Devon Energy (NYSE: DVN) has become quite the dividend stock over the past year. The oil company launched the industry's first fixed-plus-variable dividend framework last year, enabling its investors to cash in on higher oil prices. Devon has since increased its base dividend twice, while growing its variable payment every quarter.

While oil prices have cooled off a bit recently, Devon's dividend has continued rising, fueled partly by a recent acquisition. The oil company is now making another deal, which could give it even more fuel to grow its dividend in the future.  

Devon Energy recently declared its latest dividend payment of $1.55 per share. That's 22% above the prior-quarter's level and implies a 10.3% annualized dividend yield at the recent share price. Devon increased its fixed quarterly dividend payment by 13% to $0.18 per share, while boosting the variable amount by 23.4% to $1.37 per share.

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Source Fool.com