May. 8 at 10:41 AM
$DVN WOW!!!! Devon Launches
$8 Billion Buyback After Coterra Merger. Devon Energy has approved an
$8 billion share repurchase program and increased its quarterly dividend after completing its all-stock merger with Coterra Energy, underscoring confidence in the combined company’s cash flow outlook and balance sheet strength.
Houston-based Devon Energy announced Thursday that its board authorized a new
$8 billion buyback program, equivalent to nearly 15% of the company’s current market capitalization, alongside a quarterly fixed dividend of
$0.320 per share.
The dividend represents a 33% increase from the prior quarter and came in slightly above the company’s previously communicated expectation of
$0.315 per share. The payout will be made on June 30 to shareholders of record as of June 15.