DEVON ENERGY CORP/DE 4
4 · Fervo Energy Co · Filed May 15, 2026
Research Summary
AI-generated summary of this filing
Fervo (FRVO) 10% Owner Devon Energy Converts Preferred into 35.7M Shares
What Happened
Devon Energy Corporation (reported as a 10% owner via Devon Technology Ventures Holdings, L.L.C.) reported multiple conversion transactions on May 14, 2026. The filing shows conversions that resulted in the acquisition of 35,728,296 shares of Fervo Class A common stock and reported dispositions of 49,664,021 derivative shares, with transaction prices reported as N/A or $0.00. Net reported change across the listed transactions is a decrease of 13,935,725 shares. Footnotes indicate these actions relate to automatic conversion of preferred stock into Class A common upon the issuer’s IPO.
Key Details
- Transaction date: 2026-05-14 (Form 4 filed 2026-05-15 — timely).
- Reported acquisitions (conversion): 25,568,060; 3,429,061; 2,329,345; 4,401,830 — total 35,728,296 shares (prices N/A).
- Reported dispositions (conversion/derivative): 35,540,812; 4,766,557; 3,237,900; 6,118,752 — total 49,664,021 shares (reported $0.00).
- Net change across listed entries: -13,935,725 shares.
- Shares owned after the transactions: not specified in the provided excerpt.
- Footnotes: (F1) Record holder is Devon Technology Ventures Holdings, L.L.C., a wholly owned subsidiary of Devon Energy; (F2) Preferred shares automatically converted into 0.7194 Class A shares upon the issuer’s IPO.
- Transaction code: C (conversion of derivative security). No cash proceeds reported (entries at $0.00), suggesting structural conversion rather than open-market sales.
Context
This filing reflects an institutional 10% owner’s conversion of preferred securities into common stock tied to the issuer’s IPO mechanics — a structural event, not a typical insider buy/sell for cash. For retail investors, conversions recorded at $0.00 usually indicate corporate restructuring of securities rather than a market sale that signals insider sentiment.
Insider Transaction Report
- Conversion
Class A Common Stock
[F2][F1]2026-05-14+25,568,060→ 25,568,060 total(indirect: See footnote) - Conversion
Class A Common Stock
[F2][F1]2026-05-14+3,429,061→ 28,997,121 total(indirect: See footnote) - Conversion
Class A Common Stock
[F2][F1]2026-05-14+2,329,345→ 31,326,466 total(indirect: See footnote) - Conversion
Class A Common Stock
[F2][F1]2026-05-14+4,401,830→ 35,728,296 total(indirect: See footnote) - Conversion
Series D-1 Preferred Stock
[F2][F1]2026-05-14−35,540,812→ 0 total(indirect: See footnote)→ Class A Common Stock (25,568,060 underlying) - Conversion
Series D-2 Preferred Stock
[F2][F1]2026-05-14−4,766,557→ 0 total(indirect: See footnote)→ Class A Common Stock (3,429,061 underlying) - Conversion
Series D-3 Preferred Stock
[F2][F1]2026-05-14−3,237,900→ 0 total(indirect: See footnote)→ Class A Common Stock (2,329,345 underlying) - Conversion
Series E-1 Preferred Stock
[F2][F1]2026-05-14−6,118,752→ 0 total(indirect: See footnote)→ Class A Common Stock (4,401,830 underlying)
Footnotes (2)
- [F1]Devon Technology Ventures Holdings, L.L.C., a wholly-owned subsidiary of Devon Energy Corporation, is the record holder of the securities listed in this Form 4.
- [F2]Upon the closing of the Issuer's initial public offering, each share of Series D-1 Preferred Stock, Series D-2 Preferred Stock, Series D-3 Preferred Stock and Series E-1 Preferred Stock (collectively, the "Preferred Stock") automatically converted into 0.7194 shares of the Issuer's Class A common stock, par value $0.0001 per share (the "Class A Common Stock"). The shares of Preferred Stock had no expiration date.