OKLAHOMA CITY, March 7 /PRNewswire-FirstCall/ -- Devon Energy
Corporation (NYSE: DVN) today announced that its board of directors has
increased the amount of the quarterly cash dividend on its common stock.
The amount of the dividend declared for the first quarter of 2007 is 14
cents per share. This is approximately a 25 percent increase over the
previous quarterly dividend of 11.25 cents per share. The dividend is
payable on March 30, 2007, based on a record date of March 15, 2007.
"This is Devon's fourth consecutive annual dividend increase," said J.
Larry Nichols, chairman and chief executive officer. "Dividends and share
repurchases are important components of our strategy to optimize the value
of Devon's shares."
Devon also announced that its board of directors declared a quarterly
cash dividend on its 6.49 percent cumulative preferred stock, series A. The
dividend rate is $1.6225 per share and is payable on March 30, 2007. The
record date for the dividend is March 15, 2007.
Devon Energy Corporation is an Oklahoma City-based independent energy
company engaged in oil and gas exploration and production. Devon is one of
the world's leading independent oil and gas producers and is included in
the S&P 500 Index. For additional information, visit
http://www.devonenergy.com .
SOURCE Devon Energy Corporation
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Related links:
http://www.devonenergy.com
http://www.prnewswire.com/comp/118040.html /
CONTACT:
investors, Zack Hager, +1-405-552-4526, or
media, Brian Engel, +1-405-228-7750, both of Devon Energy
Corporation
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