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U.S. oil and gas producer Devon Energy (DVN.N) 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.