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Stockholders' Equity
 9 Months Ended
Sep. 30, 2025
Stockholders' Equity Note [Abstract]  
Stockholders' Equity
16.
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

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.