Devon Energy (NYSE: DVN) has transformed into a low-cost oil producer over the years. It has jettisoned high-cost operations and recycled that capital to grow its higher-returning assets.

This strategy continues to pay big dividends for shareholders. Devon is generating lots of cash and returning much of it to its investors.

The oil company's cash-generating capabilities were on full display during the second quarter. With further improvements ahead, the company continues sending more cash to its shareholders.

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Source Fool.com