Form 4: Coterra Energy Executive Reports Merger-Related Stock Transactions

Blake A. Sirgo, EVP - Business Units at Coterra Energy Inc., reported significant stock transactions related to the company's merger with Devon Energy.

Summary

• Blake A. Sirgo, an Executive Vice President at Coterra Energy Inc., has filed a Form 4 detailing stock transactions that occurred on May 7, 2026.
• These transactions are primarily related to the merger agreement between Coterra Energy and Devon Energy, which was effective on the same date.
• The filing indicates the disposition of 12,035 shares of Coterra Energy common stock at a price of $32.56 per share, which were withheld to satisfy tax obligations related to the vesting of restricted stock units.
• Additionally, 30,582 performance stock units were converted into Coterra Energy common stock, with the remainder paid in cash.
• A significant portion of Sirgo's holdings, 183,955 shares of Coterra Energy common stock, were converted into the right to receive 0.7 shares of Devon Energy common stock per Coterra share.
• This conversion also applied to time-vesting restricted stock units and performance stock units, which were converted into equivalent awards for Devon Energy common stock.
• The filing clarifies that certain dispositions were not sales but rather shares withheld for tax purposes or conversions related to the merger.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing, as it primarily details routine stock transactions related to a completed merger and executive tax obligations, rather than indicating new financial performance or strategic shifts.

Positives

• The merger with Devon Energy has been successfully completed, leading to the conversion of Coterra Energy equity into Devon Energy equity.
• Performance stock units were deemed earned based on achieved performance levels prior to the merger, resulting in the conversion of these units into common stock or cash.
• Restricted stock units and performance stock units were converted into equivalent awards for Devon Energy common stock, preserving value for the executive.

Negatives

• A portion of the executive's Coterra Energy shares (12,035) were disposed of to cover tax obligations arising from the vesting of restricted stock units.
• The value of the executive's holdings is now tied to Devon Energy's stock performance post-merger.

Risks

• The value of the executive's holdings is now subject to the market performance of Devon Energy's common stock.
• Potential tax implications for the executive related to the conversion of stock units and the receipt of cash payments.

Future Outlook

The future outlook for Blake A. Sirgo's holdings is now dependent on the performance of Devon Energy's common stock following the merger.

Management Comments

• The reported disposition represents shares of Issuer Common Stock withheld by the Issuer to satisfy the Reporting Person's tax obligations related to the vesting of such previously disclosed award of restricted stock units, not a sale transaction by the Reporting Person.
• The reported disposition represents shares of Issuer Common Stock withheld by the Issuer to satisfy the Reporting Person's tax obligations related to the vesting of the 2024 PSU Award, not a sale transaction by the Reporting Person.
• As of the Effective Time, each share of Issuer Common Stock held by the Reporting Person as of immediately prior to the Effective Time was converted into the right to receive 0.7 shares of Devon Common Stock.

Industry Context

StockSavvy.ai notes that this Form 4 filing is a standard disclosure following a significant corporate event, in this case, the merger between Coterra Energy and Devon Energy. Such filings are crucial for understanding executive compensation and ownership changes in the context of industry consolidation.

Stakeholder Impact

• Shareholders of Coterra Energy have now become shareholders of Devon Energy, with their investment value tied to the combined entity.
• Executives like Blake A. Sirgo have had their equity holdings converted, aligning their interests with the new corporate structure.

Next Steps

• Monitoring the performance of Devon Energy's common stock, into which Coterra Energy holdings have been converted.
• Tracking any future SEC filings from Blake A. Sirgo regarding his beneficial ownership of Devon Energy securities.

Key Dates

Keywords

Form 4, SEC Filing, Coterra Energy, CTRA, Devon Energy, Merger, Blake A. Sirgo, Stock Transactions, Restricted Stock Units, Performance Stock Units, Beneficial Ownership, Executive Compensation