Exxon Mobil (NYSE: XOM), Kinder Morgan (NYSE: KMI), Schlumberger (NYSE: SLB), ConocoPhillips (NYSE: COP) and Occidental Petroleum (NYSE: OXY), all top 10 holdings in XLE, have boosted dividends this year. The outlier is Dow component Chevron (NYSE: CVX). Chevron, the second-largest U.S. oil company behind Exxon and XLE’s second-largest holding, has already reduced capital spending and suspended a share buyback program, but its multi-decade dividend increase is in jeopardy.
California-based Chevron usually raises its dividend in April, but that did not happen this year. Chevron is a dividend aristocrat by way of a payout increase streak spanning 27 years.
Energy Select Sector SPDR
