4Q25 Earnings Presentation February 26, 2026 Disclaimers Cautionary Statement Regarding Forward-Looking Information This presentation contains certain forward-looking statements within the meaning of federal securities laws. Forward-looking statements are not statements of historical fact and reflect Coterra's current views about future events. Such forward-looking statements include, but are not limited to, statements about the pending merger with Devon (the "Proposed Transaction"), returns to shareholders ...

中化新网讯 近日，北美咨询机构贝恩咨询发布的最新报告显示，尽管油气行业的整合仍在持续，其影 响辐射整个能源领域与宏观经济，但过去十年化石能源行业的并购活动并非广泛铺开，而是高度集中在 少数核心企业手中。 该报告指出，油气行业呈现"少数企业主导多数交易、创造核心价值"的格局，过去十年仅20家企业就贡 献了行业53%的并购交易总额，参与者不仅包括传统超级石油巨头，还涵盖戴蒙德巴克能源等独立企 业，以及ONEOK、能源传输等大型中游企业，这批非顶级巨头正不断蚕食市场，重塑行业格局。 频繁开展并购的企业还为股东带来了超额回报，过去十年每年至少完成一次并购的企业，股东回报较未 开展并购的企业高出130%，这一差距较十年前扩大了一倍多。究其原因，并购能帮助企业实现规模效 应，通过运营效率提升和基础设施整合降低单位成本，在油价自2022年高点回落的背景下，这一成本优 势尤为关键。 不过，针对未来并购趋势，北美咨询机构认为，受需求格局变化影响，油价波动加剧，并购热潮或将降 温并重新调整方向。安永分析师赫伯·利森表示，供需、价格、关税及地缘政治的持续不确定性，让运 营效率和资本纪律成为企业核心竞争力，唯有快速适应、战略投资并高 ...

Sign in to access your portfolio Sign in ...

Devon Energy Corporation (NYSE:DVN) is included among the 14 Best Affordable Dividend Stocks to Buy According to Analysts. Scotiabank Lowers Devon Energy (DVN) Price Target, Sees Balanced Risk-Reward Outlook On February 23, Scotiabank analyst Paul Cheng lowered his price recommendation on Devon Energy Corporation (NYSE:DVN) to $41 from $45. The analyst reiterated a Sector Perform rating on the stock. He told investors that fourth-quarter results are expected to have a neutral impact on the stock in the n ...

Devon Energy Corporation (NYSE:DVN) is included among the 14 Best LNG Stocks to Buy Now. Devon Energy (DVN) Announces Results for Q4 2025 Devon Energy Corporation (NYSE:DVN) is a leading independent energy company engaged in finding and producing oil and natural gas, with operations focused onshore in the United States. Devon Energy Corporation (NYSE:DVN) announced its Q4 2025 results on February 17, with the company’s adjusted EPS of $0.82 narrowly falling behind estimates by $0.01 after severe winter ...

巴克莱将戴文能源的目标价从50美元上调至52美元，维持"增持"评级。(格隆汇) ...

Devon Energy Corporation (NYSE:DVN) is among the 15 Undervalued Momentum Stocks That Are Taking Off. Following Devon Energy Corporation’s (NYSE:DVN) Q4 2025 results, Nick Pope, an analyst at Roth Capital, raised his price target on the stock from $42 to $50 and reiterated a Buy rating on February 19. The analyst attributed the strong results to robust oil production, particularly by the Delaware Basin asset. For Q4 reported on February 17, Devon Energy Corporation (NYSE:DVN) reported revenue of $4.12 bi ...

Core Viewpoint - Devon Energy Corporation is a significant player in the energy sector, focusing on oil and natural gas exploration, development, and production, with a positive outlook from analysts and a strong consensus for a Buy rating [1][2][6] Group 1: Company Overview - Devon Energy operates in the United States and Canada, competing with major firms like ExxonMobil and Chevron [1] - The company has a market capitalization of approximately $28 billion, indicating its substantial presence in the energy market [4] Group 2: Analyst Recommendations - Susquehanna maintained a Positive grade for Devon Energy, recommending a hold on the stock [1][6] - The average brokerage recommendation (ABR) for Devon Energy is 1.53, with 21 out of 29 brokerage firms rating it as a Strong Buy [2][6] Group 3: Stock Performance - At the time of the announcement, Devon Energy's stock price was $44.66, reflecting a slight increase of 0.50% from the previous session [3] - The stock has traded within a range of $44.33 to $46.15, with the highest price over the past year being $46.15 and the lowest at $25.89, indicating significant growth potential [3] - The trading volume for Devon Energy is 12.66 million shares, showing active investor interest [5] Group 4: Price Target Adjustment - Susquehanna raised the price target for Devon Energy from $47 to $52, reflecting confidence in the company's future performance [4][6]

Gaspar said the companies expect to realize $1 billion in annual pre-tax run-rate synergies by year-end 2027 , attributing the opportunity to scale, operational overlap, best-practice implementation, cost optimization, and improved infrastructure utilization. He noted the synergy targets are incremental to Devon’s existing business optimization program and framed them as “true operational and efficiency gains.” Gaspar also said that any potential capital savings tied to reduced activity would be incremental ...

Core Viewpoint - The merger between Devon Energy Corporation and Cotera Energy is expected to create significant shareholder value through enhanced operational efficiencies, increased free cash flow, and a robust capital return strategy, including higher dividends and share repurchases. Group 1: Merger and Strategic Outlook - The merger is positioned to create an industry leader that delivers differentiated value to investors, with a focus on capital returns through higher dividends and a significant share repurchase authorization [1][4] - The combined portfolio will leverage a world-class position in the Delaware Basin, expected to generate over half of total production and cash flow, supported by a decade of top-tier inventory [3][4] - The merger is anticipated to deliver $1 billion in annual pretax run-rate synergies by year-end 2027, enhancing operational efficiency and free cash flow generation [2][3] Group 2: Financial Performance and Capital Returns - Devon Energy generated $3.1 billion in free cash flow in 2025, allowing for $2.2 billion in returns to shareholders through dividends, share buybacks, and debt retirement [14] - The quarterly dividend was increased by 9% to $0.24 per share, with plans for a further 31% increase following the merger, reflecting confidence in the combined company's cash return capabilities [15] - The company reduced its shares outstanding by approximately 5% over the past year and anticipates a new share repurchase authorization of over $5 billion post-merger [15][16] Group 3: Operational Efficiency and Business Optimization - Devon Energy achieved an impressive reserve replacement rate of 193% at a finding and development cost of just over $6 per BOE, indicating strong operational execution [6] - The company has captured 85% of its $1 billion business optimization target within a year, with a focus on leveraging technology and continuous improvement to drive further efficiencies [9][21] - Capital efficiency improved by over 15% from preliminary 2025 outlook, enabling the company to extract more value from every dollar invested [7][8] Group 4: Production and Cost Management - Production optimization efforts led to free cash flow of $700 million in Q4, driven by strong new well performance and improved base production management [5] - Operating costs significantly improved, reflecting enhanced reliability and operational efficiency, with capital spending finishing 4% better than guidance [5][10] - The company expects production to average around 830,000 BOE per day in Q1 2026, despite weather-related downtime [16]