Devon clears HSR waiting period for Coterra merger

Devon Energy Corporation reports that the Hart-Scott-Rodino antitrust waiting period for its planned merger with Coterra Energy has expired, satisfying a key U.S. antitrust condition for the deal.

Rhea-AI Filing Summary

Devon Energy Corporation reports that the Hart-Scott-Rodino antitrust waiting period for its planned merger with Coterra Energy has expired, satisfying a key U.S. antitrust condition for the deal. Devon and Coterra filed their HSR notifications on March 2, 2026, and the waiting period expired at 11:59 p.m. Eastern Time on April 1, 2026. The merger, under which Coterra will become a wholly owned Devon subsidiary, is now expected to close in the second quarter of 2026, subject to remaining customary conditions in the merger agreement. Devon’s Form S-4 registration statement for the stock consideration is effective, and a joint proxy statement/prospectus has been mailed to both companies’ shareholders.

Insights

M&A and regulatory specialist

Expiration of the HSR waiting period removes a major antitrust hurdle for Devon’s acquisition of Coterra.

The expiration of the Hart-Scott-Rodino Act waiting period on April 1, 2026 means U.S. antitrust authorities did not move to block or extend review of Devon’s merger with Coterra at this stage. This satisfies one of the most important regulatory conditions in large domestic energy mergers.

The transaction still depends on other customary closing conditions in the merger agreement, but regulatory risk tied specifically to initial U.S. antitrust review is now reduced. With the Form S-4 effective and the joint proxy statement/prospectus mailed on March 30, 2026, the process is moving toward an expected closing in the second quarter of 2026, assuming remaining approvals and conditions are met.

8-K Event Classification

Item 8.01 — Other Events

1 item

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Key Figures

HSR notifications filed: March 2, 2026 HSR waiting period expiration: 11:59 p.m. ET, April 1, 2026 Expected merger closing period: Q2 2026 +2 more

5 metrics

HSR notifications filed March 2, 2026 Date Devon and Coterra submitted HSR Act filings

HSR waiting period expiration 11:59 p.m. ET, April 1, 2026 Time when HSR Act waiting period expired

Expected merger closing period Q2 2026 Planned closing window for Devon–Coterra merger

Form S-4 effectiveness date March 26, 2026 SEC declared Devon’s S-4 registration effective

Joint proxy statement filing date March 30, 2026 Definitive joint proxy statement/prospectus filed by both companies

Key Terms

Hart-Scott-Rodino Antitrust Improvements Act of 1976, HSR Act, registration statement on Form S-4, joint proxy statement/prospectus, +1 more

5 terms

Hart-Scott-Rodino Antitrust Improvements Act of 1976 regulatory

"the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976"

HSR Act regulatory

"The applicable waiting period under the HSR Act expired at 11:59 p.m."

The HSR Act (Hart‑Scott‑Rodino Antitrust Improvements Act) requires companies in the United States to notify federal regulators and observe a waiting period before completing certain large mergers or acquisitions so authorities can check for anti-competitive effects. For investors it matters because the review can delay or block deals, force changes such as selling assets, and alter the expected value or timing of a transaction—like needing a permit before finalizing a major home renovation.

registration statement on Form S-4 regulatory

"Devon filed with the Securities and Exchange Commission a registration statement on Form S-4"

A registration statement on Form S-4 is a formal filing with the U.S. Securities and Exchange Commission used when a company issues shares or other securities as part of a merger, acquisition, exchange offer or similar corporate deal. It bundles the transaction terms, financial statements, risk factors and shareholder vote materials so investors can assess the deal; think of it as a detailed prospectus or buyer’s packet that explains what you would own and how the deal could change your stake.

joint proxy statement/prospectus regulatory

"Each of Devon and Coterra filed a definitive joint proxy statement/prospectus"

A joint proxy statement/prospectus is a single, combined document that both asks shareholders to vote on a proposed transaction and provides the detailed information required when new securities are being offered. Think of it as a combined ballot and product brochure that explains the deal, the companies’ finances, key risks and how ownership will change. Investors rely on it to understand the terms, evaluate risks and make informed voting and investment decisions.

forward-looking statements regulatory

"This communication includes “forward-looking statements” as defined by the SEC."

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Devon Energy (DVN) announce regarding its merger with Coterra?

Devon Energy announced that the Hart-Scott-Rodino antitrust waiting period for its merger with Coterra expired at 11:59 p.m. Eastern Time on April 1, 2026. This satisfies a key U.S. antitrust condition and allows the transaction to advance toward closing, subject to remaining conditions.

How does the HSR Act milestone affect the Devon (DVN) and Coterra merger timeline?

With the HSR Act waiting period expiring on April 1, 2026, the antitrust condition tied to that review is satisfied. Devon now expects the Coterra merger to close in the second quarter of 2026, provided other customary closing conditions in the merger agreement are met or waived.

What SEC filings support the Devon (DVN) and Coterra merger process?

Devon filed a registration statement on Form S-4 on March 24, 2026, which the SEC declared effective on March 26, 2026. Devon and Coterra then filed a definitive joint proxy statement/prospectus on March 30, 2026, and began mailing it to their respective shareholders around that date.

