Updated
Updated · Bloomberg · Jul 9
Kimmeridge Opposes All Devon Directors After $25 Billion Coterra Deal
Updated
Updated · Bloomberg · Jul 9

Kimmeridge Opposes All Devon Directors After $25 Billion Coterra Deal

1 articles · Updated · Bloomberg · Jul 9

Summary

  • Kimmeridge voted against all of Devon Energy’s directors and its compensation plan at the company’s annual meeting, according to a person familiar with the matter.
  • The activist investor said Devon’s divestment program has moved too slowly after the $25 billion takeover of Coterra Energy, sharpening pressure on management.
  • A May letter titled “Time for Action” had already urged Devon to sell assets outside the Permian Basin, the most productive US oil field.
  • The vote marks the latest escalation in Kimmeridge’s campaign to push Devon toward a tighter Permian-focused portfolio.

Insights

After a shareholder revolt against its entire board, is a proxy war now inevitable at Devon Energy?
Will Devon accept an $8 billion offer for its gas assets or defy demands for a pure Permian focus?