Chevron’s Dividend at $104 Oil Hinges on Free Cash Flow Coverage
Chevron’s free cash flow of $18.095 billion supported a quarterly dividend near $3.504 billion, while full-year operating cash flow reached $33.94 billion against $12.75 billion in dividend payouts. Net debt to operating cash flow fell to 0.6 times after more than $8 billion in debt reduction, and Hess integration synergies are cited as helping sustain payments even as oil prices drop.