Will Devon (DVN) shareholders receive new shares in the Coterra merger?

Devon filed a Form S-4 to register shares of its common stock to be issued in connection with the Coterra merger. The definitive joint proxy statement/prospectus mailed March 30, 2026 describes the share issuance terms, allowing investors to review the structure and mechanics of the stock consideration.

Where can investors find detailed information on the Devon–Coterra transaction?

Investors can access the Form S-4 registration statement and joint proxy statement/prospectus for the Devon–Coterra transaction on the SEC’s website. Copies are also available without charge through Devon’s and Coterra’s investor relations websites and by written request to their investor relations departments.

What risks does Devon (DVN) highlight around completing the Coterra merger?

Devon notes risks including potential failure to satisfy remaining closing conditions, challenges integrating the businesses, delays in realizing cost savings and synergies, and possible effects from economic conditions, regulation, litigation, or credit ratings on the combined company’s performance after completion of the merger.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/02/2026 - 04:05 PM Learn about SEC filing dates

DEVON ENERGY CORP/DE DE OK false 0001090012 0001090012 2026-04-01 2026-04-01

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 1, 2026

Devon Energy Corporation

(Exact name of Registrant as specified in its charter)

DELAWARE		001-32318		73-1567067
(State or other jurisdiction of incorporation or organization)		Commission File Number		(I.R.S. Employer Identification No.)

333 W. SHERIDAN AVE.,
OKLAHOMA CITY, OKLAHOMA		73102-5015
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (405) 235-3611

Not Applicable

(Former name, former address or former fiscal year, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☒ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.10 per share		DVN		The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01 Other Events.

As previously announced, on February 1, 2026, Devon Energy Corporation, a Delaware corporation (the “Company” or “Devon”), Cubs Merger Sub, Inc., a Delaware corporation and a direct, wholly-owned subsidiary of the Company (“Merger Sub”), and Coterra Energy Inc., a Delaware corporation (“Coterra”), entered into an Agreement and Plan of Merger (the “Merger Agreement”). The Merger Agreement provides that, among other things and upon the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub will merge with and into Coterra (the “Merger”), with Coterra surviving the Merger as a wholly-owned subsidiary of the Company.

The closing of the Merger is subject to, among other things, the satisfaction or waiver of certain conditions, including the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (“HSR Act”). Devon and Coterra each filed an HSR Act notification with the Federal Trade Commission and the Antitrust Division of the United States Department of Justice on March 2, 2026. The applicable waiting period under the HSR Act expired at 11:59 p.m. Eastern Time on April 1, 2026. Accordingly, the condition to the Merger relating to the expiration or termination of the waiting period under the HSR Act has been satisfied. The closing of the Merger is expected to occur in the second quarter of 2026, subject to the satisfaction or waiver of other customary closing conditions specified in the Merger Agreement.

ADDITIONAL INFORMATION AND WHERE TO FIND IT

In connection with the proposed merger (the “Proposed Transaction”) of Devon and Coterra, Devon filed with the Securities and Exchange Commission (the “SEC”) a registration statement on Form S-4, as amended, on March 24, 2026 to register the shares of Devon’s common stock to be issued in connection with the Proposed Transaction. The registration statement on Form S-4 was declared effective by the SEC on March 26, 2026. Each of Devon and Coterra filed a definitive joint proxy statement/prospectus (the “joint proxy statement/prospectus”) with the SEC on March 30, 2026 and commenced mailing to their respective stockholders on or about March 30, 2026. Each of Devon and Coterra may also file with or furnish to the SEC other relevant documents regarding the Proposed Transaction. This current report on Form 8-K is not a substitute for the joint proxy statement/prospectus or any other document that Devon or Coterra has filed or may file with or furnish to the SEC. INVESTORS AND SECURITY HOLDERS OF DEVON AND COTERRA ARE URGED TO READ THE REGISTRATION STATEMENT, THE JOINT PROXY STATEMENT/PROSPECTUS, INCLUDING ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, AND ANY OTHER RELEVANT DOCUMENTS THAT ARE OR WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY DO AND WILL CONTAIN IMPORTANT INFORMATION ABOUT DEVON, COTERRA, THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders will be able to obtain copies of the registration statement and the joint proxy statement/prospectus and other documents containing important information about Devon and Coterra free of charge

from the SEC’s website. The documents filed by Devon with the SEC may be obtained free of charge at Devon’s website at investors.devonenergy.com or at the SEC’s website at www.sec.gov. These documents may also be obtained free of charge from Devon by requesting them by mail at Devon, Attn. Investor Relations, 333 West Sheridan Ave, Oklahoma City, OK 73102. The documents filed by Coterra with the SEC may be obtained free of charge at Coterra’s website at investors.coterra.com or at the SEC’s website at www.sec.gov. These documents may also be obtained free of charge from Coterra by requesting them by mail at Coterra, Attn: Investor Relations, Three Memorial City Plaza, 840 Gessner Road, Suite 1400, Houston, Texas 77024.

