Feb. 3 at 11:37 AM
$DVN Coterra Energy Calls Devon Merger “Transformational,” Targets
$1B Synergies and
$5B+ Buybacks. Management plans accelerated capital returns including a quarterly dividend of
$0.315 per share and a share repurchase authorization in excess of
$5 billion. Coterra Chairman, CEO, and President Tom Jorden opened the call by emphasizing that the combination is intended to create “a bigger company, but importantly, a better company,” citing asset quality, scale, capital efficiency, operational overlap, and a focus on technology and innovation. aligned cultures built around operational excellence and disciplined capital allocation. the companies plan to accelerate capital returns through higher dividends and a new share repurchase authorization. company plans to declare a quarterly dividend of
$0.315 per share target consistent dividend growth throughout the cycle. Gaspar said he does not expect changes to “critical JV partnerships,” adding that scale could create additional opportunities.
