Devon Energy (NYSE: DVN) is a large U.S. oil and natural gas producer. After a period in the industry when growth was all the rage, management has shifted gears and is now focused on returning value to shareholders via dividends. The energy sector is inherently volatile, however, so Devon has chosen to institute a variable dividend policy. That's why a year of dividend cuts, including the most recent 32% reduction, shouldn't be at all surprising to shareholders.

Devon Energy's dividend was $0.30 per share in Q1 2021. By the end of that year, the quarterly payment was up to $0.84 per share. It continued to rise until Q3 of 2022 when it hit $1.55 per share. That's more than 5 times what it was at the start of 2021. 

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Source Fool.com