# EDGAR Filing Document

**Accession Number:** 0001090012
**File Stem:** 0001193125-26-151250
**Filing Date:** 2026-4
**Character Count:** 40064
**Document Hash:** b6b0aa4f85af3f8d57bf2a79faa844fb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-151250.hdr.sgml**: 20260410

**ACCESSION NUMBER**: 0001193125-26-151250

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20260410

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260410

**DATE AS OF CHANGE**: 20260410

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DEVON ENERGY CORP/DE
- **CENTRAL INDEX KEY:** 0001090012
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 731567067
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32318
- **FILM NUMBER:** 26854904

**BUSINESS ADDRESS:**
- **STREET 1:** 333 W. SHERIDAN AVENUE
- **CITY:** OKLAHOMA CITY
- **STATE:** OK
- **ZIP:** 73102
- **BUSINESS PHONE:** 4055523333

**MAIL ADDRESS:**
- **STREET 1:** 333 W. SHERIDAN AVENUE
- **CITY:** OKLAHOMA CITY
- **STATE:** OK
- **ZIP:** 73102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DEVON DELAWARE CORP
- **DATE OF NAME CHANGE:** 19990707

?xml version='1.0' encoding='ASCII'? 8-K

### 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 10, 2026

## Devon Energy Corporation

#### (Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **DELAWARE** | **001-32318** | **73-1567067** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **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 or former address, 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**<br> **Symbol(s)** | **Name of each exchange**<br> **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. ☐

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| | |
|:---|:---|
| **Item 8.01** | **Other Events.**  |

---

The purpose of this filing is to provide certain unaudited pro forma combined financial information in connection with the previously disclosed proposed merger of Devon Energy Corporation, a Delaware corporation (the "<u>Company</u>" or "<u>Devon</u>"), Cubs Merger Sub, Inc., a Delaware corporation and a wholly-owned, direct subsidiary of the Company, and Coterra Energy Inc., a Delaware corporation ("<u>Coterra</u>"), pursuant to which Coterra will become a wholly-owned subsidiary of the Company, subject to the terms and conditions set forth in the merger agreement. Exhibit 99.1 to this Current Report on Form 8-K presents the following unaudited pro forma combined financial information, which has been prepared in accordance with Article 11 of Regulation S-X:

• Unaudited pro forma combined balance sheet as of December 31, 2025;

• Unaudited pro forma combined statement of operations for the year ended December 31, 2025; and

• Notes to the unaudited pro forma combined financial statements, including supplemental pro forma oil and natural gas reserves information.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Exhibits*

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 99.1 | [Unaudited Pro Forma Combined Financial Statements.](d129387dex991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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SIGNATURES

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

---

| | |
|:---|:---|
| **DEVON ENERGY CORPORATION** | **DEVON ENERGY CORPORATION** |
| By: | /s/ Jeffrey L. Ritenour |
|  | Jeffrey L. Ritenour |
|  | Executive Vice President and Chief Financial Officer |

---

Date: April 10, 2026

## Exhibit 99.1

**Exhibit 99.1** 

**INDEX TO DEVON ENERGY CORPORATION AND SUBSIDIARIES** 

**UNAUDITED PRO FORMA COMBINED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| Introduction | 2 |
| Unaudited Pro Forma Combined Balance Sheet as of December 31, 2025 | 4 |
| Unaudited Pro Forma Combined Statement of Operations for the year ended December 31, 2025 | 5 |
| Notes to Unaudited Pro Forma Information | 6 |

---

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**DEVON ENERGY CORPORATION AND SUBSIDIARIES** 

**UNAUDITED PRO FORMA COMBINED FINANCIAL STATEMENTS** 

**Introduction** 

On February 1, 2026, Devon Energy Corporation ("Devon"), Cubs Merger Sub, Inc. ("Merger Sub") and Coterra Energy Inc. ("Coterra") entered into the Agreement and Plan of Merger (as amended from time to time) which provides that Merger Sub, a wholly-owned, direct subsidiary of Devon, will merge with and into Coterra, with Coterra continuing as the surviving corporation (the "merger") and a wholly-owned, direct subsidiary of Devon. If the merger is completed, Coterra stockholders will receive, in exchange for each share of Coterra common stock, par value $0.10 per share ("Coterra Common Stock"), 0.70 shares of Devon common stock, par value $0.10 per share ("Devon Common Stock").

