Exxon Mobil will pay its third-quarter dividend of $1.03 per share on September 10, 2026, matching the June 10 payment and extending one of the longest growth streaks in the stock market. The rate was set by a 4 percent increase announced in late 2025, the 43rd consecutive year Exxon has raised its payout.
The setup
The September 10 payment annualizes to $4.12 per share. At a recent share price of $164.15, the forward yield works out to roughly 2.55 percent. Dividends remain a cornerstone of Exxon’s capital-return program alongside share repurchases.
Second-quarter results showed why the payout stays covered. Exxon generated more than $17 billion in free cash flow, returned more than $9 billion to shareholders through dividends and buybacks, and cut net debt by more than $7 billion, all while a Middle East supply interruption removed roughly 10 percent of upstream production during the quarter.
Key numbers
| Metric | Figure |
|---|---|
| Quarterly dividend | $1.03 per share, paid June 10 and September 10, 2026 |
| Annualized dividend | $4.12 per share |
| Forward yield at $164.15 | About 2.55 percent |
| Consecutive years of increases | 43 |
| Q2 2026 free cash flow | More than $17 billion |
| Q2 2026 shareholder returns | More than $9 billion |
| Q2 2026 net debt reduction | More than $7 billion |
For income comparison, each $100,000 invested at $164.15 buys about 610 shares and generates roughly $2,510 per year. Chevron yields more at 3.3 percent, while Exxon and ConocoPhillips both sit near 2.5 to 2.6 percent.
Analyst outlook for Exxon Mobil
A September 3 scorecard published by 247wallst graded Exxon’s dividend an A- on coverage and a B+ on yield, then asked how the payout holds if crude retreats from the current WTI level near $91.48 per barrel. The coverage grade reflects the gap between free cash flow and the dividend plus buyback commitments.
The growth side of the story sits in Guyana and the Permian. Exxon has now recovered its $55 billion Guyana investment plus operating costs, reaching the crossover point where the project turns into net cash generation. The Permian set another quarterly record above 1.8 million oil-equivalent barrels per day in the second quarter.
Chief Executive Darren Woods told analysts he expects roughly twice the level of free cash flow in 2030 that the company produced in 2025, a projection that, if realized, keeps the streak funded for years.
What to watch
- Coverage stress test: Watch how the payout holds if crude falls from $91.48 WTI toward the low $70s, the range where coverage debates usually start.
- Volume trajectory: Guyana and Permian records support the base case; any production setback would test it.
- The next increase decision: Exxon has typically announced its annual increase around the fourth-quarter declaration cycle.
- Capital allocation balance: The buyback pace versus debt paydown shapes how much room the dividend has to grow.
Bottom line
Exxon’s 2.55 percent yield will not lead the energy sector, but 43 straight years of increases, deep free cash flow, and a shrinking debt load make the September 10 payment one of the most secure in big oil. Investors seeking higher current income can find it at Chevron at 3.3 percent. Investors seeking reliability of growth will find it here.
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