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Stockholders' Equity
 12 Months Ended
Dec. 31, 2024
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 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 Repurchase Program

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

 

 

19,350

 

 

 

992

 

 

$

51.23

 

2024

 

 

23,944

 

 

 

1,044

 

 

$

43.61

 

Total plan

 

 

68,985

 

 

$

3,343

 

 

$

48.46

 

 

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 divided multiple times over the past three calendar years with it most recently being raised from $0.22 to $0.24 per share beginning in the first quarter of 2025. The following table summarizes the dividends Devon has paid on its common stock in 2024, 2023 and 2022, 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

 

Fourth quarter

 

143

 

 

 

—

 

 

 

143

 

 

$

0.22

 

Total year-to-date

$

560

 

 

$

377

 

 

$

937

 

 

 

 

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

 

 

 

 

In February 2025, Devon announced it was raising its fixed cash dividend by 9%, to $0.24 per share beginning in the first quarter of 2025. The dividend is payable in the first quarter of 2025 and is expected to total approximately $156 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.