Devon Energy Corp. (NYSE: DVN) has completed its initial accelerated share repurchase program that commenced in early August, the company said on Sept. 14.
The program was completed as part of the company’s $4 billion share repurchase authorization expiring at the end of 2019. To date, Devon has repurchased approximately 50 million shares under the authorization at a total cost of $2 billion, with an average share purchase price of $41.
With the completion of the initial ASR program, the company continues to advance its share repurchase activity in the open market. Through these open market purchases, Devon expects to repurchase approximately an incremental $500 million before its third quarter earnings call. The company now expects to complete its $4 billion share-repurchase program in early 2019 and is on track to repurchase nearly 20% of the company’s outstanding common stock.