Chevron projects dividend increase of 26 to 33 percent by 2030

Financial analysts predict that Chevron will raise its dividend by 26 to 33 percent before 2030. The company has already increased its dividend every year for 39 consecutive years. Over the past five years, the total rise was around 33 percent. Analysts say the new target will require faster growth than that recent pace. Chevron's own financial plans suggest its free cash flow will grow by more than 10 percent each year. This forecast assumes oil prices stay near $70 per barrel. If oil prices fall, the projections could change. Chevron currently offers a dividend yield of about 3.6 percent. The company also buys back up to $20 billion of its own shares each year.