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Devon Energy to Buy Back $1 billion Worth of Shares, Raises Dividend


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These translations are done via Google Translate

March 7, 2018

(Reuters) – U.S. oil and gas producer Devon Energy Corp said on Wednesday it plans to increase its cash dividend and buy back shares worth $1 billion, the latest energy company to do so, while investors pressure the sector for better returns.

Devon’s plans to buy back shares comes a day after oil major Chevron said it was likely to repurchase stock for the first time in at least three years, even without a substantial rise in oil prices.

Oil companies have been tuned to a new normal ever since the oil crash of 2014 and are now working out ways to increase production on minimal spending and leaner operations.

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Devon, which is also selling some assets in Texas for $553 million, raised its quarterly dividend to 8 cents per share from 6 cents, payable on June 29.

The company said it would buy back $1 billion in shares — about 6 percent of its outstanding stock — over the next year.

The company’s shares were up about 2 percent at $31.50 in after-market trading.

Reporting by Ahmed Farhatha in Bengaluru; Editing by Sai Sachin Ravikumar and Shounak Dasgupta



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