v3.26.1
Acquisitions and Divestitures (Tables)
 6 Months Ended
Jun. 30, 2026
Business Acquisition [Line Items]  
Schedule of Preliminary Allocation of the Total Purchase Price

The following table represents the allocation of the total purchase price of Coterra to the identifiable assets acquired and the liabilities assumed based on the fair values as of the acquisition date.

 

Preliminary Purchase

 

 

Price Allocation

 

 Consideration:

 

 

 Coterra common stock outstanding

 

759.4

 

 Exchange Ratio

 

0.70

 

 Devon common stock issued

 

531.6

 

 Devon closing price on May 6, 2026

$

46.60

 

 Total common equity consideration

$

24,772

 

 Share-based replacement awards

 

174

 

 Total consideration

$

24,946

 

 Assets acquired:

 

 

 Cash, cash equivalents and restricted cash

$

581

 

 Accounts receivable

 

1,110

 

 Inventory

 

31

 

 Other current assets

 

204

 

 Proved oil and gas property and equipment

 

20,356

 

 Unproved and properties under development

 

14,099

 

 Other property and equipment, net

 

505

 

 Right-of-use assets

 

131

 

 Investments

 

100

 

 Other long-term assets

 

133

 

 Total assets acquired

$

37,250

 

 Liabilities assumed:

 

 

 Accounts payable

 

723

 

 Revenues and royalties payable

 

478

 

 Short-term debt

 

249

 

 Income taxes payable

 

27

 

 Other current liabilities

 

425

 

 Long-term debt

 

3,256

 

 Lease liabilities

 

100

 

 Asset retirement obligations

 

164

 

 Other long-term liabilities

 

192

 

 Deferred income taxes

 

6,690

 

 Total liabilities assumed

 

12,304

 

 Net assets acquired

$

24,946

 
Schedule of Pro Forma Adjustments to Confirm Acquisition The unaudited pro forma financial information is not necessarily indicative of what would have occurred if the acquisition had been completed as of the beginning of the periods presented, nor is it indicative of future results.

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 Total revenues

 

$

8,150

 

 

$

6,240

 

 

$

13,894

 

 

$

12,586

 

 Net earnings

 

$

2,048

 

 

$

1,298

 

 

$

2,464

 

 

$

2,138

 

 Net earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

     Basic net earnings per share

 

$

1.79

 

 

$

1.11

 

 

$

2.15

 

 

$

1.83

 

     Diluted net earnings per share

 

$

1.78

 

 

$

1.11

 

 

$

2.14

 

 

$

1.82