Devon Announces Results of Early Participation in Private Exchange Offers and Consent Solicitations and Extension of Deadline to Receive Total Exchange Consideration

About this update from Devon Energy Corporation

HOUSTON, June 08, 2026 (GLOBE NEWSWIRE) -- Devon Energy Corporation (NYSE: DVN) (“Devon”) today announced that, in connection with the previously announced offers to Eligible Holders (as defined herein) to exchange (each, an “Exchange Offer” and collectively, the “Exchange Offers”) any and all outstanding notes issued by Coterra Energy Inc., a direct, wholly owned subsidiary of Devon (“Coterra”), as set forth in the table below (the “Existing Coterra Notes”) for (1) new notes issued by Devon (the “New Devon Notes”) and (2) cash, and solicitations of consents by Coterra from Eligible Holders (each, a “Consent Solicitation” and, collectively, the “Consent Solicitations”) to adopt certain proposed amendments to each of the corresponding indentures governing the Existing Coterra Notes (other than the Existing Coterra OpCo Notes (as defined herein)) (with respect to the corresponding indenture for such Existing Coterra Notes, the “Proposed Amendments”), as of 5:00 p.m., New York City time, on June 5, 2026 (the “Early Tender Date”), the following principal amounts of each series of Existing Coterra Notes have been validly tendered and not validly withdrawn (and consents thereby have been validly given and not validly revoked): ________________________________(1)   Represents senior notes issued by Coterra Energy Operating Co., an indirect wholly owned subsidiary of Devon previously known as Cimarex Energy Co. (the “Existing Coterra OpCo Notes”). Coterra has received the requisite number of consents to adopt the Proposed Amendments with respect to each of the five outstanding series of Existing Coterra Notes that are subject to the Consent Solicitations. Notwithstanding anything herein to the contrary, the Existing Coterra OpCo Notes are not subject to the Consent Solicitations. Accordingly, Coterra and the trustee for each such outstanding series of Existing Coterra Notes have executed and delivered a supplemental indenture amending the indentures governing the Existing Coterra Notes effecting the Proposed Amendments, which such supplemental indenture will become operative on the settlement date, which is expected to occur within two business days after the Expiration Date (as defined herein). Tendered Existing Coterra Notes may no longer be withdrawn. Devon has also announced that the previous deadline for Eligible Holders to tender their Existi...

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