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These excerpts taken from the DVN 10-K filed Feb 27, 2009. Issuer
Purchases of Equity Securities
Our Board of Directors has approved a program to repurchase up
to 50 million shares, which expires on December 31,
2009. As of December 31, 2008, up to 45.5 million
shares can be repurchased under the 50 million share
repurchase program.
Our Board of Directors has also approved an ongoing, annual
stock repurchase program to minimize dilution resulting from
restricted stock issued to, and options exercised by, employees.
In 2008, the repurchase program authorized the repurchase of up
to 4.8 million shares or a cost of $422 million,
whichever amount was reached first. When the 2008 portion of
this annual program expired on December 31, 2008,
2.0 million shares had been repurchased under this program
for $178 million, or $87.83 per share.
No shares were repurchased under these programs during the
fourth quarter of 2008.
Prior to the end of 2008, our Board of Directors authorized the
2009 portion of the annual program. Under this program in 2009,
we are authorized to repurchase up to 4.8 million shares or
a cost of $360 million, whichever amount is reached first.
As of December 31, 2008, we are authorized to repurchase up
to 50.3 million shares under publicly announced programs.
This amount is comprised of the 45.5 million remaining
shares authorized to be repurchased under the 50 million
share repurchase program and the 4.8 million shares
authorized to be repurchased under the annual repurchase program
in 2009. However, in response to the current economic
environment and recent downturn in commodity prices, we have
indefinitely suspended activity under both these programs. As a
result, we do not anticipate repurchasing shares under these
programs in the foreseeable future. Should economic conditions
or commodity prices strengthen, we will consider resumption of
share repurchases under our authorized programs.
Issuer
Purchases of Equity Securities
Our Board of Directors has approved a program to repurchase up
to 50 million shares, which expires on December 31,
2009. As of December 31, 2008, up to 45.5 million
shares can be repurchased under the 50 million share
repurchase program.
Our Board of Directors has also approved an ongoing, annual
stock repurchase program to minimize dilution resulting from
restricted stock issued to, and options exercised by, employees.
In 2008, the repurchase program authorized the repurchase of up
to 4.8 million shares or a cost of $422 million,
whichever amount was reached first. When the 2008 portion of
this annual program expired on December 31, 2008,
2.0 million shares had been repurchased under this program
for $178 million, or $87.83 per share.
No shares were repurchased under these programs during the
fourth quarter of 2008.
Prior to the end of 2008, our Board of Directors authorized the
2009 portion of the annual program. Under this program in 2009,
we are authorized to repurchase up to 4.8 million shares or
a cost of $360 million, whichever amount is reached first.
As of December 31, 2008, we are authorized to repurchase up
to 50.3 million shares under publicly announced programs.
This amount is comprised of the 45.5 million remaining
shares authorized to be repurchased under the 50 million
share repurchase program and the 4.8 million shares
authorized to be repurchased under the annual repurchase program
in 2009. However, in response to the current economic
environment and recent downturn in commodity prices, we have
indefinitely suspended activity under both these programs. As a
result, we do not anticipate repurchasing shares under these
programs in the foreseeable future. Should economic conditions
or commodity prices strengthen, we will consider resumption of
share repurchases under our authorized programs.
Issuer Purchases of Equity Securities Our Board of Directors has approved a program to repurchase up to 50 million shares, which expires on December 31, 2009. As of December 31, 2008, up to 45.5 million shares can be repurchased under the 50 million share repurchase program. Our Board of Directors has also approved an ongoing, annual stock repurchase program to minimize dilution resulting from restricted stock issued to, and options exercised by, employees. In 2008, the repurchase program authorized the repurchase of up to 4.8 million shares or a cost of $422 million, whichever amount was reached first. When the 2008 portion of this annual program expired on December 31, 2008, 2.0 million shares had been repurchased under this program for $178 million, or $87.83 per share. No shares were repurchased under these programs during the fourth quarter of 2008. Prior to the end of 2008, our Board of Directors authorized the 2009 portion of the annual program. Under this program in 2009, we are authorized to repurchase up to 4.8 million shares or a cost of $360 million, whichever amount is reached first. As of December 31, 2008, we are authorized to repurchase up to 50.3 million shares under publicly announced programs. This amount is comprised of the 45.5 million remaining shares authorized to be repurchased under the 50 million share repurchase program and the 4.8 million shares authorized to be repurchased under the annual repurchase program in 2009. However, in response to the current economic environment and recent downturn in commodity prices, we have indefinitely suspended activity under both these programs. As a result, we do not anticipate repurchasing shares under these programs in the foreseeable future. Should economic conditions or commodity prices strengthen, we will consider resumption of share repurchases under our authorized programs. Issuer Purchases of Equity Securities Our Board of Directors has approved a program to repurchase up to 50 million shares, which expires on December 31, 2009. As of December 31, 2008, up to 45.5 million shares can be repurchased under the 50 million share repurchase program. Our Board of Directors has also approved an ongoing, annual stock repurchase program to minimize dilution resulting from restricted stock issued to, and options exercised by, employees. In 2008, the repurchase program authorized the repurchase of up to 4.8 million shares or a cost of $422 million, whichever amount was reached first. When the 2008 portion of this annual program expired on December 31, 2008, 2.0 million shares had been repurchased under this program for $178 million, or $87.83 per share. No shares were repurchased under these programs during the fourth quarter of 2008. Prior to the end of 2008, our Board of Directors authorized the 2009 portion of the annual program. Under this program in 2009, we are authorized to repurchase up to 4.8 million shares or a cost of $360 million, whichever amount is reached first. As of December 31, 2008, we are authorized to repurchase up to 50.3 million shares under publicly announced programs. This amount is comprised of the 45.5 million remaining shares authorized to be repurchased under the 50 million share repurchase program and the 4.8 million shares authorized to be repurchased under the annual repurchase program in 2009. However, in response to the current economic environment and recent downturn in commodity prices, we have indefinitely suspended activity under both these programs. As a result, we do not anticipate repurchasing shares under these programs in the foreseeable future. Should economic conditions or commodity prices strengthen, we will consider resumption of share repurchases under our authorized programs. | EXCERPTS ON THIS PAGE:
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