Devon Energy Authorizes an $8 Billion Share Buyback Plan
Devon Energy approved an $8 billion buyback after its merger with Coterra Energy. The board also raised the quarterly dividend by 33 percent to $0.32 per share.
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DEVON ENERGY CORP authorized an $8 billion share repurchase program on May 7, capping activist pressure for higher returns. The move follows completion of a $58 billion merger with COTERRA ENERGY INC. The buyback represents 15% of combined market capitalization, a significant capital return under activist pressure.
