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Stockholders' Equity
 9 Months Ended
Sep. 30, 2014
Stockholders' Equity [Abstract]  
Stockholders' Equity

16.    Stockholders' Equity

 

Dividends

 

Devon paid common stock dividends of $287 million and $259 million in the first nine months of 2014 and 2013, respectively. The quarterly cash dividend was $0.20 per share in the first quarter of 2013. Devon increased the dividend rate to $0.22 per share in the second quarter of 2013 and to $0.24 per share in the second quarter of 2014.   

 

Subsidiary equity transactions 

 

In May 2014, the Partnership entered into an Equity Distribution Agreement (the “EDA”) with BMO Capital Markets Corp. (“BMO”). Pursuant to the terms of the EDA, the Partnership may from time to time through BMO, as its sales agent, sell common units representing limited partner interests having an aggregate offering price of up to $75 million.

 

Through September 30, 2014, the Partnership sold an aggregate of 2.4 million common units under the EDA, generating net proceeds of approximately $72 million. The Partnership used the net proceeds for general partnership purposes, including working capital, capital expenditures and repayments of indebtedness.

 

Distributions to noncontrolling interests

 

In conjunction with the formation of EnLink in the first quarter of 2014, Devon made a payment of $100 million to noncontrolling interests. Further, EnLink distributed $87 million to its non-Devon unitholders during the first nine months of 2014.