him with zero Coterra shares after the transaction.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Shellebarger Jeffrey Earle

Role null

Type	Security	Shares	Price	Value
Disposition	Common Stock	9,293	$0.00	--

Holdings After Transaction: Common Stock — 0 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Shares disposed: 9,293 shares Exchange ratio: 0.7 shares Post-transaction Coterra holdings: 0 shares +1 more

4 metrics

Shares disposed 9,293 shares Coterra common stock classified as disposition to issuer

Exchange ratio 0.7 shares Devon common stock per Coterra share at effective time

Post-transaction Coterra holdings 0 shares Total Coterra common stock following disposition

Transaction price per share $0.0000 Reported per-share price for disposition to issuer

Key Terms

Agreement and Plan of Merger, Effective Time, disposition to issuer, common stock

4 terms

Agreement and Plan of Merger regulatory

"Pursuant to the Agreement and Plan of Merger entered into on February 1, 2026, by and among the Issuer, Devon Energy Corporation..."

An Agreement and Plan of Merger is a formal document where two companies agree to combine into one, outlining how the process will happen. It’s like a step-by-step plan for merging, and it matters because it shows both sides have agreed on the details before the official transition takes place.

Effective Time regulatory

"as of the effective time of the transactions contemplated thereby (the "Effective Time"), each share of the Issuer's common stock..."

disposition to issuer financial

"transaction_action": "issuer disposition", "transaction_code_description": "Disposition to issuer""

common stock financial

"each share of the Issuer's common stock, par value $0.10 per share, held by the Reporting Person..."

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Shellebarger Jeffrey Earle

(Last) (First) (Middle)

840 GESSNER ROAD, STE 1400

(Street)

HOUSTON TEXAS 77024

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Coterra Energy Inc. [ CTRA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/07/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	05/07/2026		D(1)		9,293(1)	D	$0	0	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Pursuant to the Agreement and Plan of Merger entered into on February 1, 2026, by and among the Issuer, Devon Energy Corporation ("Devon") and Cubs Merger Sub, Inc., as of the effective time of the transactions contemplated thereby (the "Effective Time"), each share of the Issuer's common stock, par value $0.10 per share, held by the Reporting Person as of immediately prior to the Effective Time was converted into the right to receive 0.7 shares of Devon common stock, par value $0.10 per share.

Remarks:

	/s/ Marcus G. Bolinder, attorney-in-fact	05/11/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did Coterra Energy (CTRA) report for Jeffrey Earle Shellebarger?

Coterra Energy director Jeffrey Earle Shellebarger reported disposing of 9,293 shares of Coterra common stock. The shares were classified as a disposition to the issuer in connection with a merger transaction, rather than an open-market sale for cash proceeds.

How many Coterra Energy (CTRA) shares did the director hold after the transaction?

Following the reported transaction, the director held zero shares of Coterra common stock. His 9,293 Coterra shares were converted at the merger’s effective time into the right to receive Devon Energy common stock, eliminating his remaining direct Coterra equity position.

Was the Coterra Energy (CTRA) insider Form 4 an open-market sale?

No, the Form 4 did not report an open-market sale. The transaction was coded as a disposition to the issuer, reflecting conversion of 9,293 Coterra shares into the right to receive Devon Energy stock under a merger agreement, with no per-share sale price reported.

What exchange ratio applied to Coterra Energy (CTRA) shares in the Devon merger?

Each share of Coterra common stock was converted into the right to receive 0.7 shares of Devon common stock. This exchange ratio applied at the merger’s effective time to the reporting person’s 9,293 Coterra shares, replacing them with an entitlement to Devon shares.

What agreement governed the Coterra Energy (CTRA) share conversion reported on the Form 4?

The share conversion was governed by an Agreement and Plan of Merger dated February 1, 2026. At the effective time of that merger, each Coterra share held by the reporting person was converted into the right to receive Devon Energy common stock based on a fixed ratio.