More than two months after Oklahoma City-based Devon Energy announced its $58 billion merger with Coterra Energy and intentions to move headquarters to Houston, Texas, Devon plans a release of its first-quarter 2026 financial results.
The earnings release will be made on Tuesday, May 5 after the close of U.S. financial markets. Company leaders will hold a conference call the next morning at 10 a.m. CDT, Wednesday, May 6.
Devon reported fourth quarter earnings of $562 million or 90 cents a share. Adjusting for items analysts typically exclude from estimates, the company’s core earnings were $510 million, or $0.82 per diluted share. Devon’s operating cash flow totaled $1.5 billion in the fourth quarter. The company funded its capital requirements and had $702 million of free cash flow for the quarter.
Devon also had a cash balance of $1.4 billion at the end of the quarter.
Preparing to move
The company is in the middle of moving the headquarters to Houston where the merged firm will retain the name of Devon Energy. The two firms said the resulting merger would create a leading large-cap shale operator with a high-quality asset base anchored by a premier position in the economic core of the Delaware Basin.
At the time, Devon’s capital activity in the fourth quarter averaged 19 operated drilling rigs and 4 completion crews across its asset portfolio.
Devon stated it anticipated at least a 1% reduction in first quarter production this year because of the impact of severe winter weather. It expected production to average 823,000 to 843,000 Boe a day. Capital spending in the first quarter was expected to be about $900 million. Devon also indicated it said its full-year 2026 guidance was based on it being a standalone company. Upon the expected closure of the Devon and Coterra merger in the second quarter of 2026, the company will provide updated full-year guidance for the combined entity.
The transaction, which was unanimously approved by the boards of directors of both companies, is expected to close in the second quarter of 2026, subject to regulatory approvals and customary closing conditions, including approvals by Devon and Coterra shareholders.
Following the merger, the board of directors will consist of 11 members, six directors from Devon and five from Coterra. Clay Gaspar will serve as President and CEO, and Tom Jorden will assume the role of Non-Executive Chairman of the Board. Devon will appoint the lead independent director. The CEO and executive leadership will be based in Houston with executive leadership comprised of talent from both Devon and Coterra.