Coterra Energy reported strong fourth-quarter and full-year 2025 results, with total BOE and natural gas production exceeding the high-end of guidance, and oil production beating the midpoint. Generated $970 million in Cash Flow from Operating Activities (GAAP) and $507 million in Free Cash Flow (non-GAAP) for Q4 2025. For the full year 2025, Cash Flow from Operating Activities (GAAP) was $4.0 billion (up 44% from 2024) and Free Cash Flow (non-GAAP) was $2.0 billion (up 67% from 2024). Returned $263 million to shareholders in Q4 2025 through $170 million in dividends and $93 million in share repurchases, retiring 4 million shares at an average price of $24.37 per share. Repaid $100 million of term loans in Q4 2025, with the remaining $300 million to be fully repaid in February 2026. Announced a transformative all-stock merger with Devon Energy on February 2, 2026, expected to close in the second quarter of 2026. The combined entity aims for $1 billion per year in pre-tax synergy capture on a run-rate basis by year-end 2027. Coterra shareholders will receive a fixed exchange ratio of 0.70 share of Devon common stock for each Coterra common stock share. Provided 2026 standalone guidance, expecting annual total production of 750 to 810 MBoepd and full-year capital expenditures of $2.25 billion (midpoint). Proved reserves at December 31, 2025, totaled 2,565 million barrels of oil equivalent (MMBoe), an increase of approximately 13% year-over-year.