Devon Energy (NYSE: DVN) paid a gusher of dividends in 2022. Fueled by its innovative fixed-plus-variable dividend framework, the oil company paid investors $5.17 per share in 2022. With the stock recently trading at around $60 per share, Devon's dividend yield is 8.5%. That's several times above the S&P 500's 1.7%.

However, Devon's dividend payments rise and fall with oil prices. With crude prices cooling off in recent months, the company's most recent dividend was below its peak. Here's a look at what dividend investors should expect from the oil company in 2023.

Devon Energy's dividend policy means it makes a fixed base payment each quarter that it can sustain at lower oil prices. The company increased that floor by about 13% following its RimRock Oil & Gas acquisition in the middle of 2022. In addition, the company pays a variable dividend of up to 50% of its excess free cash flow each quarter after accounting for the base dividend. 

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Source Fool.com