DVN · 10-Q · 2026Q2 · Full report

Capital Return Program

DEVON ENERGY CORP/DE · 2026-08-05 · Importance 64 · Surprise 42 · In source text

Following the Coterra merger, Devon authorized an $8.0 billion share-repurchase program expiring June 30, 2029. Devon repurchased approximately 6.3 million shares for $271 million during the first six months of 2026 and had executed approximately $300 million under the new authorization through July 2026. The company paid $521 million of common-stock dividends during the first six months of 2026, including $366 million in the second quarter. Devon increased its fixed quarterly dividend approximately 33%, from $0.24 to $0.32 per share, beginning in the second quarter of 2026.

Key facts

• Following the Merger, Devon announced an $8.0 billion share repurchase program that expires on June 30, 2029. source
• 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. source
• Dividends rate per share for second quarter 2026 was $0.32 and for first quarter 2026 was $0.24; Devon raised its fixed dividend from $0.24 to $0.32 per share. source
• In August 2026, Devon announced a cash dividend in the amount of $0.32 per share payable in the third quarter of 2026 totaling approximately $366 million. source
• Devon declared that a general target of paying out approximately 10% to 15% of operating cash flow through the fixed dividend will be considered by the Board when setting the quarterly dividend. source
• Repurchased approximately 4.4 million common shares for approximately $202 million, or $45.48 per share, since inception of the $8.0 billion repurchase plan after closing of the Merger. source
• Through July 2026, Devon had executed approximately $300 million of the authorized $8.0 billion repurchase program. source
• Devon expects to use operating cash flow and cash balances for share repurchases, dividends and debt retirements. source

Impact estimates