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Stockholders' Equity
 12 Months Ended
Dec. 31, 2020
Stockholders Equity Note [Abstract]  
Stockholders' Equity

18.

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.

Share Repurchase Program

 

In 2018, Devon announced a share repurchase program totaling $4.0 billion. In February 2019, Devon announced a further expansion to $5.0 billion with a December 31, 2019 expiration date. In December 2019, Devon announced a new $1.0 billion share repurchase program with a December 31, 2020 expiration date.

 

 

The table below provides information regarding purchases of Devon’s common stock that were made under the respective share repurchase programs (shares in thousands).

 

 

 

Total Number of

Shares Purchased

 

 

Dollar Value of

Shares Purchased

 

 

Average Price Paid

per Share

 

$5.0 Billion Plan

 

 

 

 

 

 

 

 

 

 

 

 

2018

 

 

78,149

 

 

$

2,978

 

 

$

38.11

 

2019

 

 

68,625

 

 

 

1,827

 

 

 

26.62

 

Total inception-to-date

 

 

146,774

 

 

$

4,805

 

 

$

32.74

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$1.0 Billion Plan

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

 

2,243

 

 

$

38

 

 

$

16.85

 

Total inception-to-date

 

 

2,243

 

 

$

38

 

 

$

16.85

 

 

Dividends

 

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

 

 

Amounts

 

 

Rate Per Share

 

Year Ended 2020:

 

 

 

 

 

 

 

First quarter

$

34

 

 

$

0.09

 

Second quarter

 

42

 

 

$

0.11

 

Third quarter

 

43

 

 

$

0.11

 

Fourth quarter

 

41

 

 

$

0.11

 

Fourth quarter (special dividend)

 

97

 

 

$

0.26

 

Total year-to-date

$

257

 

 

 

 

 

Year Ended 2019:

 

 

 

 

 

 

 

First quarter

$

34

 

 

$

0.08

 

Second quarter

 

37

 

 

$

0.09

 

Third quarter

 

35

 

 

$

0.09

 

Fourth quarter

 

34

 

 

$

0.09

 

Total year-to-date

$

140

 

 

 

 

 

Year Ended 2018:

 

 

 

 

 

 

 

First quarter

$

32

 

 

$

0.06

 

Second quarter

 

42

 

 

$

0.08

 

Third quarter

 

38

 

 

$

0.08

 

Fourth quarter

 

37

 

 

$

0.08

 

Total year-to-date

$

149

 

 

 

 

 

Devon raised its quarterly dividend by 22%, to $0.11 per share, beginning in the second quarter of 2020. Devon also increased its quarterly dividend rate in both the second quarter of 2019 from $0.08 to $0.09 and in 2018 from $0.06 to $0.08.

On October 1, 2020, Devon paid a $0.26 per share special dividend to holders of record as of August 14, 2020.

In February 2021, Devon announced an approximately $128 million variable cash dividend in the amount of $0.19 per share payable in the first quarter of 2021.