Devon Energy completes exchange of Coterra notes for new Devon debt

Devon Energy Corporation (NYSE: DVN) announced the final results of its private exchange offers, in which holders of notes issued by Coterra Energy Inc., a wholly owned Devon subsidiary, tendered their existing debt for new Devon-issued notes and cash.

The exchange offers expired at 5:00 p.m. New York time on June 23, 2026, with settlement expected on or about June 25, 2026. Participation rates varied by series. Holders tendered 85.25% of the 3.90% Senior Notes due 2027 and 65.76% of a related series issued by Coterra Energy Operating Co., resulting in $627,099,000 in new Devon notes for those combined tranches.

For the 4.375% Senior Notes due 2029, holders tendered 89.10% of one series and 92.19% of the related operating company series, producing $447,554,000 in new Devon notes. Participation was 93.16% for the 5.60% Senior Notes due 2034, generating $465,815,000 in new notes, and 89.56% for the 5.40% Senior Notes due 2035, resulting in $671,688,000. The highest participation rate was recorded for the 5.90% Senior Notes due 2055, at 97.89%, with $734,180,000 in new Devon notes to be issued.

The new Devon notes are general unsecured obligations ranking equally with Devon's other unsecured and unsubordinated debt. They have not been registered with the Securities and Exchange Commission. Devon has agreed to use commercially reasonable efforts to file a registration statement for an exchange offer within 450 days of the settlement date.

The exchange offers were available only to qualified institutional buyers in the United States and eligible non-U.S. persons outside the country. The offers were made pursuant to an offering memorandum dated May 22, 2026, as amended June 8, 2026.

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