The energy firm increases its quarterly dividend by 33% to $0.32 per share following a merger with Coterra Energy.
Devon Energy announced an $8 billion share repurchase program after finalizing its merger with Coterra Energy. The move underscores the company’s focus on returning capital to shareholders amid strong cash flow expectations.
The company also raised its fixed quarterly dividend by 33% to $0.32 per share, reflecting confidence in sustained free cash flow generation. Prior to the merger, Devon had not announced a buyback of this scale in recent years.
The announcement follows the completion of the all-stock merger with Coterra, which was aimed at expanding Devon’s resource base and operational efficiency.