Devon Energy Announces Fixed-Plus-Variable Dividend for Common Stockholders
May 04 2021 - 4:03PM
Devon Energy Corp. (NYSE: DVN) announced today that its board of
directors has declared a fixed-plus-variable dividend of $0.34 per
share based on the company’s first quarter financial performance.
This represents a 13 percent increase in payout compared to the
dividend declared for the fourth quarter of 2020. Both the fixed
quarterly dividend of $0.11 per share and the variable dividend of
$0.23 per share are payable on Jun. 30, 2021 to shareholders of
record at the close of business on Jun. 14, 2021.
“We are excited to reward shareholders and to continue to
differentiate ourselves from peers by accelerating cash returns to
shareholders through our innovative fixed-plus-variable dividend
framework,” said Rick Muncrief, president and CEO. “This uniquely
designed dividend strategy provides us the flexibility to return
meaningful and appropriate amounts of cash to shareholders across a
variety of market conditions.”
The company’s fixed-plus-variable dividend framework is designed
to pay a sustainable fixed dividend through the cycle and evaluate
a variable dividend on a quarterly basis. After the fixed dividend
is funded, up to 50 percent of the remaining excess free cash flow
in each quarter may be distributed to shareholders through a
variable dividend.
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 Scott Coody,
405-552-4735 Chris Carr, 405-228-2496 |
Media ContactLisa Adams, 405-228-1732 |
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; and the
other risks identified in Devon’s 2020 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 disclaim, any duty to update or revise our
forward-looking statements based on new information, future events
or otherwise.
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