Chevron (NYSE: CVX) reported record earnings and cash flow last year, fueled by higher oil and gas prices. That's giving the oil giant more money to return to shareholders. As a result, it's boosting its dividend and unveiled a mammoth increase to its share repurchase program.

Here's a look at the oil company's new capital return plans and whether they're a reason for buying the oil stock.

Chevron declared its latest dividend payment. It set the quarterly rate at $1.51 per share. That's a 6.3% increase from the prior level. With this boost, 2023 will be Chevron's 36th year of dividend growth. That's the second-longest streak in the oil patch behind ExxonMobil (NYSE: XOM), which delivered its 40th straight year of dividend growth in 2022. Chevron also maintained its pace of increasing its payout by around 6% per year, which it has done for more than a decade. That continues the company's impressive dividend growth over the years: 

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Source Fool.com