Capital Stock

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Capital Stock

Capital Stock

Issuance of Common Stock

On October 1, 2021 and upon closing the Merger, the Company issued approximately 408.2 million shares of its common stock to Cimarex stockholders under the terms of the Merger Agreement (excluding restricted shares that were awarded in replacement of previously outstanding Cimarex restricted share awards).

Increase in Number of Authorized Shares

On September 29, 2021, the Company's stockholders approved an amendment to the Company's certificate of incorporation to increase the number of authorized shares of Company common stock from 960,000,000 shares to 1,800,000,000 shares. That amendment became effective on October 1, 2021.

Dividends

In April 2021, the Company’s Board of Directors approved an increase in the quarterly dividend on the Company's common stock from $0.10 per share to $0.11 per share.

Subsequent Event. On October 4, 2021, and in connection with the closing of the Merger, the Company’s Board of Directors approved a special dividend of $0.50 per share payable on the Company’s common stock on October 22, 2021. On November 3, 2021, the Company’s Board of Directors approved an increase in the quarterly dividend on the Company's common stock from $0.11 per share to $0.125 per share. Also on that date, related to the Company's dividend strategy to return at least 50 percent of quarterly free cash flows to stockholders, the Board of Directors approved a variable dividend of $0.175 per share, for a total dividend of $0.30 per share, payable on the Company’s common stock on November 24, 2021.