On June 25, 2026, Devon Energy Corporation completed the settlement of exchange offers for notes issued by its subsidiary, Coterra Energy Inc. Devon retired and canceled the accepted Coterra notes and issued five series of new general unsecured New Devon Notes totaling approximately $2.94 billion in aggregate principal: 3.90% notes due 2027 ($627.1M), 4.375% notes due 2029 ($447.6M), 5.60% notes due 2034 ($465.8M), 5.40% notes due 2035 ($671.7M), and 5.90% notes due 2055 ($734.2M). Additionally, Devon entered into a registration rights agreement with Wells Fargo, BofA Securities, and Citigroup, agreeing to use commercially reasonable efforts to register the new notes, with a potential 1.0% additional interest penalty if not completed within 450 days. Devon Energy operates in the energy industry as an independent oil and gas exploration and production company.
