Devon Energy Announces First-Quarter Dividend, Increases Share-Repurchase Authorization to $2.0 Billion
May 02 2022 - 4:05PM
Devon Energy Corp. (NYSE: DVN) announced today its board of
directors declared a fixed-plus-variable dividend of $1.27 per
share based on the company’s first-quarter financial performance.
This record payout represents a 27 percent increase from the
previous quarter. The dividend is payable on Jun. 30, 2022 to
shareholders of record at the close of business on Jun. 13, 2022.
The company also expanded its share-repurchase authorization by
25 percent to $2.0 billion. This increased authorization extends
the program through May 4, 2023. As of the end of April, Devon
repurchased 19.1 million shares at a total cost of $891
million.
The timing and volume of share repurchases under this
authorization will be determined by management at its discretion.
Share repurchases under the program may be made through a variety
of methods, including open market purchases or private
transactions. The stock repurchase program may be discontinued at
any time.
ABOUT DEVON ENERGY
Devon Energy is a leading oil and gas producer in the U.S. with
a premier multi-basin portfolio headlined by a world-class acreage
position in the Delaware Basin. Devon’s disciplined cash-return
business model is designed to achieve strong returns, generate free
cash flow and return capital to shareholders, while focusing on
safe and sustainable operations. For more information, please visit
www.devonenergy.com.
Investor Contacts |
Media Contact |
Scott Coody, 405-552-4735 |
Lisa Adams, 405-228-1732 |
Chris Carr, 405-228-249 |
|
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 Devon. These risks include, but
are not limited to: the risk that Devon may reduce, suspend or
totally eliminate dividend payments in the future, whether variable
or fixed, due to insufficient liquidity or other factors; changes
in commodity prices, the company’s common stock price, market
conditions or other circumstances that could negatively impact the
company’s ability to complete the share repurchase program on
favorable terms or at all; and the other risks identified in
Devon’s 2021 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 and
adversely from those projected in the forward-looking statements.
The forward-looking statements in this press release are made as of
the date hereof, and Devon does not undertake, and expressly
disclaims, any duty to update or revise our forward-looking
statements based on new information, future events or
otherwise.
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