Chevron shareholders collect another $1.78 per share quarterly payment on September 10, 2026. The dividend arrives with Brent crude trading above $100 per barrel for the first time since July, and the stock up more than 40 percent year to date.
The dividend numbers behind the payment
The September 10 payment is the third at the current $1.78 rate. Chevron raised the payout 4 percent at the start of 2026, extending a streak of 39 consecutive annual increases.
With shares near $212, the yield sits near 3.4 percent. The company has paid dividends for 56 consecutive years when measured across all market cycles.
| Metric | Value |
|---|---|
| Quarterly dividend | $1.78 per share |
| Payment date | September 10, 2026 |
| 2026 raise | 4 percent |
| Annual increase streak | 39 years |
| Current yield | Roughly 3.3 to 3.4 percent |
| Year-to-date return | More than 40 percent |
| Payout ratio | About 64 percent |
Why cash flow covers the payout
Second quarter 2026 delivered adjusted EPS of $6.06 on revenue of $67.2 billion, up 51.4 percent year over year. Free cash flow hit $18.1 billion against a quarterly dividend outlay near $3.5 billion.
Net debt sits at 0.6 times cash flow from operations after more than $8 billion in debt reduction last quarter. That balance sheet gives management room to protect the payment if crude retreats from current levels.
Oil above $100 changes the math
Brent crossed $100 on September 9 after renewed Middle East conflict and U.S. strikes on Iranian oil tankers. Goldman Sachs warned that prices could reach $120 per barrel if the conflict widens and shipping disruptions continue.
Every dollar of crude price flows straight into upstream cash flow. At the same time, Chevron said at the Barclays Energy-Power Conference on September 8 that buybacks remain on hold while prices stay volatile, with the dividend the first call on capital.
Venezuela expansion and structural cost cuts
Chevron also announced updated joint venture terms with Venezuela on September 2, planning more than $7 billion of investment over five years to lift production toward 600,000 barrels per day by 2031. Management said it delivered $3 billion in structural cost cuts six months ahead of schedule.
Permian production has plateaued at 1 million barrels per day, with capital intensity expected to fall 25 percent in 2026 versus 2025. Tengizchevroil in Kazakhstan lifted capacity to 320,000 barrels per day after debottlenecking.
Income comparison for a $100K portfolio
| Stock | Quarterly rate | Annual income per $100K |
|---|---|---|
| Chevron (CVX) | $1.78 | Approximately $3,360 |
| Exxon Mobil (XOM) | $1.03 | Approximately $2,880 |
| Energy Transfer (ET) | $0.3375 | Approximately $6,300 |
Income figures assume the current rates and September share prices. Energy Transfer pays a distribution rather than a dividend and carries different tax treatment.
Risks to watch
- A swift peace deal or supply normalization could pull crude back under $80 and pressure upstream cash flow
- Venezuela operations carry sanctions and political risk despite the new agreements
- The stock trades near its 52-week high of $214.71, and a 40 percent YTD run leaves valuation stretched
Bottom line for income investors
The payment is safe on every metric that matters: coverage, balance sheet, and history. The risk is valuation, not the dividend. Investors who want the income can hold shares through the payment and let the streak work for them.
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