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Stockholders' Equity | 6 Months Ended
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Jun. 30, 2025
Stockholders' Equity Note [Abstract] |
Stockholders' Equity | 16. 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 Devon's Board of Directors has authorized a $5.0 billion share repurchase program with a June 30, 2026 expiration date. 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: |  |  |  |  |  |  |  |  |
First quarter |  |  | 4,428 |  |  |  | 193 |  |  | $ | 43.47 |
Second quarter |  |  | 5,188 |  |  |  | 256 |  |  | $ | 49.40 |
Third quarter |  |  | 6,675 |  |  |  | 295 |  |  | $ | 44.23 |
Fourth quarter |  |  | 7,653 |  |  |  | 300 |  |  | $ | 39.22 |
2024 Total |  |  | 23,944 |  |  |  | 1,044 |  |  | $ | 43.61 |
2025: |  |  |  |  |  |  |  |  |
First quarter |  |  | 8,505 |  |  |  | 301 |  |  | $ | 35.33 |
Second quarter |  |  | 7,866 |  |  |  | 249 |  |  | $ | 31.78 |
2025 Total |  |  | 16,371 |  |  |  | 550 |  |  | $ | 33.62 |
Total plan |  |  | 85,356 |  |  | $ | 3,893 |  |  | $ | 45.62 |
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 9% from $0.22 to $0.24 per share in the first quarter of 2025. The following table summarizes Devon’s dividends for the first six months of 2025 and 2024, respectively.
| Dividends |  |  | Rate Per Share |
2025: |  |  |  |  |
First quarter | $ | 163 |  |  | $ | 0.24 |
Second quarter |  | 156 |  |  | $ | 0.24 |
Total year-to-date | $ | 319 |  |  |  |
2024: |  |  |  |  |
First quarter | $ | 299 |  |  | $ | 0.44 |
Second quarter |  | 223 |  |  | $ | 0.35 |
Total year-to-date (1) | $ | 522 |  |  |  |
(1) During the first six months of 2024, Devon paid variable dividends totaling $241 million in addition to its recurring fixed dividend. In August 2025, Devon announced a fixed cash dividend in the amount of $0.24 per share for approximately $151 million payable in the third quarter of 2025. 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. On August 1, 2025, Devon completed the acquisition of all the outstanding noncontrolling interests in CDM for $260 million. As a result of this transaction, Devon owns 100% of the equity interests in CDM. The acquisition of the noncontrolling interests will be accounted for as an equity transaction. Accordingly, the difference between the carrying amount of the noncontrolling interests and the consideration paid will be recognized in Devon's additional paid in capital in the consolidated balance sheet.

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