The following unaudited pro forma combined financial statements (the "Pro Forma Financial Statements") have been prepared from the respective historical consolidated financial statements of Devon and Coterra and have been adjusted to reflect the closing of the merger. The unaudited pro forma combined statement of operations (the "Pro Forma Statement of Operations") for the year ended December 31, 2025, is presented as if the merger had been completed on January 1, 2025. The unaudited pro forma combined balance sheet (the "Pro Forma Balance Sheet") is presented as if the merger had been closed on December 31, 2025.

The Pro Forma Financial Statements have been developed from and should be read in conjunction with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the audited consolidated financial statements of Devon and related notes thereto included in its Annual Report on
Form 10-K for the year ended December 31, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the audited consolidated financial statements of Coterra and related notes thereto included in its Annual Report
on Form 10-K for the year ended December 31, 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other information relating to Devon and Coterra contained in or incorporated by reference into the definitive
joint proxy statement/prospectus of Devon and Coterra filed on March 30, 2026 (the "Proxy/Prospectus").

The Pro Forma Financial Statements have been prepared to reflect adjustments to Devon's historical consolidated financial information that are (i) directly attributable to the merger, (ii) factually supportable and (iii) with respect to the Pro Forma Statement of Operations, expected to have a continuing impact on Devon's results. Accordingly, the Pro Forma Financial Statements reflect the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the merger, using the acquisition method of accounting, with Devon as the accounting acquirer and each share of
Coterra Common Stock converted into 0.70 shares of Devon Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the assumption of liabilities for expenses directly attributable to the merger; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the conforming of Coterra's historical amounts to Devon's financial statement presentation and
accounting policies, including reclassifications of certain line items for consistent presentation.

The acquisition method of accounting requires fair values to be estimated and determined for the merger consideration, as well as the assets acquired and liabilities assumed by Devon upon completing the merger. Devon has used available information to determine preliminary fair value estimates for the merger consideration and its allocation to the Coterra assets acquired and liabilities assumed. Until the merger is completed, Devon and Coterra are limited in their ability to share certain information. Therefore, Devon estimated the fair value of Coterra's assets and liabilities based on reviews of Coterra's filings with the United States Securities and Exchange Commission, preliminary valuation studies, allowed discussions with Coterra's management and other due diligence procedures. The assumptions and estimates used to make the preliminary pro forma adjustments are described in the notes accompanying the Pro Forma Financial Statements.

Upon completing the merger, Devon will determine the value of the merger consideration using Devon Common Stock closing price and Coterra Common Stock outstanding on the merger's closing date. Additionally, after completing the merger, Devon will identify the Coterra assets acquired and liabilities assumed and make final determinations of their fair values using relevant information available at that time. As a result of the foregoing, the pro forma adjustments with respect to the merger are preliminary and are subject to change as additional information becomes available and as additional analysis is performed. Any increases or decreases in the merger consideration and the fair value of assets acquired and liabilities assumed upon completion of the final valuations may be materially different from the information presented in the Pro Forma Financial Statements.

------

The Pro Forma Financial Statements are presented for illustrative purposes only and are not necessarily indicative of the operating results and financial position that would have been achieved had the merger occurred on the dates indicated. Further, the Pro Forma Financial Statements do not purport to project the future operating results or financial position of the combined company following the merger. Devon's actual financial position and results of operations following the closing of the merger may differ materially from these Pro Forma Financial Statements.

Although helpful in illustrating the financial characteristics of the combined company under one set of assumptions, the Pro Forma Financial Statements do not reflect the benefits of expected cost savings (or associated costs to achieve such savings), opportunities to earn additional revenue or other factors that may result after the merger and, accordingly, do not attempt to predict or suggest future results. Specifically, the Pro Forma Statement of Operations excludes projected synergies expected to be achieved as a result of the merger, as well as any associated costs that may be required to achieve the identified synergies. Further, the Pro Forma Financial Statements do not reflect the effect of any regulatory actions that may impact the results of the combined company following the merger.

