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business/news//Reuters
U.S. oil and gas producer Devon Energy said on Thursday its board had approved a $8 billion share repurchase program.
Devon Energy's board approved a new $8 billion share repurchase program.
KEY POINTS
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.
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Reporting by Vallari Srivastava in Bengaluru; Editing by Sahal Muhammed