Devon Energy Corporation (NYSE:DVN) today announced that its board of directors has approved a 9 percent increase to its quarterly cash dividend on the company’s common stock from $0.22 per share to $0.24 per share. The increase is effective with the dividend payable on June 30, 2014 to shareholders of record as of the close of business on June 13, 2014.
“This is Devon’s ninth dividend increase since 2004, representing an annual compound growth rate of 23 percent,” said John Richels, president and chief executive officer. “Our dividend increase highlights Devon’s long-term commitment to returning cash to our shareholders and ultimately reflects the confidence we have 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 additional information, visit