Diamondback Energy (NASDAQ: FANG) has flown under the radar of many dividend investors. That's causing them to miss out on its high-octane dividend. The oil company pays a rapidly rising base dividend. On top of that, it routinely pays a variable dividend, which can be quite sizable.

It gave investors a monster raise last quarter, paying a total of $3.37 per share (more than 300% above the second quarter's level). While its payout will fluctuate in the future, investors seeking big-time income potential should take a closer look at this oil dividend stock.

Diamondback Energy spent years building a leading oil and gas production business centered on the low-cost Permian Basin. The company spent billions of dollars to acquire land in the region and develop wells and related infrastructure. Those investments have started to pay off in recent years by turning it into a cash-flow-producing machine.

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Source Fool.com