Yahoo Finance analysis points out that Chevron's plan to invest in and build oil pipelines in Iraq to avoid crossing the Strait of Hormuz is not the fundamental reason for its sustained dividend growth. The analysis suggests that the true drivers behind Chevron's 38 consecutive years of dividend increases are its long-term investment mindset and strong financial health. For example, as of the end of Q2 2026, its debt-to-equity ratio was only 0.2x, second only to ExxonMobil among its peers.