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These excerpts taken from the DVN 10-K filed Feb 27, 2009. Stock
Repurchases
Devon’s Board of Directors has approved an ongoing, annual
stock repurchase program to minimize dilution resulting from
restricted stock issued to, and options exercised by, employees.
Also, Devon’s Board of Directors approved a program in 2007
to repurchase up to 50 million shares. This program expires
on December 31, 2009 and was created as a potential use of
the proceeds received from Devon’s West African property
divestitures. Devon’s Board of Directors also approved a
separate 50 million share repurchase program in August
2005, which expired on December 31, 2007.
In response to the current economic environment and recent
downturn in commodity prices, Devon has indefinitely suspended
activity under its authorized programs. As a result, Devon does
not anticipate repurchasing shares under these programs in the
foreseeable future. Should economic conditions or commodity
prices strengthen, Devon will consider resumption of share
repurchases under its authorized programs.
During the three-year period ended December 31, 2008, Devon
repurchased 14.8 million shares at a total cost of
$1.2 billion, or $83.98 per share, under these repurchase
programs. The following table summarizes Devon’s
repurchases under these plans during 2008, 2007 and 2006
(amounts and shares in millions).
Stock
Repurchases
Devon’s Board of Directors has approved an ongoing, annual
stock repurchase program to minimize dilution resulting from
restricted stock issued to, and options exercised by, employees.
Also, Devon’s Board of Directors approved a program in 2007
to repurchase up to 50 million shares. This program expires
on December 31, 2009 and was created as a potential use of
the proceeds received from Devon’s West African property
divestitures. Devon’s Board of Directors also approved a
separate 50 million share repurchase program in August
2005, which expired on December 31, 2007.
In response to the current economic environment and recent
downturn in commodity prices, Devon has indefinitely suspended
activity under its authorized programs. As a result, Devon does
not anticipate repurchasing shares under these programs in the
foreseeable future. Should economic conditions or commodity
prices strengthen, Devon will consider resumption of share
repurchases under its authorized programs.
During the three-year period ended December 31, 2008, Devon
repurchased 14.8 million shares at a total cost of
$1.2 billion, or $83.98 per share, under these repurchase
programs. The following table summarizes Devon’s
repurchases under these plans during 2008, 2007 and 2006
(amounts and shares in millions).
These excerpts taken from the DVN 10-K filed Jun 9, 2008. Stock
Repurchases
In June 2007, Devon’s Board of Directors approved an
ongoing, annual stock repurchase program to minimize dilution
resulting from restricted stock issued to, and options exercised
by, employees. This repurchase program authorized the repurchase
of up to 4.5 million shares in 2007. In 2008, the ongoing
annual stock repurchase program authorizes the repurchase of up
to 4.8 million shares or $422 million, whichever
amount is reached first. In anticipation of the completion of
the West African divestitures (see Note 13), Devon’s
Board of Directors has approved a separate program to repurchase
up to 50 million shares. This program expires on
December 31, 2009.
These programs are in addition to a 50 million share
repurchase program approved by Devon’s Board of Directors
in August 2005, which expired on December 31, 2007.
Additionally, in October 2004 Devon’s Board of Directors
approved a 50 million share repurchase program that was
completed in August 2005.
During the three-year period ended December 31, 2007, Devon
repurchased 55.2 million shares at a total cost of
$2.8 billion, or $51.49 per share, under these repurchase
programs. During 2007, Devon repurchased 4.1 million shares
at a cost of $326 million, or $79.80 per share. During
2006, Devon repurchased 4.2 million shares at a cost of
$253 million, or $59.61 per share. During 2005, Devon
repurchased 46.9 million shares at a cost of
$2.3 billion, or $48.28 per share.
