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Stockholders' Equity
 12 Months Ended
Dec. 31, 2014
Stockholders' Equity [Abstract]  
Stockholders' Equity

16.Stockholders' Equity

 

The authorized capital stock of Devon consists of 1.0 billion shares of common stock, par value $0.10 per share and 4.5 million shares of preferred stock, par value $1.00 per share. The preferred stock may be issued in one or more series, and the terms and rights of such stock will be determined by the Board of Directors.  

 

Dividends

 

Devon paid common stock dividends of $386 million, $348 million and $324 million in 2014, 2013 and 2012, respectively. The quarterly cash dividend was $0.20 per share in the first quarter of 2012. 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.

 

Stock Option Proceeds

 

Devon received $93 million, $3 million and $27 million from stock option proceeds in 2014, 2013 and 2012, respectively.