The S&P 500 peaked on Jan. 3 of last year. It has been almost all downhill since then. The index shed 20% of its value by year-end, putting it in bear market territory. 

Devon Energy (NYSE: DVN), however, didn't get the memo that we're in a bear market. The oil company significantly outpaced the broader indexes, rising almost 35% since the onset of the downturn, according to data provided by S&P Global Market Intelligence. Here's a look at what fueled Devon's remarkable return and whether it can continue producing strong results for its investors. 

Devon Energy capitalized on higher crude prices last year. The oil company produced $2.1 billion of free cash flow during the second quarter, the highest level in its 51-year history. While cash flow declined from its peak as oil prices cooled off during the third quarter, Devon still produced a robust $1.5 billion in free cash. 

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Source Fool.com