Devon Energy Increases Dividend to $0.32/Share, Authorizes $8B Buyback

Devon Energy announced the successful completion of its transformational merger with Coterra Energy on May 7, 2026. Following the merger, the company increased its quarterly dividend by 33% to $0.32 per share and authorized a new $8 billion share repurchase program, reflecting confidence in its free cash flow potential. Devon expects to capture $1 billion in sustainable pre-tax synergies by the end of 2027 from the merger, in addition to $1 billion in annual pre-tax free cash flow improvements from its business optimization program. The company also reported strong 2025 operating results, including $2.6 billion in net earnings and $3.1 billion in free cash flow. The definitive proxy statement outlines proposals for the 2026 Annual Meeting of Stockholders on June 30, 2026, including the election of 11 directors, ratification of the independent auditor, and an advisory vote on executive compensation.