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Stockholders' Equity
 6 Months Ended
Jun. 30, 2024
Stockholders' Equity Note [Abstract]  
Stockholders' Equity
14.
Stockholders’ Equity

Share Repurchases

In July 2024, Devon's Board of Directors authorized an expansion to the company's share repurchase program from $3.0 billion to $5.0 billion and extended the expiration date from December 31, 2024 to June 30, 2026. The table below provides information regarding purchases of Devon’s common stock under the $5.0 billion share repurchase program (shares in thousands).

 

 

 

Total Number of
Shares Purchased

 

 

Dollar Value of
Shares Purchased

 

 

Average Price Paid
per Share

 

$5.0 Billion Plan

 

 

 

 

 

 

 

 

 

2021

 

 

13,983

 

 

$

589

 

 

$

42.15

 

2022

 

 

11,708

 

 

 

718

 

 

$

61.36

 

2023:

 

 

 

 

 

 

 

 

 

First quarter

 

 

10,090

 

 

 

545

 

 

$

53.96

 

Second quarter

 

 

3,795

 

 

 

200

 

 

$

52.70

 

Fourth quarter

 

 

5,465

 

 

 

247

 

 

$

45.17

 

2023 Total

 

 

19,350

 

 

 

992

 

 

$

51.23

 

2024:

 

 

 

 

 

 

 

 

 

First quarter

 

 

4,428

 

 

 

193

 

 

$

43.47

 

Second quarter

 

 

5,188

 

 

 

256

 

 

$

49.40

 

2024 Total

 

 

9,616

 

 

 

449

 

 

$

46.67

 

Total plan

 

 

54,657

 

 

$

2,748

 

 

$

50.28

 

 

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 dividend multiple times over the past two calendar years and most recently raised it by 10% from $0.20 to $0.22 per share in the first quarter of 2024. The following table summarizes Devon’s fixed and variable dividends for the first six months of 2024 and 2023, respectively.

 

 

Fixed

 

 

Variable

 

 

Total

 

 

Rate Per Share

 

2024:

 

 

 

 

 

 

 

 

 

 

 

First quarter

$

143

 

 

$

156

 

 

$

299

 

 

$

0.44

 

Second quarter

 

138

 

 

 

85

 

 

 

223

 

 

$

0.35

 

Total year-to-date

$

281

 

 

$

241

 

 

$

522

 

 

 

 

2023:

 

 

 

 

 

 

 

 

 

 

 

First quarter

$

133

 

 

$

463

 

 

$

596

 

 

$

0.89

 

Second quarter

 

128

 

 

 

334

 

 

 

462

 

 

$

0.72

 

Total year-to-date

$

261

 

 

$

797

 

 

$

1,058

 

 

 

 

 

In August 2024, Devon announced a cash dividend in the amount of $0.44 per share payable in the third 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 $276 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.