Devon Energy unveils $8B buyback after Coterra merger
Devon Energy has announced an $8 billion share buyback program following its merger with Coterra Energy. The company also increased its quarterly dividend by 33% to $0.32 per share, reflecting confidence in cash flow and shareholder returns. The merger is expected to yield over $1 billion in annual pre-tax synergies by 2027. Devon's President and CEO, Clay Gaspar, emphasized the company's strong financial position and commitment to capital returns. The stock price rose approximately 1.4% in pre-market trading.
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