Devon Energy Announces Third-Quarter Dividend for Common Stockholders

Rhea-AI Summary

Devon Energy Corp. (NYSE: DVN) declared a $1.35 fixed-plus-variable dividend per share, marking a 61% year-over-year increase based on Q3 financial performance. The dividend is payable on December 30, 2022 to shareholders on record by the close of business on December 12, 2022. As a leading oil and gas producer in the U.S., Devon aims to generate free cash flow and return capital to shareholders while maintaining a focus on sustainable operations.

Positive

• Dividends increased by 61% year-over-year.
• Dividend amount of $1.35 per share enhances shareholder income.
• Strong focus on free cash flow generation.

Negative

• Potential risks of future dividend reductions due to liquidity concerns.

OKLAHOMA CITY, Nov. 01, 2022 (GLOBE NEWSWIRE) -- Devon Energy Corp. (NYSE: DVN) announced today its board of directors declared a fixed-plus-variable dividend of $1.35 per share based on the company’s third-quarter financial performance. This payout represents a 61 percent increase year over year. The company’s fixed-plus-variable dividend is payable on Dec. 30, 2022 to shareholders of record at the close of business on Dec. 12, 2022.

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 2021 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

What is the dividend amount declared by Devon Energy for Q3 2022?

Devon Energy declared a dividend of $1.35 per share.

When is the dividend payable for Devon Energy?

The dividend is payable on December 30, 2022.

When is the record date for the dividend payment?

The record date for the dividend payment is December 12, 2022.

What does the fixed-plus-variable dividend signify for Devon Energy shareholders?

It indicates a reliable income stream with potential for growth based on the company’s performance.

Is there a risk of Devon Energy reducing its dividend payments in the future?

Yes, the company has indicated that future dividends may be reduced or eliminated due to liquidity risks.