Stock Repurchases In June 2007, Devon’s Board of Directors approved an ongoing, annual stock repurchase program to minimize dilution resulting from restricted stock issued to, and options exercised by, employees. This repurchase program authorized the repurchase of up to 4.5 million shares in 2007. In 2008, the ongoing annual stock repurchase program authorizes the repurchase of up to 4.8 million shares or $422 million, whichever amount is reached first. In anticipation of the completion of the West African divestitures (see Note 13), Devon’s Board of Directors has approved a separate program to repurchase up to 50 million shares. This program expires on December 31, 2009. These programs are in addition to a 50 million share repurchase program approved by Devon’s Board of Directors in August 2005, which expired on December 31, 2007. Additionally, in October 2004 Devon’s Board of Directors approved a 50 million share repurchase program that was completed in August 2005. During the three-year period ended December 31, 2007, Devon repurchased 55.2 million shares at a total cost of $2.8 billion, or $51.49 per share, under these repurchase programs. During 2007, Devon repurchased 4.1 million shares at a cost of $326 million, or $79.80 per share. During 2006, Devon repurchased 4.2 million shares at a cost of $253 million, or $59.61 per share. During 2005, Devon repurchased 46.9 million shares at a cost of $2.3 billion, or $48.28 per share. These excerpts taken from the DVN 10-K filed Feb 28, 2008. Stock
Repurchases
In June 2007, Devon’s Board of Directors approved an
ongoing, annual stock repurchase program to minimize dilution
resulting from restricted stock issued to, and options exercised
by, employees. This repurchase program authorized the repurchase
of up to 4.5 million shares in 2007. In 2008, the ongoing
annual stock repurchase program authorizes the repurchase of up
to 4.8 million shares or $422 million, whichever
amount is reached first. In anticipation of the completion of
the West African divestitures (see Note 13), Devon’s
Board of Directors has approved a separate program to repurchase
up to 50 million shares. This program expires on
December 31, 2009.
These programs are in addition to a 50 million share
repurchase program approved by Devon’s Board of Directors
in August 2005, which expired on December 31, 2007.
Additionally, in October 2004 Devon’s Board of Directors
approved a 50 million share repurchase program that was
completed in August 2005.
During the three-year period ended December 31, 2007, Devon
repurchased 55.2 million shares at a total cost of
$2.8 billion, or $51.49 per share, under these repurchase
programs. During 2007, Devon repurchased 4.1 million shares
at a cost of $326 million, or $79.80 per share. During
2006, Devon repurchased 4.2 million shares at a cost of
$253 million, or $59.61 per share. During 2005, Devon
repurchased 46.9 million shares at a cost of
$2.3 billion, or $48.28 per share.
Stock Repurchases In June 2007, Devon’s Board of Directors approved an ongoing, annual stock repurchase program to minimize dilution resulting from restricted stock issued to, and options exercised by, employees. This repurchase program authorized the repurchase of up to 4.5 million shares in 2007. In 2008, the ongoing annual stock repurchase program authorizes the repurchase of up to 4.8 million shares or $422 million, whichever amount is reached first. In anticipation of the completion of the West African divestitures (see Note 13), Devon’s Board of Directors has approved a separate program to repurchase up to 50 million shares. This program expires on December 31, 2009. These programs are in addition to a 50 million share repurchase program approved by Devon’s Board of Directors in August 2005, which expired on December 31, 2007. Additionally, in October 2004 Devon’s Board of Directors approved a 50 million share repurchase program that was completed in August 2005. During the three-year period ended December 31, 2007, Devon repurchased 55.2 million shares at a total cost of $2.8 billion, or $51.49 per share, under these repurchase programs. During 2007, Devon repurchased 4.1 million shares at a cost of $326 million, or $79.80 per share. During 2006, Devon repurchased 4.2 million shares at a cost of $253 million, or $59.61 per share. During 2005, Devon repurchased 46.9 million shares at a cost of $2.3 billion, or $48.28 per share. This excerpt taken from the DVN 10-K filed Feb 28, 2007. Stock
Repurchases
On September 27, 2004, Devon announced a stock repurchase
program to repurchase up to 50 million shares of its common
stock. During 2004, Devon repurchased five million shares at a
total cost of $189 million, or $37.78 per share. This
program was completed in 2005, during which Devon repurchased
44.6 million shares at a total cost of $2.1 billion,
or $47.69 per share. The total cost of this program was
$2.3 billion, or $46.69 per share.
On August 3, 2005, Devon announced another program to
repurchase up to 50 million shares of its common. During
2005, Devon repurchased 2.2 million shares at a cost of
$134 million, or $60.16 per share, under this program.
During 2006, Devon repurchased 4.3 million shares at a cost
of $253 million, or $59.61 per share, under this program.
As of February 1, 2007, Devon has repurchased
6.5 million shares under this program for
$387 million, or $59.80 per share. This program was
suspended in 2006 as a result of the Chief acquisition (see
Note 3). In conjunction with the sales of Egypt and West
Africa (see Note 13), Devon expects to resume this
repurchase program in late 2007 by using a portion of the sale
proceeds to repurchase common stock. Although this program
expires at the end of 2007, it could be extended if necessary.
Table of Contents
DEVON
ENERGY CORPORATION AND SUBSIDIARIES
NOTES TO
CONSOLIDATED FINANCIAL
STATEMENTS — (Continued)
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