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Chevron maintains 39 years of dividend raises, but risks rise if oil prices fall sharply.

Company Fundamentals
04 Sep 2026
24/7 Wall Street
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Bullish
Chevron maintains 39 years of dividend raises, but risks rise if oil prices fall sharply.

Chevron has raised its dividend for 39 consecutive years, with a recent 4% increase in 2026 and a current yield of about 3.08% at $104 oil prices. The company showed strong Q2 2026 earnings and cash flow, comfortably covering dividends, but its payout ratio could tighten significantly if oil prices drop. Chevron's resilience was tested in 2020 when oil prices collapsed, yet it maintained dividends by using its balance sheet. New revenue streams from Hess integration and a long-term power deal with Microsoft aim to stabilize cash flow independent of oil prices, supporting dividend safety despite commodity volatility.

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