Chevron (CVX) DIvidends Date & History

Key Takeaways

• Chevron offers a current dividend yield of 3.85%, paid quarterly at $1.78 per share, annualizing to $7.12.
• The company has increased its dividend for 39 consecutive years, earning Dividend Aristocrat status.
• Payout ratio stands at approximately 104%, elevated but supported by strong free cash flow (FCF) coverage.
• Recent ex-dividend date was February 17, 2026, with payment on March 10, 2026.
• Levered FCF of $13.2 billion exceeds annual dividends of about $12.8 billion, indicating sustainability.
• Higher yield than peer ExxonMobil (XOM) at around 3%.

Dividend Overview

Chevron Corporation (CVX), a leading integrated energy company, maintains a robust quarterly dividend policy with a current yield of 3.85%. The most recent quarterly payout is $1.78 per share, equating to an annual dividend of $7.12. Payments occur every three months, reflecting the company's commitment to returning capital to shareholders amid the cyclical energy sector. Chevron is classified as a dividend growth stock due to its longstanding history of annual increases, appealing to investors seeking both income and moderate appreciation potential. This profile positions it as a staple for portfolios emphasizing reliable energy dividends rather than ultra-high yields.

Dividend History and Growth

Chevron has paid dividends since 1912 and boasts 39 consecutive years of increases as of 2026, solidifying its Dividend Aristocrat designation. The latest 4% hike to $1.78 per share was declared in January 2026. Over the past decade, dividends have grown steadily, navigating oil price volatility through disciplined capital allocation. Historical data shows consistent quarterly payments, with no cuts even during downturns like 2020, underscoring a long-term strategy prioritizing shareholder returns alongside reinvestment in upstream and downstream operations.

Dividend Sustainability and Payout Ratio

Chevron's payout ratio of about 104% appears elevated, as dividends exceed recent earnings per share. However, sustainability is bolstered by robust FCF generation; trailing twelve-month levered FCF reached $13.2 billion, surpassing annual dividend obligations of roughly $12.8 billion for an FCF payout ratio near 83%. The company produced strong FCF in recent years, including $19.78 billion in 2023 despite energy market fluctuations. Moderate debt levels and diversified operations across oil, gas, and renewables further support ongoing payments, though sensitivity to commodity prices remains a key risk factor.

Dividend Compared to Industry Peers

Chevron's 3.85% yield surpasses that of primary peer ExxonMobil (XOM), which offers around 2.8% to 3.5%. Compared to Occidental Petroleum (OXY) at approximately 1.7%, CVX provides superior income in the integrated oil space. While service firms like Schlumberger (SLB) offer minimal or no dividends, Chevron's profile aligns with sector leaders emphasizing shareholder returns. This positions CVX as above-average for yield among major oil majors.

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Is This Stock Attractive for Dividend Investors?

Chevron appeals to income-oriented dividend investors prioritizing stability in the energy sector, thanks to its 3.85% yield and 39-year growth streak. Conservative investors may value the company's FCF coverage and historical resilience during oil downturns, despite the elevated payout ratio. Dividend growth enthusiasts could appreciate the Aristocrat status and consistent raises, though slower projected earnings growth tempers aggressive appreciation expectations. Long-term holders seeking exposure to global energy demand might find CVX suitable for portfolio diversification, balancing yield with moderate risk. High-yield chasers may look elsewhere, as the payout trails some riskier energy names. Overall, it suits balanced portfolios favoring reliability over speculation, but energy volatility warrants caution.

Disclaimer

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