Form 4: Coterra Energy Executive's Ownership Changes Post-Merger
Statement of Changes in Beneficial Ownership
Shannon E. Young III, EVP & CFO of Coterra Energy Inc., reports changes in beneficial ownership of company stock following a merger with Devon Energy.
Summary
- Shannon E. Young III, Executive Vice President & Chief Financial Officer of Coterra Energy Inc., has reported changes in his beneficial ownership of company stock.
- These changes are a result of the merger between Coterra Energy Inc. and Devon Energy Corporation, effective May 7, 2026.
- Certain restricted stock units and performance stock units granted to Mr. Young accelerated and vested due to the merger.
- Shares were withheld by Coterra Energy to satisfy tax obligations related to the vesting of these awards.
- Mr. Young's existing shares of Coterra Energy common stock were converted into the right to receive Devon Energy common stock at a ratio of 0.7 shares of Devon for each Coterra share.
- Awards of restricted stock units and performance stock units were also converted into equivalent awards for Devon Energy common stock based on the same conversion ratio.
Sentiment
Score: 5
Explanation: StockSavvy.ai views this filing as neutral, as it reports on routine post-merger equity adjustments for an executive rather than new financial performance or strategic initiatives.
Positives
- Vesting of restricted stock units and performance stock units due to merger completion.
- Conversion of Coterra Energy stock and awards into Devon Energy stock and awards, reflecting the merger's completion.
Negatives
- Withholding of shares by Coterra Energy to cover tax obligations related to the vesting of awards.
Future Outlook
The filing primarily details transactions that have occurred as a result of a completed merger. Future outlook would be related to the combined entity, Devon Energy, and is not detailed within this specific Form 4 filing.
Industry Context
StockSavvy.ai notes that this Form 4 filing reflects a significant corporate event, a merger, which is a common strategic move in the energy sector to achieve scale, operational efficiencies, and market consolidation. The conversion of equity awards is a standard procedure in such transactions.
Stakeholder Impact
- Shareholders of Coterra Energy have now become shareholders of Devon Energy, with their ownership stake adjusted according to the merger ratio.
- Employees, including executives like Mr. Young, have had their equity compensation plans converted to reflect the new corporate structure.
- Creditors and suppliers will now be dealing with the combined entity, Devon Energy.
Next Steps
- Reporting person will hold Devon Energy common stock and awards resulting from the merger.
- Further transactions related to these holdings will be reported on subsequent SEC filings as required.
Key Dates
| Date | Description |
|---|---|
| 02/21/2024 | Date of grant for previously disclosed restricted stock units and 2024 PSU Award. |
| 02/01/2026 | Date of the Agreement and Plan of Merger between Coterra Energy and Devon Energy. |
| 05/07/2026 | Effective date of the merger transactions and the date of the reported transactions. |
| 05/11/2026 | Date of filing for the Form 4. |
| 01/31/2027 | Expiration date for certain performance stock units. |
| 01/31/2028 | Expiration date for certain performance stock units. |
| 01/31/2029 | Expiration date for certain performance stock units. |
Keywords
Coterra Energy, Devon Energy, Merger, Stock Ownership, Beneficial Ownership, Restricted Stock Units, Performance Stock Units, Executive Compensation, SEC Form 4, CTRA
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