Crude oil prices have bounced around quite a bit this year. They were recently around $75 per barrel, which is about 5% higher than they began the year. It's a great price point for most oil companies, which can produce a lot of cash at that level.

That's certainly the case with Devon Energy (NYSE: DVN). It can produce a gusher of free cash flow at the current price point. Despite that, the oil stock trades at a bottom-of-the-barrel valuation (even more so after factoring in a highly accretive acquisition it's working to close). Because of that, it's an incredible bargain these days for those seeking a value play in the oil patch. It also offers an attractive income stream (4% forward dividend yield at its most recent combined payment).

Devon Energy has worked tirelessly over the years to build a low-cost, U.S.-focused oil and gas producer. That strategy has paid dividends in more recent years. Devon has grown into one of the country's largest onshore producers with a very low-cost resource base. Its crown jewel asset is the Delaware Basin, which has a break-even level of around $40 a barrel.

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Source Fool.com