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Stockholders' Equity
 12 Months Ended
Dec. 31, 2021
Stockholders Equity Note [Abstract]  
Stockholders' Equity

 

18.

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

 

Devon announced a share repurchase program initially in 2018 that was later expanded to $5.0 billion with a December 31, 2019 expiration date. In December 2019, Devon announced a share repurchase program of $1.0 billion with a December 31, 2020 expiration date. In November 2021, Devon announced a new share repurchase program of $1.0 billion with a December 31, 2022 expiration date. In February 2022, the Board of Directors authorized an expansion of the share repurchase program to $1.6 billion.

 

 

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

 

$5.0 Billion Plan (Closed)

 

Total Number of

Shares Purchased

 

 

Dollar Value of

Shares Purchased

 

 

Average Price Paid

per Share

 

2018

 

 

78,149

 

 

$

2,978

 

 

$

38.11

 

2019

 

 

68,625

 

 

 

1,827

 

 

 

26.62

 

Total

 

 

146,774

 

 

$

4,805

 

 

$

32.74

 

$1.0 Billion Plan (Closed)

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

 

2,243

 

 

$

38

 

 

$

16.85

 

Total

 

 

2,243

 

 

$

38

 

 

$

16.85

 

$1.6 Billion Plan (Open)

 

 

 

 

 

 

 

 

 

 

 

 

2021

 

 

13,983

 

 

$

589

 

 

$

42.15

 

Total

 

 

13,983

 

 

$

589

 

 

$

42.15

 

 

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 the dividends Devon has paid on its common stock in 2021, 2020 and 2019, respectively.

 

 

Fixed

 

 

Variable/Special

 

 

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

 

Fourth quarter

 

73

 

 

 

481

 

 

 

554

 

 

$

0.84

 

Total year-to-date

$

298

 

 

$

1,017

 

 

$

1,315

 

 

 

 

 

2020:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First quarter

$

34

 

 

$

—

 

 

$

34

 

 

$

0.09

 

Second quarter

 

42

 

 

 

—

 

 

 

42

 

 

$

0.11

 

Third quarter

 

43

 

 

 

—

 

 

 

43

 

 

$

0.11

 

Fourth quarter

 

41

 

 

 

97

 

 

 

138

 

 

$

0.37

 

Total year-to-date

$

160

 

 

$

97

 

 

$

257

 

 

 

 

 

2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First quarter

$

34

 

 

$

—

 

 

$

34

 

 

$

0.08

 

Second quarter

 

37

 

 

 

—

 

 

 

37

 

 

$

0.09

 

Third quarter

 

35

 

 

 

—

 

 

 

35

 

 

$

0.09

 

Fourth quarter

 

34

 

 

 

—

 

 

 

34

 

 

$

0.09

 

Total year-to-date

$

140

 

 

$

—

 

 

$

140

 

 

 

 

 

In February 2022, Devon announced a cash dividend in the amount of $1.00 per share payable in the first quarter of 2022. The dividend consists of a fixed quarterly dividend in the amount of approximately $106 million (or $0.16 per share) and a variable quarterly dividend in the amount of approximately $557 million (or $0.84 per share).

Devon raised its fixed quarterly dividend by 45%, to $0.16 per share, beginning in the first quarter of 2022. Devon also increased its fixed quarterly dividend rate in the second quarter of 2020 and 2019 from $0.09 to $0.11 and from $0.08 to $0.09, respectively.

In the fourth quarter of 2020, Devon paid a $97 million (or $0.26 per share) special dividend.

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.