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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
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
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