Chevron raises 2023 dividend by 6.3% | 36th consecutive year of growth

Chevron 2023 logo

In a very busy week for with many companies announcing dividend hikes, oil company Chevron (CVX) also declared an increased quarterly dividend rate of $1.51 per share, up 6.3% from the previous quarterly dividend of $1.42 per share.

For Dividend Aristocrat Chevron this marked the 36th consecutive year of dividend increases and follows a dividend hike of 6.0% announced in 2022. The next CVX dividend will be paid on March 10, 2023 to shareholders of record on February 16. The next ex-dividend date is February 15, 2023.

At a stock price of $177 the new dividend yield for Chevron is 3.4% based on the new annual dividend rate of $6.04 per share. Based on calculations by Chevron will now pay a total annual dividend of $11.7 billion to all shareholders combined. Chevron recorded a record profit last week and also announced a $75 billion buyback program.

  • 2023: +6.3%
  • 2022: +6.0%
  • 2021: +3.9%
  • 2020: +8.4%
  • 2019: +6.2%
  • 2018: +3.7%
Other Aristocrats announcing dividend hikes just last week include Cincinnati Financial (CINF), Archer-Daniels-Midland (ADM) and S&P Global (SPGI).

Chevron Corporation is a oil major, operating through two business segments: Upstream and Downstream. The Upstream segment consists primarily of exploring for, developing and producing crude oil and natural gas; processing, liquefaction, transportation and regasification associated with liquefied natural gas; transporting crude oil by international oil export pipelines; transporting, storage and marketing of natural gas, and a gas-to-liquids plant. The Downstream segment consists primarily of refining of crude oil into petroleum products; marketing of crude oil, refined products and lubricants; manufacturing and marketing of renewable fuels; transporting of crude oil and refined products, and manufacturing and marketing of commodity petrochemicals. Chevron is a Dividend Aristocrat with more than 25 consecutive years of increased dividends.

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