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Stockholders' Equity
 12 Months Ended
Dec. 31, 2022
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

 

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, and in May 2022, authorized a further expansion to $2.0 billion and extended the expiration date to May 4, 2023.

 

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

 

$1.0 Billion Plan (Closed)

 

 

 

 

 

 

 

 

 

2020

 

 

2,243

 

 

$

38

 

 

$

16.85

 

Total

 

 

2,243

 

 

$

38

 

 

$

16.85

 

 

 

 

 

 

 

 

 

 

 

$2.0 Billion Plan

 

 

 

 

 

 

 

 

 

2021

 

 

13,983

 

 

$

589

 

 

$

42.15

 

2022

 

 

11,708

 

 

 

718

 

 

 

61.36

 

Total plan

 

 

25,691

 

 

$

1,307

 

 

$

50.90

 

 

 

Dividends

Devon is committed to paying a quarterly dividend at a fixed rate and 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 2022, 2021 and 2020, respectively.

 

 

Fixed

 

 

Variable

 

 

Total

 

 

Rate Per Share

 

2022:

 

 

 

 

 

 

 

 

 

 

 

First quarter

$

109

 

 

$

558

 

 

$

667

 

 

$

1.00

 

Second quarter

 

105

 

 

 

725

 

 

 

830

 

 

$

1.27

 

Third quarter

 

117

 

 

 

890

 

 

 

1,007

 

 

$

1.55

 

Fourth quarter

 

117

 

 

 

758

 

 

 

875

 

 

$

1.35

 

Total year-to-date

$

448

 

 

$

2,931

 

 

$

3,379

 

 

 

 

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

 

 

 

 

In February 2023, Devon raised its fixed quarterly dividend by 11%, to $0.20 per share and announced a cash dividend in the amount of $0.89 per share payable in the first quarter of 2023. The dividend consists of a fixed quarterly dividend in the amount of approximately $130 million (or $0.20 per share) and a variable quarterly dividend in the amount of approximately $449 million (or $0.69 per share).

Devon raised its fixed quarterly dividend by 45%, to $0.16 per share, beginning in the first quarter of 2022, and again by 13%, to $0.18 per share, beginning in the third quarter of 2022. Devon also increased its fixed quarterly dividend rate in the second quarter of 2020 from $0.09 to $0.11.

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.