KEY MESSAGES
- Fourth-quarter dividend payout improved to record high of
$1.00 per share - Board approved a 45 percent increase to the fixed quarterly dividend
- Share-repurchase authorization increased by 60 percent to
$1.6 billion - Repurchase program is equivalent to 5 percent of Devon’s market capitalization
As part of the fourth-quarter dividend announcement, the board approved an increase in the fixed dividend of 45 percent or
The company also accelerated cash returns through the execution of its share-repurchase program. In the fourth quarter, Devon repurchased 14 million shares at a total cost of
“Today’s announcements further demonstrate Devon’s commitment to lead the energy industry in cash returns and reflects the confidence we have in our underlying business and financial strength as we head into 2022,” said
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.
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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
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