Chevron (CVX) has raised its dividend for 39 consecutive years, earning a 12.1% dividend yield on their original cost. The company's annual dividend now stands at $7.12 per share, indicating a yield of 3.84%. This consistency has led to a double-digit yield on the original cost for early Chevron stock investors. Over the past two decades, CVX stock has returned nearly 585% to shareholders after accounting for dividend reinvestments, and the S&P 500 is up 681%. The company has a payout ratio of less than 50%, allowing it to reinvest in growth projects, lower balance sheet debt, and continue raising dividends. CEO Mike Wirth expects adjusted free cash flow to grow by more than 10% annually through 2030.