v3.26.1
Stockholders' Equity
 6 Months Ended
Jun. 30, 2026
Stockholders' Equity Note [Abstract]  
Stockholders' Equity
17.
Stockholders’ Equity

On May 4, 2026, Devon’s shareholders approved an amendment to Devon’s Restated Certificate of Incorporation to increase the number of authorized shares of common stock from 1.0 billion to 2.0 billion. The amendment became effective on May 7, 2026. The par value of Devon’s common stock remains $0.10 per share.

Coterra Merger

On May 7, 2026, Devon completed an all-stock merger of equals with Coterra. On the closing date of the Merger, each share of Coterra common stock was converted into the right to receive 0.70 of a share of Devon common stock. Consequently, Devon issued approximately 532 million shares of Devon common stock to holders of Coterra common stock to effect the Merger on May 7, 2026.

Share Repurchases

On May 7, 2026, Devon’s Board of Directors authorized a new $8.0 billion share repurchase program, which expires on June 30, 2029. The table below provides information regarding purchases of Devon’s common stock in the first six months of 2025 and 2026, respectively (shares in thousands).

 

 

Total Number of
Shares Purchased

 

 

Dollar Value of
Shares Purchased

 

 

Average Price Paid
per Share

 

2025:

 

 

 

 

 

 

 

 

 

First quarter

 

 

8,505

 

 

$

301

 

 

$

35.33

 

Second quarter

 

 

7,866

 

 

 

249

 

 

$

31.78

 

2025 Total

 

 

16,371

 

 

 

550

 

 

$

33.62

 

2026:

 

 

 

 

 

 

 

 

 

First quarter (1)

 

 

1,850

 

 

 

69

 

 

$

37.39

 

Second quarter

 

 

4,434

 

 

 

202

 

 

$

45.48

 

2026 Total

 

 

6,284

 

 

$

271

 

 

$

43.10

 
(1)
In connection with the Merger, Devon’s previous $5.0 billion share repurchase plan was terminated on May 7, 2026. Under this program, Devon repurchased 1.9 million shares of common stock for $69 million, or $37.39 per share, during the first quarter of 2026 and 102 million common shares for $4.5 billion, or $43.90 per share, since the program’s inception in November 2021.

Dividends

Devon pays a quarterly fixed dividend. In connection with the Merger, Devon raised its fixed dividend by approximately 33% from $0.24 to $0.32 per share in the second quarter of 2026. The following table summarizes Devon’s dividends for the first six months of 2026 and 2025, respectively.

 

 

Dividends

 

 

Rate Per Share

 

2026:

 

 

 

 

 

 

First quarter

 

$

155

 

 

$

0.24

 

Second quarter

 

 

366

 

 

$

0.32

 

Total year-to-date

 

$

521

 

 

 

 

2025:

 

 

 

 

 

 

First quarter

 

$

163

 

 

$

0.24

 

Second quarter

 

 

156

 

 

$

0.24

 

Total year-to-date

 

$

319