Devon Swaps Old Coterra Debt for New Debt in Financial Housekeeping

In February, MDN brought you the big news that Devon Energy is buying out and merging with Coterra Energy, paying $21.4 billion in Devon stock (see Devon Energy Buying Coterra Energy for $21.4B in All-Stock Merger). The merger closed on May 7 (see Devon and Coterra Complete Merger, Launches $8B Buyback Program). Immediately after the merger was official, the new board of directors approved a plan to spend $8 billion by June 2029 to repurchase (buy back) shares of stock. And now Devon is pushing to clean up Coterra’s outstanding debt.

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