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Stockholders' Equity | 6 Months Ended
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Jun. 30, 2023
Stockholders' Equity Note [Abstract] |
Stockholders' Equity | 16. Stockhol ders’ Equity Share Repurchases In November 2021, Devon authorized a share repurchase program of $1.0 billion with a December 31, 2022 expiration date. In 2022, the Board of Directors authorized expansions of the share repurchase program ultimately to $2.0 billion and extended the expiration date to May 4, 2023. In May 2023, the Board of Directors authorized a further expansion to $3.0 billion and extended the expiration date to December 31, 2024. The table below provides information regarding purchases of Devon’s common stock under the $3.0 billion share repurchase program (shares in thousands).
|  | Total Number of Shares Purchased |  |  | Dollar Value of Shares Purchased |  |  | Average Price Paid per Share |
$3.0 Billion Plan |  |  |  |  |  |  |  |  |
2021: |  |  |  |  |  |  |  |  |
Fourth quarter |  |  | 13,983 |  |  | $ | 589 |  |  | $ | 42.15 |
2022: |  |  |  |  |  |  |  |  |
First quarter |  |  | 3,979 |  |  |  | 230 |  |  | $ | 57.74 |
Second quarter |  |  | 5,052 |  |  |  | 318 |  |  | $ | 63.07 |
Third quarter |  |  | 1,875 |  |  |  | 113 |  |  | $ | 59.99 |
Fourth quarter |  |  | 802 |  |  |  | 57 |  |  | $ | 71.69 |
2023: |  |  |  |  |  |  |  |  |
First quarter |  |  | 10,090 |  |  |  | 545 |  |  | $ | 53.96 |
Second quarter |  |  | 3,795 |  |  |  | 200 |  |  | $ | 52.70 |
Total plan |  |  | 39,576 |  |  | $ | 2,052 |  |  | $ | 51.86 |
Dividends Devon pays a quarterly dividend which is comprised of a fixed dividend and a variable dividend. The variable dividend is dependent on quarterly cash flows, among other factors. Devon raised its fixed dividend multiple times over the past two calendar years from $0.16 per share in the first quarter of 2022 to $0.20 per share beginning in the first quarter of 2023. The following table summarizes Devon’s fixed and variable dividends for the first six months of 2023 and 2022, respectively.
| Fixed |  |  | Variable |  |  | Total |  |  | Rate Per Share |
2023: |  |  |  |  |  |  |  |  |  |  |
First quarter | $ | 133 |  |  | $ | 463 |  |  | $ | 596 |  |  | $ | 0.89 |
Second quarter |  | 128 |  |  |  | 334 |  |  |  | 462 |  |  | $ | 0.72 |
Total year-to-date | $ | 261 |  |  | $ | 797 |  |  | $ | 1,058 |  |  |  |
2022: |  |  |  |  |  |  |  |  |  |  |
First quarter | $ | 109 |  |  | $ | 558 |  |  | $ | 667 |  |  | $ | 1.00 |
Second quarter |  | 105 |  |  |  | 725 |  |  |  | 830 |  |  | $ | 1.27 |
Total year-to-date | $ | 214 |  |  | $ | 1,283 |  |  | $ | 1,497 |  |  |  |
In August 2023, Devon announced a cash dividend in the amount of $0.49 per share payable in the third quarter of 2023. The dividend consists of a $0.20 per share fixed quarterly dividend and a $0.29 per share variable quarterly dividend and will total approximately $314 million. 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.

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