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Stockholders' Equity
 9 Months Ended
Sep. 30, 2017
Stockholders Equity Note [Abstract]  
Stockholders' Equity

17.

Stockholders’ Equity

Common Stock Issued

In January 2016, Devon issued approximately 23 million shares of common stock in conjunction with the STACK asset acquisition discussed in Note 2.

In February 2016, Devon issued 79 million shares of common stock to the public, inclusive of 10 million shares sold as part of the underwriters’ option. Net proceeds from the offering were $1.5 billion.

Dividends

The table below summarizes the dividends Devon paid on its common stock.

 

Amounts

 

 

Rate

 

 

(Millions)

 

 

(Per Share)

 

Quarter Ended 2017:

 

 

 

 

 

 

 

First quarter 2017

$

32

 

 

$

0.06

 

Second quarter 2017

 

33

 

 

$

0.06

 

Third quarter 2017

 

30

 

 

$

0.06

 

Total year-to-date

$

95

 

 

 

 

 

Quarter Ended 2016:

 

 

 

 

 

 

 

First quarter 2016

$

125

 

 

$

0.24

 

Second quarter 2016

 

33

 

 

$

0.06

 

Third quarter 2016

 

32

 

 

$

0.06

 

Total year-to-date

$

190

 

 

 

 

 

In response to the depressed commodity price environment, Devon reduced its quarterly dividend to $0.06 per share in the second quarter of 2016.