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.