Devon Energy Provides Update on $4 Billion Share-Repurchase Program
September 14 2018 - 6:45AM
Business Wire
Devon Energy Corp. (NYSE: DVN) announced today the completion of
its initial accelerated share repurchase (“ASR”) program that
commenced in early August. The ASR program was completed as part of
the company’s $4 billion share repurchase authorization expiring at
the end of 2019. To date, Devon has repurchased approximately 50
million shares under the authorization at a total cost of $2
billion, with an average share purchase price of $41.
With the completion of the initial ASR program, the company
continues to advance its share repurchase activity in the open
market. Through these open market purchases, Devon expects to
repurchase approximately an incremental $500 million before its
third quarter earnings call. The company now expects to complete
its $4 billion share-repurchase program in early 2019 and is on
track to repurchase nearly 20 percent of the company’s outstanding
common stock.
About Devon Energy
Devon Energy is a leading independent energy company engaged in
finding and producing oil and natural gas. Based in Oklahoma City
and included in the S&P 500, Devon operates in several of the
most prolific oil and natural gas plays in the U.S. and Canada with
an emphasis on achieving strong returns and capital-efficient,
cash-flow growth. For more information, please visit
www.devonenergy.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws. Such statements are
subject to a number of assumptions, risks and uncertainties, many
of which are beyond the control of the company. These risks
include, but are not limited to: changes in market conditions or
other circumstances that could negatively impact the company’s
ability to successfully and timely complete the share repurchase
program; and the other risks identified in the company’s Annual
Report on Form 10-K and its other filings with the Securities and
Exchange Commission. Investors are cautioned that any such
statements are not guarantees of future performance and that actual
results or developments may differ materially from those projected
in the forward-looking statements. The forward-looking statements
in this press release are made as of the date hereof, and the
company does not undertake any obligation to update the
forward-looking statements as a result of new information, future
events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20180914005059/en/
Devon Energy CorporationInvestor ContactsScott Coody,
405-552-4735Chris Carr, 405-228-2496Media ContactJohn
Porretto, 405-228-7506
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