Devon Energy Lifts Quarterly Dividend 33% to $0.32 After Coterra Deal
Updated
Updated · The Motley Fool · Aug 10
Devon Energy Lifts Quarterly Dividend 33% to $0.32 After Coterra Deal
3 articles · Updated · The Motley Fool · Aug 10
Summary
$0.32 per share will be Devon Energy's new fixed quarterly dividend, up from $0.24 after the company completed its acquisition of Coterra.
The increase reflects a larger post-deal business and signals management believes the higher fixed payout is sustainable rather than a short-term response to oil prices.
Devon still keeps a variable dividend tied to financial results, which can materially boost income when oil prices are high but can shrink or disappear when prices fall.
At a 2.4% yield, Devon offers more oil-price leverage than integrated peers such as ExxonMobil, whose 2.7% yield is backed by a broader business and 43 straight years of annual dividend increases.