Chevron and ExxonMobil post record 2025 output; Exxon offers safer dividend coverage despite Chevron's higher yield.

In 2025, Chevron and ExxonMobil both achieved record oil production, with ExxonMobil producing 4.7 million barrels per day and Chevron 3.7 million. Chevron's dividend yield is higher at about 3.6%, but its free cash flow coverage ratio is tighter at 1.30x, partly due to significant buybacks. ExxonMobil, with a larger scale and a coverage ratio of 3.02x, offers a more secure dividend backed by stronger cash flow and a robust balance sheet. Investors seeking stability may prefer Exxon, while value-focused income investors might favor Chevron if its cost-cutting targets are met.