Devon Energy announces $8 billion share buyback plan and increases quarterly dividend

Glonghui, May 8th｜US oil and gas producer Devon Energy announced that its board of directors has approved an $8 billion share repurchase program. In addition, the company declared a quarterly dividend of $0.32 per share, representing a 33% increase compared to the previous quarter. Last week, well-known activist investor Kimmeridge in the energy sector urged Devon Energy’s incoming board of directors to promptly advance asset sales, optimize capital allocation, and reform executive compensation following the completion of its $58 billion merger deal with Coterra Energy, in order to enhance shareholder returns.