Oklahoma City’s Devon Energy announced it hopes to complete its $4 billion share-repurchase program by early next year, finishing with a repurchase of nearly 20 percent of the company’s outstanding common stock.
In a statement, the company said the completion of the initial accelerated share repurchase was made after it began in early August.
To date, Devon said it has repurchased nearly 50 million shares under the authorization at a total cost of $2 billion. The average share purchase price was $41.
“With the completion of the initial ASR program, the company continues to advance its share repurchase activity in the open market,” stated the company. ” Through these open market purchases, Devon expects to repurchase approximately an incremental $500 million before its third quarter earnings call. ”