Devon Energy's (NYSE: DVN) innovative dividend has been on a steep downward trend over the past year. After peaking at $1.55 per share following last year's second quarter, the company's combined fixed-plus-variable dividend payment has declined for four straight quarters. It will only be $0.49 per share following this year's second quarter. 

However, better days appear to be ahead for Devon Energy's dividend. A trio of catalysts could give the oil stock the fuel to pay higher dividends in 2024.

Devon Energy sold its oil at an average price of $71.74 per barrel during the second quarter. That's down from an average of $95.80 per barrel in the year-ago period. The more than 25% decline in crude prices put downward pressure on Devon's cash flow, which fuels its variable dividend.

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Source Fool.com