DEVON ENERGY CORP/DE 4

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.