Kimmeridge Continues to Pressure Coterra with Board Nominations

As we point out in a companion post today, potential merger talks between Devon Energy and Coterra Energy are in an "advanced" stage (see Devon Energy/Coterra Energy Said to be in "Advanced Merger Talks"). One of the reasons (perhaps THE reason) why Coterra is considering a merger is ongoing pressure from "activist" investor Kimmeridge, which launched a public campaign last November to force Coterra to split the company, to sell off its Marcellus (and Anadarko) assets, and focus 100% on oil drilling in the Permian (see Activist Investor Declares Coterra Merger Failed – Sell Marcellus). Kimmeridge is keeping its boot on the neck of Coterra. The latest is that Kimmeridge is preparing to nominate Scott Sheffield, the former CEO of Pioneer Natural Resources (before it was acquired by ExxonMobil), to join Coterra Energy’s board as part of an activist push to revamp the company.

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