Attention, those of you who own Coterra Energy Inc. (CTRA): CTRA has been acquired by Devon Energy Corporation (DVN). As a result of this acquisition, all owners of CTRA have received 0.70 shares of DVN for every 1 share of CTRA that was previously owned.
Please note: Calls that were sold against CTRA last month have been exchanged for DVN as part of the acquisition. These DVN calls stand a chance of being exercised at present. If this does occur at options expiration on May 15th, the shares of DVN that you presently own will be called away, and no further action will be needed on your part. If all of your DVN shares are called away at expiration, we will adjust the activity to close your CTRA position profitably, allowing you to search for new positions like usual on Trade Day.
If you still own DVN shares following expiration, you should sell them on Trade Day and transmogrify the position. Because of the unique share quantities that you will be left with following the merger, and the unique adjustments that will need to be performed as part of the transmogrification process, we would request that you please give us a call prior to transmogrifying your position. Please give us a call after you have completed all of your other regular Snider Method trading for the month, and we will guide you through the process of transmogrifying CTRA.