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Stockholders' Equity
 12 Months Ended
Dec. 31, 2023
Stockholders' Equity Note [Abstract]  
Stockholders' Equity 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 November 2021, Devon announced a new 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 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 that were made under the 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

 

 

13,983

 

 

$

589

 

 

$

42.15

 

2022

 

 

11,708

 

 

 

718

 

 

 

61.36

 

2023

 

 

19,350

 

 

 

992

 

 

 

51.23

 

Total plan

 

 

45,041

 

 

$

2,299

 

 

$

51.05

 

 

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 has raised its fixed quarterly dividend multiple times over the past four calendar years from $0.11 per share in 2021 to $0.22 per share beginning in the first quarter of 2024. The following table summarizes the dividends Devon has paid on its common stock in 2023, 2022 and 2021, 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

 

Fourth quarter

 

127

 

 

 

361

 

 

 

488

 

 

$

0.77

 

Total year-to-date

$

515

 

 

$

1,343

 

 

$

1,858

 

 

 

 

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

 

 

 

 

In February 2024, Devon raised its fixed quarterly dividend by 10%, to $0.22 per share, and announced a cash dividend in the amount of $0.44 per share payable in the first quarter of 2024. The dividend consists of a $0.22 per share fixed quarterly dividend and a $0.22 per share variable quarterly dividend and will total approximately $280 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.