ExxonMobil Edges Out Chevron in Dividend Growth Showdown

ExxonMobil and Chevron are two of the largest oil majors in the world. They both reported strong quarters this summer, with Exxon posting industry-leading earnings of $14.5 billion and operating cash flow of $23.6 billion. Chevron's revenue hit a record high of $67.2 billion.

When it comes to dividend growth over the past decade, Chevron has grown its per-share payout by a larger dollar amount, but ExxonMobil has maintained an unbroken 43-year streak of annual raises. Chevron's yield is currently higher at 3.39%, but Exxon's defensiveness during the 2020 crash earns it top spot for durability.

Exxon's organic growth strategy has paid off with its investment in Guyana, which contributed roughly 900,000 barrels per day to production. Chevron, on the other hand, has pursued a buy-and-build strategy, acquiring Hess and cutting over $8 billion of debt in Q2 alone.