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This Oil Stock Is Turning Into an Amazing Passive Income Machine

TheMotleyFool

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This Oil Stock Is Turning Into an Amazing Passive Income Machine: https://g.foolcdn.com/editorial/images/677524/oil-pumps-with-money-in-the-background.jpg

Devon Energy (NYSE: DVN) launched a unique dividend framework last year. The oil company initiated an industry-first fixed-plus-variable dividend policy. It complements its base quarterly dividend with variable payments of up to 50% of its excess cash flow each quarter.

As a result, Devon Energy is becoming a massive passive income producer with its free cash flow surging thanks to higher oil prices. The company recently increased its dividend once again, hitting a new record high. Given the current situation in the oil market, Devon could continue paying big dividends in the coming quarters.

Image source: Getty Images.

Source Fool.com

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