Chevron has extended its consecutive annual dividend increase streak to 37 years, supported by a cash balance of approximately $8 billion and a pristine AA credit rating. Management has modeled cash flow under a $50-per-barrel Brent scenario and concluded it can sustain the current quarterly payout of $1.71 even if energy prices weaken. The company’s integrated business model—combining upstream production with downstream refining and marketing—helps stabilize free cash flow, which management forecasts growing at 10% per annum through 2030 alongside 2–3% annual production increases.

Sources tell us Chevron plans to boost exports of Venezuelan crude to the United States to about 300,000 barrels per day in March, up from 100,000 barrels per day in December and roughly 230,000 barrels per day in January. This ramp-up reflects the firm’s unique licensing under U.S. sanctions relief, leveraging joint ventures with Venezuela’s state oil company to secure cargoes that refine into high-margin products at Gulf Coast facilities.

Chevron has appointed Thomas W. Horton—former chairman and CEO of American Airlines Group and current partner at Global Infrastructure Partners—to its board as an independent director. At 64, Horton brings extensive experience in capital allocation, risk oversight and large-scale operations. He will also join the Audit Committee, reinforcing corporate governance at a time when investors are focused on transparency in project development and sanction-related exposures.

In the latest quarter, Belpointe Asset Management increased its Chevron holdings by 28.9%, bringing its position to 31,653 shares, while Norges Bank initiated a new stake valued at $2.72 billion. In Q3, Chevron reported revenue of $48.17 billion, surpassing analyst expectations of $46.99 billion, and delivered quarterly earnings per share of $1.85 versus forecasts of $1.71. The company declared a quarterly dividend of $1.71 per share, representing an annualized yield of 4.1% and a payout ratio of approximately 96%.