Stockholders' Equity

12 Months Ended

Dec. 31, 2016

Stockholders Equity Note [Abstract]

Stockholders' Equity

17. Stockholders’ Equity

The authorized capital stock of Devon consists of 1.0 billion shares of common stock, par value $0.10 per share, and 4.5 million shares of preferred stock, par value $1.00 per share. The preferred stock may be issued in one or more series, and the terms and rights of such stock will be determined by the Board of Directors.

Common Stock Issued

In January 2016, Devon issued approximately 23 million shares of common stock in conjunction with the STACK asset acquisition discussed in Note 2. Additionally, in February 2016, Devon issued 79 million shares of common stock to the public, inclusive of 10 million shares sold as part of the underwriters’ option. Net proceeds from the offering were $1.5 billion.  

In December 2015, Devon issued approximately 7 million shares of common stock as part of the Powder River Basin asset acquisition discussed in Note 2.    

Dividends

The table below summarizes the dividends Devon paid on its common stock.

	Amounts		Rate
	(Millions)		(Per Share)
Year Ended 2016:
First quarter 2016	$	125	$	0.24
Second quarter 2016		33	$	0.06
Third quarter 2016		32	$	0.06
Fourth quarter 2016		31	$	0.06
Total year-to-date	$	221
Year Ended 2015:
First quarter 2015	$	99	$	0.24
Second quarter 2015		98	$	0.24
Third quarter 2015		99	$	0.24
Fourth quarter 2015		100	$	0.24
Total year-to-date	$	396
Year Ended 2014:
First quarter 2014	$	90	$	0.22
Second quarter 2014		99	$	0.24
Third quarter 2014		98	$	0.24
Fourth quarter 2014		99	$	0.24
Total year-to-date	$	386