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**DEVON ENERGY CORPORATION AND SUBSIDIARIES** 

**UNAUDITED PRO FORMA COMBINED BALANCE SHEET** 

**DECEMBER 31, 2025** 

**(IN MILLIONS)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Historical** | **Historical** | **Historical** | **Transaction Accounting**<br>**Adjustments** | **Transaction Accounting**<br>**Adjustments** | |
|  | **Devon** | **Coterra** | **Total** | **Reclass(a)** | **Coterra**<br>**Merger** |<br>**Pro Forma**<br>**Devon** |
|  **ASSETS** |  |  |  |  |  |  |
|  Current assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash, cash equivalents and restricted cash | $1434 | $— | $1434 | $119 | $— | $1553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents |  | 114 | 114 | (114) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted cash |  | 5 | 5 | (5) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | 1792 | 1208 | 3000 |  |  | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax receivable |  | 201 | 201 | (201) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventory | 336 | 48 | 384 |  |  | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets | 444 | 273 | 717 | 201 |  | 918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 4006 | 1849 | 5855 |  |  | 5855 |
|  Oil and gas property and equipment, net | 23731 |  | 23731 | 21039 | 10875 (b) | 55645 |
|  Other property and equipment, net | 1688 |  | 1688 | 1019 |  | 2707 |
|  Properties and equipment, net |  | 22058 | 22058 | (22058) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total property and equipment, net | 25419 | 22058 | 47477 |  | 10875 | 58352 |
|  Goodwill | 753 |  | 753 |  |  | 753 |
|  Right-of-use assets | 299 |  | 299 | 181 |  | 480 |
|  Investments | 727 |  | 727 | 12 |  | 739 |
|  Other long-term assets | 395 | 334 | 729 | (193) |  | 536 |
|  Total assets | $31599 | $24241 | $55840 | $— | $10875 | $66715 |
| **LIABILITIES AND EQUITY** |  |  |  |  |  |  |
|  Current liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | $790 | $1056 | $1846 | $(619) | $— | $1227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenues and royalties payable | 1491 |  | 1491 | 650 |  | 2141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued liabilities |  | 197 | 197 | (197) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest payable |  | 54 | 54 | (54) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term debt | 998 | 250 | 1248 |  |  | 1248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current liabilities | 807 |  | 807 | 220 | 39 (e) | 1066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | 4086 | 1557 | 5643 |  | 39 | 5682 |
|  Long-term debt | 7391 | 3568 | 10959 |  | (19)(b) | 10940 |
|  Lease liabilities | 197 |  | 197 | 120 |  | 317 |
|  Asset retirement obligations | 863 | 329 | 1192 |  | (207)(b) | 985 |
|  Other long-term liabilities | 907 | 238 | 1145 | (120) |  | 1025 |
|  Deferred income taxes | 2627 | 3703 | 6330 |  | 2553 (b) | 8883 |
|  Redeemable preferred stock |  | 8 | 8 |  |  | 8 |
|  Stockholders' equity: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock | 62 | 76 | 138 |  | 53 (c) | 115 |
|  |  |  |  |  | (76)(d) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 5388 | 7854 | 13242 |  | 23333 (c) | 28721 |
|  |  |  |  |  | (7854)(d) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained earnings | 10200 | 6894 | 17094 |  | (6894)(d) | 10161 |
|  |  |  |  |  | (39)(e) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive loss | (122) | 14 | (108) |  | (14)(d) | (122) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total equity | 15528 | 14838 | 30366 |  | 8509 | 38875 |
|  Total liabilities and equity | $31599 | $24241 | $55840 | $— | $10875 | $66715 |

