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Stockholders' Equity

6 Months Ended

Jun. 30, 2020

Stockholders Equity Note [Abstract]

Stockholders' Equity

16. Stockholders’ Equity

Share Repurchase Programs

In March 2018, Devon announced a $1.0 billion share repurchase program. In June 2018, Devon announced the expansion of this program to $4.0 billion. In February 2019, Devon announced a further expansion to $5.0 billion with a December 31, 2019 expiration date. In December 2019, Devon announced a new $1.0 billion share repurchase program with a December 31, 2020 expiration date. Under the new program, $800 million of the $1.0 billion authorization is conditioned upon the closing of the Barnett Shale divestiture for cash proceeds of at least $725 million. As the pricing and economic environment has changed due to the COVID-19 pandemic and demand challenges for commodities, Devon has temporarily suspended its share repurchase program to preserve liquidity.

The table below provides information regarding purchases of Devon’s common stock that were made under the respective share repurchase programs (shares in thousands).

		Total Number of Shares Purchased				Dollar Value of Shares Purchased				Average Price Paid per Share
$5.0 Billion Plan
Full year 2018			78,149			$	2,978			$	38.11
First quarter 2019			36,141				1,024				28.33
Second quarter 2019			5,911				159				27.01
Third quarter 2019			22,137				550				24.80
Fourth quarter 2019			4,436				94				21.32
Total inception-to-date			146,774			$	4,805			$	32.74
$1.0 Billion Plan
First quarter 2020			2,243			$	38			$	16.85
Total inception-to-date			2,243			$	38			$	16.85

Dividends

The table below summarizes the dividends Devon paid on its common stock.

	Amounts				Rate Per Share
Quarter Ended 2020:
First quarter	$	34			$	0.09
Second quarter		42			$	0.11
Total year-to-date	$	76
Quarter Ended 2019:
First quarter	$	34			$	0.08
Second quarter		37			$	0.09
Total year-to-date	$	71

Devon raised its quarterly dividend by 22%, to $0.11 per share, beginning in the second quarter of 2020. In the second quarter of 2019, Devon increased the quarterly dividend rate from $0.08 to $0.09 per share.

On August 4, 2020, our Board of Directors approved a $0.26 per share (approximately $100 million total) special dividend to be payable as of October 1, 2020, to holders of record as of August 14, 2020.

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- References

No definition available.

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- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

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