Devon Energy increases its dividend

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dan_s
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Devon Energy increases its dividend

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Devon Energy Announces Fixed-Plus-Variable Dividend for Common Stockholders

OKLAHOMA CITY, May 04, 2021 (GLOBE NEWSWIRE) -- Devon Energy Corp. (NYSE: DVN) announced today that its board of directors has declared a fixed-plus-variable dividend of $0.34 per share based on the company’s first quarter financial performance. This represents a 13 percent increase in payout compared to the dividend declared for the fourth quarter of 2020. Both the fixed quarterly dividend of $0.11 per share and the variable dividend of $0.23 per share are payable on Jun. 30, 2021 to shareholders of record at the close of business on Jun. 14, 2021.

“We are excited to reward shareholders and to continue to differentiate ourselves from peers by accelerating cash returns to shareholders through our innovative fixed-plus-variable dividend framework,” said Rick Muncrief, president and CEO. “This uniquely designed dividend strategy provides us the flexibility to return meaningful and appropriate amounts of cash to shareholders across a variety of market conditions.”

The company’s fixed-plus-variable dividend framework is designed to pay a sustainable fixed dividend through the cycle and evaluate a variable dividend on a quarterly basis. After the fixed dividend is funded, up to 50 percent of the remaining excess free cash flow in each quarter may be distributed to shareholders through a variable dividend.
Dan Steffens
Energy Prospectus Group
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