---

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**DEVON ENERGY CORPORATION AND SUBSIDIARIES** 

**UNAUDITED PRO FORMA COMBINED STATEMENT OF OPERATIONS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

**(IN MILLIONS)**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Historical** | **Historical** | **Historical** | **Transaction**<br>**Accounting**<br>**Adjustments** | **Transaction**<br>**Accounting**<br>**Adjustments** | |
|  | **Devon** | **Coterra** | **Total** | **Reclass(a)** | **Coterra**<br>**Merger** | <br>**Pro Forma**<br>**Devon** |
|  Oil, gas and NGL sales | $11223 | $— | $11223 | $7176 | $— | $18399 |
|  Oil |  | 3699 | 3699 | (3699) |  |  |
|  Natural gas |  | 2633 | 2633 | (2633) |  |  |
|  NGL |  | 844 | 844 | (844) |  |  |
|  Oil, gas and NGL derivatives | 402 |  | 402 | 351 |  | 753 |
|  Gain on derivative instruments |  | 351 | 351 | (351) |  |  |
|  Other |  | 118 | 118 | (118) |  |  |
|  Marketing and midstream revenues | 5563 |  | 5563 | 90 |  | 5653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenues | 17188 | 7645 | 24833 | (28) |  | 24805 |
|  Production expenses | 3567 |  | 3567 | 2398 |  | 5965 |
|  Exploration expenses | 43 | 27 | 70 |  |  | 70 |
|  Marketing and midstream expenses | 5635 |  | 5635 | 52 |  | 5687 |
|  Depreciation, depletion and amortization | 3595 | 2370 | 5965 | (13) | 717 (f) | 6669 |
|  Asset impairments | 254 |  | 254 |  |  | 254 |
|  Asset dispositions | (343) |  | (343) | (5) |  | (348) |
|  General and administrative expenses | 492 | 323 | 815 |  |  | 815 |
|  Financing costs, net | 455 |  | 455 | 191 |  | 646 |
|  Direct operations |  | 1023 | 1023 | (1023) |  |  |
|  Gathering, processing and transportation |  | 1089 | 1089 | (1089) |  |  |
|  Taxes other than income |  | 366 | 366 | (366) |  |  |
|  Gain on sale of assets |  | (5) | (5) | 5 |  |  |
|  Interest expense |  | 205 | 205 | (205) |  |  |
|  Interest income |  | (14) | (14) | 14 |  |  |
|  Other income |  | (2) | (2) | 2 |  |  |
|  Other, net | 24 |  | 24 | 11 | 50 (e) | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 13722 | 5382 | 19104 | (28) | 767 | 19843 |
|  Earnings before income taxes | 3466 | 2263 | 5729 |  | (767) | 4962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense (benefit) | 785 | 546 | 1331 |  | (176)(g) | 1155 |
|  Net earnings | 2681 | 1717 | 4398 |  | (591) | 3807 |
|  Net earnings attributable to noncontrolling interests | 39 |  | 39 |  |  | 39 |
|  Net earnings attributable to Devon | $2642 | $1717 | $4359 | $— | $(591) | $3768 |
|  Net earnings per share: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic net earnings per share | $4.18 |  |  |  |  | $3.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted net earnings per share | $4.17 |  |  |  |  | $3.24 |
|  Weighted average shares outstanding: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 632 |  |  |  | 531 (h) | 1163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 633 |  |  |  | 531 (h) | 1164 |

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**Basis of Presentation**

The Devon and Coterra historical financial information have been derived from each respective company's Annual Report on Form 10-K for the year ended December 31, 2025. Certain of Coterra's historical amounts have been reclassified to conform to Devon's financial statement presentation. These Pro Forma Financial Statements should be read in conjunction with the historical financial statements and related notes thereto of Devon and Coterra.

The Pro Forma Balance Sheet is presented as if the merger had been completed on December 31, 2025. The Pro Forma Statement of Operations is presented as if the merger had been completed on January 1, 2025.

The Pro Forma Financial Statements reflect pro forma adjustments that are described in the accompanying notes and are based on currently available information. Preliminary adjustments have been made that are necessary to present fairly the Pro Forma Financial Statements and are subject to change as additional information becomes available and as additional analysis is performed. The Pro Forma Financial Statements do not purport to represent what the combined company's financial position or results of operations would have been if the merger had actually occurred on the dates indicated, nor are they indicative of Devon's future financial position or results of operations. Actual results may differ materially from the assumptions and estimates reflected in these Pro Forma Financial Statements.

**Merger Consideration and Purchase Price Allocation**

As the accounting acquirer, Devon will account for the merger using the acquisition method of accounting for business combinations. The allocation of the preliminary estimated purchase price with respect to the merger is based upon Devon's estimates of, and assumptions related to, the fair value of assets to be acquired and liabilities to be assumed as of December 31, 2025 using currently available information. Because the unaudited pro forma combined financial statements have been prepared based on these preliminary estimates, the final purchase price allocation and the resulting effect on financial position and results of operations of the combined companies may be materially different from the pro forma amounts included herein. Devon expects to finalize the purchase price allocation as soon as practicable after completing the merger.

