Devon Energy Increases Cash Dividend 33 Percent, Announces $1.0 Billion Share-Repurchase Program and Progresses Debt Reduction Plan
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Devon also announced today that its board of directors authorized a
“In conjunction with the sale of our Johnson County assets, today’s
announcement to increase the cash dividend and initiate a
share-repurchase program is consistent with our strategic plan and
demonstrates our firm commitment to enhance shareholder value,” said
In addition to these actions to increase cash returns to shareholders,
the company is committed to reducing debt associated with its upstream
business. The company separately announced a tender offer to purchase
certain of its debt securities up to a maximum repurchase amount of
About
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the federal securities laws. Such statements are subject to a
number of assumptions, risks and uncertainties, many of which are beyond
the control of the company. These risks include, but are not limited to:
changes in market conditions or other circumstances that could
negatively impact the company’s ability to maintain the increased
dividend rate or successfully complete the stock and debt repurchase
programs; volatility in commodity prices, less-than-anticipated asset
sale proceeds and other factors that may adversely affect our liquidity
and cash available for the uses discussed in this press release; and the
other risks identified in the company’s Annual Report on Form 10-K and
its other filings with the
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Source:
Devon Energy Corporation
Investor Contacts
Scott Coody,
405-552-4735
Chris Carr, 405-228-2496
Media Contact
John
Porretto, 405-228-7506