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Stockholders' Equity
 9 Months Ended
Sep. 30, 2021
Stockholders Equity Note [Abstract]  
Stockholders' Equity

16.

Stockholders’ Equity

WPX Merger

On January 7, 2021, Devon and WPX completed an all-stock merger of equals. On the closing date of the Merger, each share of WPX common stock was automatically converted into the right to receive 0.5165 of a share of Devon common stock. Consequently, Devon issued approximately 290 million shares of Devon common stock to holders of WPX common stock to effect the Merger on January 7, 2021.

Share Repurchases

 

The table below provides information regarding purchases of Devon’s common stock that were made in 2020 under a share repurchase program that expired at the end of 2020 (shares in thousands).

 

 

 

Total Number of

Shares Purchased

 

 

Dollar Value of

Shares Purchased

 

 

Average Price Paid

per Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First quarter 2020

 

 

2,243

 

 

$

38

 

 

$

16.85

 

Total

 

 

2,243

 

 

$

38

 

 

$

16.85

 

 

In November 2021, Devon authorized a share repurchase program to buy up to $1.0 billion of common stock. This program expires December 31, 2022.

 

 

Dividends

Upon completion of the Merger, Devon continued its commitment to pay a quarterly dividend at a fixed rate and instituted a variable quarterly dividend, which is dependent on quarterly cash flows, among other factors. The following table summarizes Devon’s fixed and variable dividends for the first nine months of 2021 and 2020, respectively.

 

 

Fixed

 

 

Variable

 

 

Total

 

 

Rate Per Share

 

2021:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First quarter

$

76

 

 

$

127

 

 

$

203

 

 

$

0.30

 

Second quarter

 

75

 

 

 

154

 

 

 

229

 

 

$

0.34

 

Third quarter

 

74

 

 

 

255

 

 

 

329

 

 

$

0.49

 

Total year-to-date

$

225

 

 

$

536

 

 

$

761

 

 

 

 

 

2020:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First quarter

$

34

 

 

$

—

 

 

$

34

 

 

$

0.09

 

Second quarter

 

42

 

 

 

—

 

 

 

42

 

 

$

0.11

 

Third quarter

 

43

 

 

 

—

 

 

 

43

 

 

$

0.11

 

Total year-to-date

$

119

 

 

$

—

 

 

$

119

 

 

 

 

 

 

In November 2021, Devon announced a cash dividend in the amount of $0.84 per share payable in the fourth quarter of 2021. The dividend consists of a fixed quarterly dividend in the amount of approximately $74 million (or $0.11 per share) and a variable quarterly dividend in the amount of approximately $494 million (or $0.73 per share).

Noncontrolling Interests

The noncontrolling interests’ share of CDM’s net earnings and the contributions from and distributions to the noncontrolling interests are presented as components of equity.