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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2024
Stockholders' Equity Note [Abstract] |
Stockholders' Equity | 14. Stockhol ders’ Equity Share Issuance On September 27, 2024, Devon completed its acquisition of the Williston Basin business of Grayson Mill for total consideration of approximately $5.0 billion. The transaction consisted of $3.5 billion of cash and approximately 37.3 million shares of Devon common stock at $38.96 per share for total equity consideration of approximately $1.5 billion, including purchase price adjustments. 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 |
Third quarter |  |  | 6,675 |  |  |  | 295 |  |  | $ | 44.23 |
2024 Total |  |  | 16,291 |  |  |  | 744 |  |  | $ | 45.67 |
Total plan |  |  | 61,332 |  |  | $ | 3,043 |  |  | $ | 49.62 |
Dividends Devon pays a quarterly dividend which can be 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 dividends for the first nine 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 |
Third quarter |  | 136 |  |  |  | 136 |  |  |  | 272 |  |  | $ | 0.44 |
Total year-to-date | $ | 417 |  |  | $ | 377 |  |  | $ | 794 |  |  |  |
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 |  |  |  |
In November 2024, Devon announced a fixed cash dividend in the amount of $0.22 per share for approximately $144 million payable in the fourth quarter of 2024. 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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