By Trey Thoelcke
Publication Date: 2026-09-25 13:10:00
Chevron posted record production while IBM leaned on software to survive a mainframe slump, but the real battle between these two dividend stalwarts plays out in how much cash each company burns before shareholders collect a single cent.
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When Chevron (NYSE:CVX | CVX Price Prediction) and IBM (NYSE:IBM) reported second-quarter results this summer, the former rode record barrels from its Hess deal, while the latter leaned on software as mainframe sales declined. Capital spending shows which dividend is harder to fund.
Record Barrels for Chevron, a Mainframe Trough for IBM
Chevron’s production rose 20% to a record 4,070 thousand barrels of oil equivalent per day (MBOED) in its July 31, 2026, report, proof the Hess assets are pulling weight. Downstream earnings hit $4.87 billion versus $737 million a year earlier, a refining boom. Brent…
