v3.26.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Stockholders' Equity
16.
Stockholders’ Equity

Share Repurchases

Devon’s Board of Directors has authorized a $5.0 billion share repurchase program with a June 30, 2026 expiration date. Pursuant to the terms of the Merger Agreement, Devon’s share repurchase activity has been suspended and is expected to remain suspended through the completion of the Merger. 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

 

 

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

 

Fourth quarter

 

 

7,118

 

 

 

250

 

 

$

35.12

 

2025 Total

 

 

30,813

 

 

 

1,050

 

 

$

34.07

 

2026:

 

 

 

 

 

 

 

 

 

First quarter

 

 

1,850

 

 

 

69

 

 

$

37.39

 

Total plan

 

 

101,648

 

 

$

4,462

 

 

$

43.90

 

 

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. The following table summarizes Devon’s dividends paid for the first quarter of 2026 and 2025, respectively.

 

 

Dividends

 

 

Rate Per Share

 

2026:

 

 

 

 

 

 

First quarter

 

$

155

 

 

$

0.24

 

2025:

 

 

 

 

 

 

First quarter

 

$

163

 

 

$

0.24

 

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.