Chevron hikes dividend by 6.3%

On January 25, 2023, Dividend Aristocrat Chevron Corporation (CVX) declared a dividend hike of 6.3% to $1.51 quarterly per share, marking 36 consecutive years of dividend growth for the oil major. The next CVX dividend will be paid on March 10, 2023 to holders of record on February 16. The next ex-dividend date for the Chevron dividend of $1.51 per share will be February 15, 2023. At a stock price of $179.45 the dividend yield for CVX is 3.4%. Last year Chevron hiked its dividend by 6.3%. Other Dividend Aristocrats announcing a dividend hike this January include Cincinnati Financial and ADM.

The Chevron board also authorized the repurchase of the company’s shares of common stock in an aggregate amount of $75 billion. The $75 billion authorization takes effect on April 1, 2023, and does not have a fixed expiration date. It replaces the Board’s previous repurchase authorization of $25 billion from January 2019, which will terminate on March 31, 2023, after the completion of the company’s repurchases in the first quarter 2023.

Chevron Corporation is global energy company. The company operates through two business segments, Upstream and Downstream, through which produces and transports crude oil and natural gas and refines, markets, and distributes fuels. Chevron is also involved in chemical and mining operations, power generation, and energy services. Earnings of the company depend mostly on the profitability of its upstream business segment. The biggest factor affecting the results of operations for the upstream segment is the price of crude oil. Chevron has substantial operations in Angola, Argentina, Australia, Azerbaijan, Bangladesh, Brazil, Canada, China, Colombia, Democratic Republic of the Congo, Denmark, Indonesia, Kazakhstan, Myanmar, Nigeria, the Partitioned Zone between Saudi Arabia and Kuwait, the Philippines, Republic of Congo, Singapore, South Africa, South Korea, Thailand, the United Kingdom, the United States, and Venezuela.