Devon Energy Corporation ("Devon") (NYSE:DVN) today announced a series of capital return actions following the successful completion of its previously announced all-stock merger with Coterra Energy Inc. ("Coterra") earlier today. The actions reflect the board's confidence in the combined company's free cash flow generation and its commitment to delivering differentiated returns to shareholders through commodity cycles.
DIVIDEND APPROVAL

Devon's board of directors has approved a quarterly fixed dividend of $0.320 per share, approximately 1.6% above the company's previously stated expectations of $0.315 per share, and a 33% increase over the prior quarter. The dividend is payable on June 30, 2026 to shareholders of record as of the close of business on June 15, 2026. Devon expects to evaluate growing its dividend on an annual cadence.

SHARE REPURCHASE AUTHORIZATION

The board of directors has approved a new share repurchase authorization of $8 billion, reflecting confidence in the combined company's free cash flow generation and commitment to returning meaningful capital to shareholders. Repurchases may be made from time to time through open market transactions, privately negotiated transactions or other means in accordance with applicable securities laws. The authorization expires on June 30, 2029, and the timing and amount of repurchases will depend on market conditions, commodity prices, the company's cash flow, debt reduction goals, and other factors.

Devon expects to provide updated financial and operational guidance reflecting the combined company from May 7, 2026 forward in mid-June 2026.