The preliminary purchase price allocation is subject to change due to several factors, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the estimated fair value of Devon Common Stock consideration issued to Coterra stockholders, based on
Devon Common Stock closing price and Coterra Common Stock outstanding at the closing date of the merger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the estimated fair value of Coterra's identifiable assets acquired and liabilities assumed as of
the closing of the merger, which could result from changes in oil and natural gas commodity prices, reserve estimates, discount rates and other factors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the tax bases of Coterra's assets and liabilities as of the closing date of the merger; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the factors described in the section entitled "Risk Factors" in the Proxy/Prospectus.

The preliminary value of the merger consideration and its allocation to the net assets acquired is as follows (in millions, except exchange ratio, share, and per share data):

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| | |
|:---|:---|
|  | **Preliminary<br>Purchase<br>Price<br>Allocation** |
|  **Consideration:** |  |
|  Coterra Common Stock outstanding on March 3, 2026 | 759.3 |
|  Exchange Ratio | 0.70 |
|  Devon common stock issued | 531.5 |
|  Devon closing price on March 3, 2026 | $44.00 |
|  Total consideration | $23386 |
|  **Assets acquired:** |  |
|  Cash, cash equivalents and restricted cash | $119 |
|  Accounts receivable | 1208 |
|  Inventory | 48 |
|  Other current assets | 474 |
|  Oil and gas property and equipment, net | 31914 |
|  Other property and equipment, net | 1019 |
|  Right-of-use assets | 181 |
|  Investments | 12 |
|  Other long-term assets | 141 |
|  Total assets acquired | $35116 |
|  **Liabilities assumed:** |  |
|  Accounts payable | 437 |
|  Revenues and royalties payable | 650 |
|  Short-term debt | 250 |
|  Other current liabilities | 220 |
|  Long-term debt | 3549 |
|  Lease liabilities | 120 |
|  Asset retirement obligations | 122 |
|  Other long-term liabilities | 118 |
|  Deferred income taxes | 6256 |
|  Redeemable preferred stock | 8 |
|  Total liabilities assumed | 11730 |
|  **Net assets acquired** | $23386 |

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As a result of the merger, Coterra stockholders will receive, in exchange for each share of Coterra Common Stock, 0.70 shares of Devon Common Stock.

The final merger consideration could significantly differ from the amounts presented in the pro forma financial statements due to fluctuations in Devon's Common Stock price up to the closing date. From January 30, 2026, the last trading date prior to the initial public announcement of the merger to March 3, 2026, the preliminary value of Devon's merger consideration to be issued had increased by approximately $2 billion, as

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a result of the increase in the share price for Devon Common Stock from $40.21 to $44.00. The final value of Devon's consideration will be determined based on the actual number of shares of Devon Common Stock issued and the market price of Devon Common Stock at the effective time of the merger. The following table shows the estimated purchase consideration resulting from a change in Devon's share price (amounts in millions, except for share price):

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| | | |
|:---|:---|:---|
| **Change in Share Price** | **Share Price** | **Estimated Purchase<br>Consideration** |
|  Increase of 10% | $48.40 | $25724 |
|  Decrease of 10% | $39.60 | $21047 |

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**Pro Forma Adjustments**

The following adjustments have been made to the accompanying Pro Forma Financial Statements to give effect to the merger:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The following reclassifications conform Coterra's historical financial information to Devon's
financial statement presentation:

**Pro Forma Balance Sheet as of December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Current assets:</u> Reclassification of $114 million cash and cash equivalents and $5 million
restricted cash to cash, cash equivalents and restricted cash. Reclassification of $201 million income tax receivable to other current assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Property and equipment:</u> Reclassification of $22.1 billion of properties and equipment, net to oil and
gas property and equipment, net, for $21.0 billion and other property and equipment, net, for $1.0 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Other long-term assets:</u> Reclassification of $193 million of other long-term assets to right-of-use assets for $181 million and investments for $12 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Current liabilities</u> *:* Reclassification of $619 million of accounts payable and $31 million
of accrued liabilities to revenues and royalties payable. Reclassification of $166 million of accrued liabilities and $54 million of interest payable to other current liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Other long-term liabilities:</u> Reclassification of $120 million of other long-term liabilities to lease
liabilities.

