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Stockholders' Equity | 12 Months Ended
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Dec. 31, 2020
Stockholders Equity Note [Abstract] |
Stockholders' Equity |
1 8. | 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. Share Repurchase Program In 2018, Devon announced a share repurchase program totaling $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. 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 |  |  |  |  |  |  |  |  |  |  |  |
2018 |  |  | 78,149 |  |  | $ | 2,978 |  |  | $ | 38.11 |
2019 |  |  | 68,625 |  |  |  | 1,827 |  |  |  | 26.62 |
Total inception-to-date |  |  | 146,774 |  |  | $ | 4,805 |  |  | $ | 32.74 |
$1.0 Billion Plan |  |  |  |  |  |  |  |  |  |  |  |
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 |
Year Ended 2020: |  |  |  |  |  |  |
First quarter | $ | 34 |  |  | $ | 0.09 |
Second quarter |  | 42 |  |  | $ | 0.11 |
Third quarter |  | 43 |  |  | $ | 0.11 |
Fourth quarter |  | 41 |  |  | $ | 0.11 |
Fourth quarter (special dividend) |  | 97 |  |  | $ | 0.26 |
Total year-to-date | $ | 257 |  |  |  |  |
Year Ended 2019: |  |  |  |  |  |  |
First quarter | $ | 34 |  |  | $ | 0.08 |
Second quarter |  | 37 |  |  | $ | 0.09 |
Third quarter |  | 35 |  |  | $ | 0.09 |
Fourth quarter |  | 34 |  |  | $ | 0.09 |
Total year-to-date | $ | 140 |  |  |  |  |
Year Ended 2018: |  |  |  |  |  |  |
First quarter | $ | 32 |  |  | $ | 0.06 |
Second quarter |  | 42 |  |  | $ | 0.08 |
Third quarter |  | 38 |  |  | $ | 0.08 |
Fourth quarter |  | 37 |  |  | $ | 0.08 |
Total year-to-date | $ | 149 |  |  |  |  |
Devon raised its quarterly dividend by 22%, to $0.11 per share, beginning in the second quarter of 2020. Devon also increased its quarterly dividend rate in both the second quarter of 2019 from $0.08 to $0.09 and in 2018 from $0.06 to $0.08. On October 1, 2020, Devon paid a $0.26 per share special dividend to holders of record as of August 14, 2020. In February 2021, Devon announced an approximately $128 million variable cash dividend in the amount of $0.19 per share payable in the first quarter of 2021.

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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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