Devon Energy board approves new buyback authorization of $8B

As part of its Capital Update announced yesterday, the company states: “The board of directors has approved a new share repurchase authorization of $8 billion, reflecting confidence in the combined company’s free cash flow generation and commitment to returning meaningful capital to shareholders. Repurchases may be made from time to time through open market transactions, privately negotiated transactions or other means in accordance with applicable securities laws. The authorization expires on June 30, 2029.”