**Pro Forma Statement of Operations for the Year Ended December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Revenues</u>: Reclassification of $3.7 billion, $2.6 billion and $0.8 billion of
Coterra's disaggregated oil, natural gas and natural gas liquids ("NGL") sales, respectively, to aggregated oil, gas and NGL sales. Reclassification of $351 million gain on derivatives, net to oil, gas and NGL derivatives.
Reclassification of $118 million of other revenues to marketing and midstream revenues and production expenses for $90 million and $28 million, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Expenses</u>: Reclassification of $1.0 billion from direct operations expenses, $1.1 billion of
gathering, processing and transportation expenses and $366 million of taxes other than income to production expenses. Reclassification of $52 million of gathering, processing and transportation expenses to marketing and midstream expenses.
Reclassification $205 million of interest expense and $14 million of interest income to financing costs, net. Reclassification of $5 million gain on sale of assets to asset dispositions. Reclassification of $2 million of other
income and $13 million of asset retirement obligation accretion expense included in depreciation, depletion and amortization to other, net.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) These adjustments reflect the estimated fair value of Devon Common Stock of $23.4 billion allocated to the
estimated fair values of the assets acquired and liabilities assumed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total property and equipment, net: $10.9 billion increase in Coterra's net book value of oil and gas
properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Long-term debt: $19 million decrease in Coterra's book value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Asset retirement obligations: $207 million decrease in Coterra's book value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deferred income taxes: $2.6 billion increase in deferred tax liabilities resulting from the fair value
adjustments, calculated using the estimated blended statutory tax rate of 23%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) These adjustments reflect the increase in Devon Common Stock and additional paid-in capital resulting from the issuance of Devon Common Stock to Coterra stockholders to effect the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) These adjustments reflect the elimination of Coterra's historical equity balances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This adjustment reflects the estimated transaction costs of $50 million ($39 million, net of tax)
related to the merger, including financial advisory, banking, legal and accounting fees that are not capitalized as part of the transaction. The costs are not reflected in the historical December 31, 2025 consolidated balance sheets of Devon
and Coterra, but are reflected in the Pro Forma Balance Sheet as an increase to other current liabilities as they will be expensed as incurred. These amounts and their corresponding tax effect have been reflected in the Pro Forma Statement of
Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) These adjustments reflect the increase to depreciation, depletion and amortization expense resulting from the
change in the basis of property and equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Reflects the income tax benefit of $176 million on the pro forma adjustments, primarily incremental
depreciation, depletion, and amortization, calculated using the estimated blended statutory tax rate of 23%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) These adjustments reflect Devon Common Stock issued to Coterra stockholders.

**Supplemental Pro Forma Oil and Natural Gas Reserves Information**

The following tables present the estimated pro forma combined net proved developed and undeveloped oil, natural gas and NGL reserves prepared as of December 31, 2025, along with a summary of changes in the quantities of net remaining proved reserves during the year ended December 31, 2025. The pro forma combined standardized measure of discounted future net cash flows relating to proved reserves as of December 31, 2025, as well as changes to the standardized measure for the year ended December 31, 2025, are also presented.

This pro forma reserve, production and standardized measure information gives effect to the merger as if it had been completed on January 1, 2025. However, the proved reserves and standardized measures presented below represent the respective estimates made as of December 31, 2025 by Devon and Coterra while they were separate companies. These estimates have not been updated for changes in development plans or other factors, which have occurred or may occur subsequent to December 31, 2025 or the merger. This pro forma information has been prepared for illustrative purposes and is not intended to be a projection of future results of the combined company.

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| | | | |
|:---|:---|:---|:---|
|  | **Oil (MMBbls)** | **Oil (MMBbls)** | **Oil (MMBbls)** |
|  | **Devon<br>Historical** | **Coterra<br>Historical** | **Devon<br>Pro Forma<br>Combined** |
|  December 31, 2024 | 902 | 270 | 1172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revisions | 11 | 5 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extensions and discoveries | 185 | 61 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of reserves | 23 | 107 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Production | (142) | (58) | (200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sale of reserves | (18) |  | (18) |
|  December 31, 2025 | 961 | 385 | 1346 |
|  Proved developed reserves: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 706 | 189 | 895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 714 | 283 | 997 |
|  Proved undeveloped reserves: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 196 | 81 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 247 | 102 | 349 |

