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Stockholders' Equity | 9 Months Ended
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Sep. 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 wa s conditioned upon the closing of the Barnett Shale divestiture for cash proceeds of at least $725 million. Since the Company received proceeds less than that amount in connection with the Barnett divestiture, we do not expect to complete repurchases in excess of $200 million in the aggregate under the existing repurchase program. Moreover, Devon has temporarily suspended its share repurchase program. 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 |
Third quarter |  | 43 |  |  | $ | 0.11 |
Total year-to-date | $ | 119 |  |  |  |  |
Quarter Ended 2019: |  |  |  |  |  |  |
First quarter | $ | 34 |  |  | $ | 0.08 |
Second quarter |  | 37 |  |  | $ | 0.09 |
Third quarter |  | 35 |  |  | $ | 0.09 |
Total year-to-date | $ | 106 |  |  |  |  |
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, Devon’s Board of Directors approved a $0.26 per share (approximately $100 million total) special dividend which was paid on October 1, 2020 to holders of record as of August 14, 2020. As of September 30, 2020, the accrued dividends payable is included as a component of accounts payable within the accompanying consolidated balance sheets.

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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 + Details
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