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Stockholders' Equity
 9 Months Ended
Sep. 30, 2024
Stockholders' Equity Note [Abstract]  
Stockholders' Equity
14.
Stockholders’ 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.