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Stockholders' Equity
 9 Months Ended
Sep. 30, 2019
Stockholders Equity Note [Abstract]  
Stockholders' Equity

17.

Stockholders’ Equity

Share Repurchase Program

In March 2018, Devon announced a share repurchase program to buy up to $1.0 billion of its common stock. In June 2018, in conjunction with the announced divestiture of its investment in EnLink and the General Partner, Devon increased its program by an additional $3.0 billion. In February 2019, Devon’s Board of Directors authorized an expansion of the share repurchase program by an additional $1.0 billion, bringing the total to $5.0 billion. The share repurchase program expires December 31, 2019.

The table below provides information regarding purchases of Devon’s common stock that were made during 2018 and the first nine months of 2019 (shares in thousands).  

 

 

Total Number of

Shares Purchased

 

 

Dollar Value of

Shares Purchased

 

 

Average Price Paid

per Share

 

First quarter 2018:

 

 

 

 

 

 

 

 

 

 

 

 

Open-Market

 

 

2,561

 

 

$

82

 

 

$

32.19

 

Second quarter 2018:

 

 

 

 

 

 

 

 

 

 

 

 

Open-Market

 

 

11,154

 

 

 

439

 

 

 

39.35

 

Third quarter 2018:

 

 

 

 

 

 

 

 

 

 

 

 

Open-Market

 

 

16,492

 

 

 

712

 

 

 

43.13

 

ASR

 

 

24,330

 

 

 

1,000

 

 

 

41.10

 

Total

 

 

40,822

 

 

 

1,712

 

 

 

41.92

 

Fourth quarter 2018:

 

 

 

 

 

 

 

 

 

 

 

 

Open-Market

 

 

23,612

 

 

 

745

 

 

 

31.57

 

First quarter 2019:

 

 

 

 

 

 

 

 

 

 

 

 

Open-Market

 

 

36,141

 

 

 

1,024

 

 

 

28.33

 

Second quarter 2019:

 

 

 

 

 

 

 

 

 

 

 

 

Open-Market

 

 

5,911

 

 

 

159

 

 

 

27.01

 

Third quarter 2019:

 

 

 

 

 

 

 

 

 

 

 

 

Open-Market

 

 

22,137

 

 

 

550

 

 

 

24.80

 

Total inception-to-date

 

 

142,338

 

 

$

4,711

 

 

$

33.09

 

 

Dividends

 

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

 

 

Amounts

 

 

Rate Per Share

 

Quarter Ended 2019:

 

 

 

 

 

 

 

First quarter

$

34

 

 

$

0.08

 

Second quarter

 

37

 

 

$

0.09

 

Third quarter

 

35

 

 

$

0.09

 

Total year-to-date

$

106

 

 

 

 

 

Quarter Ended 2018:

 

 

 

 

 

 

 

First quarter

$

32

 

 

$

0.06

 

Second quarter

 

42

 

 

$

0.08

 

Third quarter

 

38

 

 

$

0.08

 

Total year-to-date

$

112

 

 

 

 

 

Devon raised its quarterly dividend by 12.5%, to $0.09 per share, beginning in the second quarter of 2019. In the second quarter of 2018, Devon increased the quarterly dividend rate from $0.06 to $0.08 per share.