Apr. 15 at 11:18 AM
$CVX Chevron's dividend story rests on longevity. The quarterly dividend rose 4% to
$1.78/share, marking the 39th consecutive annual increase. The historical record validates that streak: even during the 2020 pandemic, when net income turned negative at
$5.6B, operating cash flow still covered the dividend at 1.09x.
Chevron did not cut during downturns. It raised. The current dividend yield sits at 3.59%, backed by
$12.75B in dividend payouts covered 2.66x by operating cash flow in 2025.
Watch whether Chevron converts oil price recovery into accelerated cost reductions, given its
$3-4B structural cost reduction target by end of 2026.
