Will Devon Energy Have Enough Fuel to Increase Its Dividend in 2024?
Devon Energy (NYSE: DVN) is a trendsetter among dividend stocks. The oil producer launched that industry's first fixed-plus-variable dividend framework in 2021 following its merger with WPX Energy. It pays a base dividend it can sustain at lower oil prices and a variable payout that fluctuates with its oil-fueled cash flows.
After paying a gusher of dividends in 2022 due to higher oil prices, Devon Energy's total dividend outlay fell last year as crude prices cooled off. Here's a look at what direction the oil stock's dividend might head in 2024.
Devon Energy paid a total of $2.87 per share in dividends last year. That was down from $5.17 per share in 2022 due to much lower variable dividend payments:
Source Fool.com