NO OFFER OR SOLICITATION

This communication is not intended to and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote of approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

FORWARD LOOKING STATEMENTS

This communication includes “forward-looking statements” as defined by the SEC. Such statements include those concerning strategic plans, Devon’s and Coterra’s expectations and objectives for future operations, as well as other future events or conditions, and are often identified by use of the words and phrases such as “expects,” “believes,” “will,” “would,” “could,” “continue,” “may,” “aims,” “likely to be,” “intends,” “forecasts,” “projections,” “estimates,” “plans,” “expectations,” “targets,” “opportunities,” “potential,” “anticipates,” “outlook” and other similar terminology. All statements, other than statements of historical facts, included in this communication that address activities, events or developments that Devon or Coterra expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond Devon’s and Coterra’s control. Consequently, actual future results could differ materially and adversely from Devon’s and Coterra’s expectations due to a number of factors, including, but not limited to those, identified below.

With respect to the Proposed Transaction, these factors could include, but are not limited to: the risk that Devon or Coterra may be unable to obtain governmental and regulatory approvals required for the Proposed Transaction, or that required governmental and regulatory approvals may delay the Proposed Transaction or result in the imposition of conditions that could reduce the anticipated benefits from the Proposed Transaction or cause the parties to abandon

the Proposed Transaction; the risk that a condition to closing of the Proposed Transaction may not be satisfied; the length of time necessary to consummate the Proposed Transaction, which may be longer than anticipated for various reasons; the risk that the businesses will not be integrated successfully; the risk that the cost savings, synergies and growth from the Proposed Transaction may not be fully realized or may take longer to realize than expected; the expected dividends and share repurchases, as well as related growth and yield, may not be approved by the board of directors of the combined company or realized on the stated timeline or at all; the diversion of management time on transaction-related issues; the effect of future regulatory or legislative actions on the companies or the industries in which they operate; the risk that the credit ratings of the combined company or its subsidiaries may be different from what the companies expect; potential liability resulting from pending or future litigation; changes in the general economic environment, or social or political conditions, that could affect the businesses; the potential impact of the announcement or consummation of the Proposed Transaction on relationships with customers, suppliers, competitors, business partners, management and other employees; the ability to hire and retain key personnel; reliance on and integration of information technology systems; the risks associated with assumptions the parties make in connection with the parties’ critical accounting estimates and legal proceedings; the volatility of oil, gas and natural gas liquids (NGL) prices, including from changes in trade relations and policies, such as the imposition of tariffs by the U.S., China or other countries; uncertainties inherent in estimating oil, gas and NGL reserves; the uncertainties, costs and risks involved in Devon’s and Coterra’s operations; natural disasters and epidemics; counterparty credit risks; risks relating to Devon’s and Coterra’s indebtedness; risks related to Devon’s and Coterra’s hedging activities; risks related to Devon’s and Coterra’s environmental, social and governance initiatives; claims, audits and other proceedings impacting the business of Devon or Coterra, including with respect to historic and legacy operations; governmental interventions in energy markets; competition for assets, materials, people and capital, which can be exacerbated by supply chain disruptions, including as a result of tariffs or other changes in trade policy; regulatory restrictions, compliance costs and other risks relating to governmental regulation, including with respect to federal lands, environmental matters and water disposal; cybersecurity risks; risks associated with artificial intelligence and other emerging technologies; Devon’s and Coterra’s limited control over third parties who operate some of their respective oil and gas properties and investments; midstream capacity constraints and potential interruptions in production, including from limits to the build out of midstream infrastructure; the extent to which insurance covers any losses Devon or Coterra may experience; risks related to shareholder activism; general domestic and international economic and political conditions; the impact of a prolonged federal, state or local government shutdown and threats not to increase the federal government’s debt limit; as well as changes in tax, environmental and other laws, including court rulings, applicable to Devon’s and Coterra’s respective businesses.

Additional information concerning other risk factors is also contained in Devon’s and Coterra’s most recently filed Annual Reports on Form 10-K, subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other SEC filings.

Many of these risks, uncertainties and assumptions are beyond Devon’s or Coterra’s ability to control or predict. Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. Nothing in this communication is intended, or is to be construed, as a profit forecast or to be interpreted to mean that earnings per share of Devon or Coterra for the current or any future financial years or those of the combined company, will necessarily match or exceed the historical published earnings per share of Devon or Coterra, as applicable. Neither Devon nor Coterra gives any assurance (1) that either Devon or Coterra will achieve their expectations, or (2) concerning any result or the timing thereof, in each case, with respect to the Proposed Transaction or any regulatory action, administrative proceedings, government investigations, litigation, warning letters, consent decree, cost reductions, business strategies, earnings or revenue trends or future financial results.

All subsequent written and oral forward-looking statements concerning Devon, Coterra, the Proposed Transaction, the combined company or other matters and attributable to Devon or Coterra or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. Devon and Coterra do not undertake, and expressly disclaim, any duty to update or revise their respective forward-looking statements based on new information, future events or otherwise.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

				DEVON ENERGY CORPORATION
Date: April 2, 2026				By		/s/ Jeffrey L. Ritenour
						Jeffrey L. Ritenour
						Executive Vice President and Chief Financial Officer

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