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| | | | |
|:---|:---|:---|:---|
|  | **Natural Gas (Bcf)** | **Natural Gas (Bcf)** | **Natural Gas (Bcf)** |
|  | **Devon<br>Historical** | **Coterra<br>Historical** | **Devon<br>Pro Forma<br>Combined** |
|  December 31, 2024 | 3776 | 9834 | 13610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revisions | 444 | 816 | 1260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extensions and discoveries | 778 | 759 | 1537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of reserves | 59 | 188 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Production | (505) | (1086) | (1591) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sale of reserves | (70) |  | (70) |
|  December 31, 2025 | 4482 | 10511 | 14993 |
|  Proved developed reserves: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 3057 | 8420 | 11477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 3476 | 9051 | 12527 |
|  Proved undeveloped reserves: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 719 | 1414 | 2133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 1006 | 1460 | 2466 |

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| | | | |
|:---|:---|:---|:---|
|  | **NGL (MMBbls)** | **NGL (MMBbls)** | **NGL (MMBbls)** |
|  | **Devon<br>Historical** | **Coterra<br>Historical** | **Devon<br>Pro Forma<br>Combined** |
|  December 31, 2024 | 624 | 362 | 986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revisions | 49 | 21 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extensions and discoveries | 129 | 63 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of reserves | 10 | 28 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Production | (81) | (46) | (127) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sale of reserves | (11) |  | (11) |
|  December 31, 2025 | 720 | 428 | 1148 |
|  Proved developed reserves: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 500 | 271 | 771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 551 | 335 | 886 |
|  Proved undeveloped reserves: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 124 | 91 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 169 | 93 | 262 |

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| | | | |
|:---|:---|:---|:---|
|  | **Combined (MMBoe)** | **Combined (MMBoe)** | **Combined (MMBoe)** |
|  | **Devon<br>Historical** | **Coterra<br>Historical** | **Devon<br>Pro Forma<br>Combined** |
|  December 31, 2024 | 2155 | 2271 | 4426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revisions | 134 | 162 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extensions and discoveries | 443 | 251 | 694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of reserves | 43 | 167 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Production | (307) | (286) | (593) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sale of reserves | (40) |  | (40) |
|  December 31, 2025 | 2428 | 2565 | 4993 |
|  Proved developed reserves: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 1715 | 1864 | 3579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 1844 | 2127 | 3971 |
|  Proved undeveloped reserves: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 440 | 407 | 847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 584 | 438 | 1022 |

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The pro forma combined standardized measure of discounted future net cash flows relating to proved oil and natural gas reserves as of December 31, 2025 is as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
|  | **Devon<br>Historical** | **Coterra<br>Historical** | **Devon**<br>**Pro Forma<br>Combined** |
|  Future cash inflows | $81155 | $56872 | $138027 |
|  Future costs: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development | (6035) | (3365) | (9400) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Production | (38022) | (22326) | (60348) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Future income tax expense | (5653) | (5992) | (11645) |
|  Future net cash flow | 31445 | 25189 | 56634 |
|  10% discount to reflect timing of cash flows | (12680) | (11592) | (24272) |
|  Standardized measure of discounted future net cash flows | $18765 | $13597 | $32362 |

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The changes in the pro forma combined standardized measure of discounted future net cash flows relating to proved oil, natural gas and NGL reserves for the year ended December 31, 2025 are as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
|  | **Devon<br>Historical** | **Coterra<br>Historical** | **Devon<br>Pro Forma<br>Combined** |
|  Beginning balance | $19770 | $8453 | $28223 |
|  Net changes in prices and production costs | (3027) | 3877 | 850 |
|  Oil, gas and NGL sales, net of production costs | (7656) | (4727) | (12383) |
|  Changes in estimated future development costs | 582 | 145 | 727 |
|  Extensions and discoveries, net of future development costs | 4367 | 2109 | 6476 |
|  Purchase of reserves | 791 | 2439 | 3230 |
|  Sales of reserves in place | (744) |  | (744) |
|  Revisions of quantity estimates | 1430 | 1191 | 2621 |
|  Previously estimated development costs incurred during the period | 1792 | 982 | 2774 |
|  Accretion of discount | 1623 | 1077 | 2700 |
|  Net change in income taxes and other | (163) | (1949) | (2112) |
|  Ending balance | $18765 | $13597 | $32362 |

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