Oil prices experienced an explosive run-up early last year. West Texas Intermediate crude -- the primary U.S. benchmark oil variety -- surged from $75 a barrel to a peak near $115 a barrel by midsummer. However, oil prices have cooled off considerably since then, falling more than 20% from their pinnacles. West Texas Intermediate was recently selling in the high $70s. 

However, several catalysts could send oil prices back up toward $100 a barrel by this summer. Investors can cash in on that potential bull market run in oil prices by scooping up shares of Devon Energy (NYSE: DVN), Diamondback Energy (NASDAQ: FANG), and Pioneer Natural Resources (NYSE: PXD). All three oil stocks pay high-yielding dividends driven by their oil-fueled cash flows.

Devon Energy launched the oil patch's first fixed-plus-variable dividend framework when it closed its merger-of-equals transaction with WPX Energy in 2021. The company pays a fixed base dividend that it aims to steadily increase and sustain even at lower oil prices. In addition, it distributes 50% of its post-base-dividend free cash flow to shareholders via its variable dividend.

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Source Fool.com