# U.S. oil and gas producer Devon Energy said on Thursday its board had approved a $8 ‌billion share repurchase program.

*business · news · 2026-05-07 · Reuters*

## Key points

- Devon Energy's board approved a new $8 billion share repurchase program.
- The repurchase plan follows public pressure from activist investor Kimmeridge for higher shareholder returns.
- Kimmeridge called for Devon to pursue asset sales and revamp executive pay post-merger.
- The actions are being considered as Devon closes its $58 billion merger with Coterra Energy.

May 7 (Reuters) - U.S. oil and gas producer Devon Energy (DVN.N), opens new tab said on Thursday ​its board had approved a $8 ‌billion share repurchase program, a week after activist investor Kimmeridge called for higher shareholder returns. Last week, Kimmeridge, a well-known ​activist investor in the ​energy sector, urged Devon's incoming board ⁠to swiftly pursue asset sales, ​improve capital allocation and revamp executive ​pay to boost shareholder returns once its $58 billion merger with Coterra Energy closes. Sign up here. Reporting by Vallari Srivastava ​in Bengaluru; Editing by Sahal Muhammed

**Companies:** Devon Energy
**Countries:** United States

[Read the full story on Reuters](https://www.reuters.com/legal/litigation/shale-producer-devon-energy-approves-8-billion-share-buyback-plan-2026-05-07/)

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