OKLAHOMA CITY--(BUSINESS WIRE)--Devon Energy Corporation (NYSE:DVN) today announced that its board of directors has increased the amount of the quarterly cash dividend on Devon’s common stock by approximately six percent. The amount of the dividend declared for the second quarter of 2011 is $0.17 per share. The dividend is payable on June 30, 2011 based on a record date of June 15, 2011.
“The increase in our quarterly cash dividend underscores Devon’s financial strength and our commitment to optimizing returns to our shareholders,” said Larry Nichols, Devon’s Executive Chairman. “The increased dividend supplements our ongoing $3.5 billion share repurchase program and reflects the board’s confidence in our underlying business.”
Devon Energy Corporation is an Oklahoma City-based independent energy company engaged in oil and gas exploration and production. Devon is a leading U.S.-based independent oil and gas producer and is included in the S&P 500 Index. For more information about Devon, please visit our website at www.devonenergy.com.