XML 37 R24.htm IDEA: XBRL DOCUMENT v3.23.3
Stockholders' Equity
 9 Months Ended
Sep. 30, 2023
Stockholders' Equity Note [Abstract]  
Stockholders' Equity
16.
Stockholders’ 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 nine 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

 

Third quarter

 

127

 

 

 

185

 

 

 

312

 

 

$

0.49

 

Total year-to-date

$

388

 

 

$

982

 

 

$

1,370

 

 

 

 

2022:

 

 

 

 

 

 

 

 

 

 

 

First quarter

$

109

 

 

$

558

 

 

$

667

 

 

$

1.00

 

Second quarter

 

105

 

 

 

725

 

 

 

830

 

 

$

1.27

 

Third quarter

 

117

 

 

 

890

 

 

 

1,007

 

 

$

1.55

 

Total year-to-date

$

331

 

 

$

2,173

 

 

$

2,504

 

 

 

 

 

In November 2023, Devon announced a cash dividend in the amount of $0.77 per share payable in the fourth quarter of 2023. The dividend consists of a $0.20 per share fixed quarterly dividend and a $0.57 per share variable quarterly dividend and will total approximately $492 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.