Devon Energy (NYSE: DVN) recently reported its fourth-quarter results and declared its latest dividend payment. Overall, the oil company posted solid results. Oil output hit a record high while operating cash flow was up 18% year over year. 

However, for the second quarter in a row, the oil producer's total dividend outlay is lower than the prior payment. Here's a closer look at why that's the case and what it means for investors.

Devon Energy produced $1.9 billion of operating cash flow in the fourth quarter, up 18% year over year. It was enough money to fund its capital program with about $1.1 billion to spare. That pushed its full-year totals to $8.5 billion of operating cash flow and $6 billion of free cash flow. 

Continue reading

Source Fool.com