Devon Energy (DVN) will pay a special dividend of 26 cents per share in 2020. Earlier this year the oil company raised its quarterly dividend by 22.5 percent to $0.11 per share. The total special dividend amount of $100 million will be paid to shareholders in conjunction with the Barnett closing.

In a press release dated August 4, 2020 the company announces the special dividend associated with the accelerated closing of the Barnett Shale divestiture. Based on the current number of outstanding shares, this special dividend will result in an aggregate payment of $100 million to shareholders by Devon.

The special dividend is payable on October 1, 2020, to shareholders of record as of the close of business on August 14, 2020. A regular annual dividend rate of 44 cents yields 3.6% at a stock price of $12.12. The special dividend is in addition to the regular quarterly cash dividend of $0.11 per share.

“With the visibility we have on the early closing of the Barnett transaction, I am excited to announce that we are returning a portion of the proceeds to our shareholders in the form of a $100 million special dividend,” said Dave Hager, president and CEO in the company's press release announcing the special dividend. “The decision to issue a special dividend is consistent with our disciplined strategy and demonstrates our firm commitment to return increasing amounts of cash directly to our shareholders.”

Devon Energy currently pays $168 million in dividends to shareholders annually based on the regular dividend of 11 cents per share quarterly. The current market cap for Devon Enery is $4.6 billion with the stock price down 50 percent year-to-date.

Devon Energy is an energy company engaged primarily in the exploration, development and production of oil, natural gas and NGLs. The company's operations are concentrated in various North American onshore areas in the U.S. and Canada. In July 2018, Devon exited the midstream business by divesting its aggregate ownership interests in EnLink and the General Partner.  Devon Energy was formed in 1971 and has been publicly held since 1988.