10 High Yield Crude Oil Stocks to Buy Now

7. Chevron Corporation (NYSE:CVX)

Dividend Yield as of June 8: 3.76% 

Next on our list of the Best Oil Stocks for Dividends is Chevron Corporation (NYSE:CVX). The company manufactures and sells a range of high-quality refined products, including gasoline, diesel, marine and aviation fuels, premium base oil, finished lubricants, and fuel oil additives.

Chevron Corporation (NYSE:CVX) has raised its dividend for 39 consecutive years, granting it the coveted title of a Dividend Aristocrat. The company maintained its strong commitment to shareholders even through multiple commodity downturns, including the oil market collapse in 2020, as its business has been designed to comfortably cover the payout even at crude prices below $50 per barrel.

To sustain its high distributions, Chevron Corporation (NYSE:CVX) expects to grow its free cash flow at a CAGR of more than 10% through 2030 at $70 oil. A significant catalyst to support this growth is the Tengizchevroil expansion in Kazakhstan, which is expected to add around $6 billion to the company’s annual free cash flow.

Chevron also revealed in its Q1 report last month that it remains on track to achieve its $3 to $4 billion structural cost reduction target by year-end. The program will help lower the oil and gas giant’s breakeven point even further and enhance profitability across cycles.