Devon Energy (NYSE: DVN) is a perfectly fine upstream energy company, if that's what you're looking for. But if you're in the market for a high-yield energy stock that hails from the energy sector, you can do better. This 7.4%-yielding master limited partnership (MLP) is a great place to start.

Devon Energy's oil production in the second quarter of 2024 reached an all-time high. The company increased its full-year production guidance for the second consecutive quarter. It upped its stock buyback plans. And it continues to expand its portfolio by acquisition. Now add in at least 10 years' worth of drilling opportunities in the portfolio, and there's a lot to like here if you're looking for an upstream energy producer.

But if you're looking for a high-yield stock, you could be in for a shock. Sure, the dividend yield is currently around 4.4%. That's well above the market's miserly 1.2% or so and more than a percentage point higher than the average energy stock's 3.1% yield, using Energy Select Sector SPDR ETF as a proxy. But Devon's dividend payment can vary greatly from quarter to quarter because the final value is tied to the energy company's financial performance. In other words, you really can't count on the income you generate here when energy prices fall, because Devon's financial performance will decline along with oil prices.

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Source Fool.com