Devon Energy's (NYSE: DVN) fortunes rise and fall with oil prices. The oil company's stock price initially skyrocketed in 2022, surging more than 75% as crude prices rallied following Russia's invasion of Ukraine. However, Devon's shares have cooled off along with crude prices in recent months and currently sit about 40% below their 52-week high. 

The company's management team believes the sell-off has the stock trading at a very attractive price. That was evident from their comments on the first-quarter earnings call. Here's what the company is doing to take advantage of this opportunity.

Devon Energy launched a unique capital return strategy in 2021. The company set the oil industry's first fixed-plus-variable dividend framework. It pays a fixed base dividend that it aims to increase steadily. In addition, Devon pays out up to 50% of its post-base-dividend free cash flow to shareholders via variable dividends.

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Source Fool.com