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Stockholders' Equity | 9 Months Ended
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Sep. 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 |
Third quarter |  |  | 7,324 |  |  |  | 250 |  |  | $ | 34.06 |
2025 Total |  |  | 23,695 |  |  |  | 800 |  |  | $ | 33.76 |
Total plan |  |  | 92,680 |  |  | $ | 4,143 |  |  | $ | 44.70 |
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 nine months of 2025 and 2024, respectively.
| Dividends |  |  | Rate Per Share |
2025: |  |  |  |  |
First quarter | $ | 163 |  |  | $ | 0.24 |
Second quarter |  | 156 |  |  | $ | 0.24 |
Third quarter |  | 151 |  |  | $ | 0.24 |
Total year-to-date | $ | 470 |  |  |  |
2024: |  |  |  |  |
First quarter | $ | 299 |  |  | $ | 0.44 |
Second quarter |  | 223 |  |  | $ | 0.35 |
Third quarter |  | 272 |  |  | $ | 0.44 |
Total year-to-date (1) | $ | 794 |  |  |  |
(1) During the first nine months of 2024, Devon paid variable dividends totaling $377 million in addition to its recurring fixed dividend. In November 2025, Devon announced a fixed cash dividend in the amount of $0.24 per share for approximately $150 million payable in the fourth quarter of 2025. Noncontrolling Interests On August 1, 2025, Devon completed the acquisition of all outstanding noncontrolling interests in CDM for $260 million. As a result of this transaction, Devon owns 100% of the equity interests in CDM. For additional information, see Note 1.

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