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Stockholders' Equity
 9 Months Ended
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 was 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.