Devon Energy Announces Fixed-Plus-Variable Dividend for Common Stockholders
Devon Energy Corp. (NYSE: DVN) announced a fixed-plus-variable dividend of $0.49 per share, reflecting a 44% increase from the previous quarter. The breakdown includes a fixed dividend of $0.11 and a variable dividend of $0.38, with payments set for September 30, 2021. This marks the third consecutive quarter of increased dividend payouts, demonstrating the company's commitment to returning capital to shareholders. The dividend strategy aims to provide a sustainable income through varying cash flows.
- 44% increase in total dividend payout compared to the previous quarter.
- Establishment of a sustainable fixed-plus-variable dividend framework.
- Demonstrates company's commitment to returning capital to shareholders.
- Potential risks of reducing or eliminating dividends due to insufficient liquidity.
KEY MESSAGES
- Board declares fixed-plus-variable dividend of
$0.49 per share based on second-quarter 2021 results - Dividend payout represents a 44 percent increase compared to the previous quarter
- Both fixed and variable dividends are payable on Sep. 30, 2021
OKLAHOMA CITY, Aug. 03, 2021 (GLOBE NEWSWIRE) -- Devon Energy Corp. (NYSE: DVN) announced today that its board of directors has declared a fixed-plus-variable dividend of
“We are pleased to continue to reward shareholders and differentiate ourselves by declaring a fixed-plus-variable dividend for the third consecutive quarter,” said Rick Muncrief, president and CEO. “The power of this uniquely designed dividend framework was demonstrated with a 44 percent increase to the dividend payout this quarter.”
The company’s fixed-plus-variable dividend framework is designed to pay a sustainable fixed dividend through the cycle and evaluate a variable dividend on a quarterly basis. After the fixed dividend is funded, up to 50 percent of the remaining excess free cash flow in each quarter may be distributed to shareholders through a variable dividend.
ABOUT DEVON ENERGY
Devon Energy is a leading oil and gas producer in the U.S. with a premier multi-basin portfolio headlined by a world-class acreage position in the Delaware Basin. Devon’s disciplined cash-return business model is designed to achieve strong returns, generate free cash flow and return capital to shareholders, while focusing on safe and sustainable operations. For more information, please visit www.devonenergy.com.
| Investor Contacts | Media Contact |
| Scott Coody, 405-552-4735 | Lisa Adams, 405-228-1732 |
| Chris Carr, 405-228-2496 |
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 Devon. These risks include, but are not limited to: the risk that Devon may reduce, suspend or totally eliminate dividend payments in the future, whether variable or fixed, due to insufficient liquidity or other factors; and the other risks identified in Devon’s 2020 Annual Report on Form 10-K and its other filings with the Securities and Exchange Commission. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially and adversely from those projected in the forward-looking statements. The forward-looking statements in this press release are made as of the date hereof, and Devon does not undertake, and expressly disclaims, any duty to update or revise our forward-looking statements based on new information, future events or otherwise.
FAQ
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