Devon Energy Corporation (NYSE: DVN) and Coterra Energy Inc. (NYSE: CTRA) announced that shareholders of both companies approved all proposals required to complete their previously announced all-stock merger. The merger is expected to close on or around May 7, 2026.

At Devon's special meeting, more than 76 percent of common stock shares were represented, with more than 98 percent of votes cast supporting the transaction. At Coterra's special meeting, more than 82 percent of common stock shares were represented, with more than 99 percent of votes cast in favor of the merger.

Under the merger agreement, each share of Coterra common stock will convert into 0.70 shares of Devon common stock, with cash paid for fractional shares. Upon completion, Devon shareholders will own approximately 54 percent of the combined company and Coterra shareholders will own approximately 46 percent on a fully diluted basis.

"We are pleased with the strong support we received from shareholders of both companies," said Clay Gaspar, Devon's President and Chief Executive Officer. "This is an important milestone as we move toward combining our complementary, world-class asset bases to create a premier, large-cap shale operator with greater scale, enhanced margins, and an increased ability to accelerate free cash flow growth and shareholder returns."

Tom Jorden, Coterra's Chairman, Chief Executive Officer, and President, stated that the "overwhelming support from both Devon and Coterra shareholders affirms the compelling strategic rationale of this combination."

Both companies will file final vote results for their respective special meetings on Form 8-K with the U.S. Securities and Exchange Commission.

Devon Energy is an oil and gas producer with operations focused on the Delaware Basin and is included in the S&P 500. Coterra Energy operates in the Permian Basin, Marcellus Shale, and Anadarko Basin.