Devon Energy Announces Fixed-Plus-Variable Dividend for Common Stockholders
OKLAHOMA CITY, Aug. 03, 2021 (GLOBE NEWSWIRE) -- Devon Energy Corp. (NYSE: DVN) announced today that its board of directors has declared a fixed-plus-variable dividend of $0.49 per share based on the company’s second quarter financial performance. This represents a 44 percent increase in payout compared to the dividend declared for the first quarter of 2021. Both the fixed quarterly dividend of $0.11 per share and the variable dividend of $0.38 per share are payable on Sep. 30, 2021 to shareholders of record at the close of business on Sep. 13, 2021.
- This represents a 44 percent increase in payout compared to the dividend declared for the first quarter of 2021.
- The power of this uniquely designed dividend framework was demonstrated with a 44 percent increase to the dividend payout this quarter.
- The companys 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.