Stockholders' Equity

3 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity

14.Stockholders’ Equity

Share Repurchases

Devon's Board of Directors has authorized a $3.0 billion share repurchase program with a December 31, 2024 expiration date. The table below provides information regarding purchases of Devon’s common stock under the $3.0 billion share repurchase program (shares in thousands).

	Total Number of Shares Purchased		Dollar Value of Shares Purchased		Average Price Paid per Share
$3.0 Billion Plan
2021		13,983	$	589	$	42.15
2022		11,708		718		61.36
2023:
First quarter		10,090		545		53.96
Second quarter		3,795		200		52.70
Fourth quarter		5,465		247		45.17
2023 Total		19,350		992		51.23
2024:
First quarter		4,428		193		43.47
Total plan		49,469	$	2,492	$	50.37

Dividends

Devon pays a quarterly dividend which is comprised of a fixed dividend and a variable dividend. The variable dividend is dependent on quarterly cash flows, among other factors. Devon has raised its fixed dividend multiple times over the past two calendar years and most recently raised it by 10% from $0.20 to $0.22 per share in the first quarter of 2024. The following table summarizes Devon’s fixed and variable dividends for the first quarter of 2024 and 2023, respectively.

	Fixed		Variable		Total		Rate Per Share
2024:
First quarter	$	143	$	156	$	299	$	0.44
2023:
First quarter	$	133	$	463	$	596	$	0.89

In May 2024, Devon announced a cash dividend in the amount of $0.35 per share payable in the second quarter of 2024. The dividend consists of a $0.22 per share fixed quarterly dividend and a $0.13 per share variable quarterly dividend and will total approximately $221 million.

Noncontrolling Interests

The noncontrolling interests’ share of CDM’s net earnings and the contributions from and distributions to the noncontrolling interests are presented as components of equity.