2 Great Dividend-Paying Oil Stocks to Buy as Oil Surges

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While some are fleeing to gold investments to fortify their portfolios, there are better opportunities than the precious metal. With energy prices elevated right now, oil dividend stocks, for example, represent excellent choices.Those committed to digging through the oil patch for a passive income investment don't need to look much further than these oil dividend stocks that two Fool.com contributors recognize as great opportunities right now.Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »Image source: Getty Images.Scott Levine (Chevron): While the 3.6% forward dividend yield is certainly nothing to sneeze at, this one figure belies another number that speaks a lot louder to the Chevron (NYSE: CVX) stock's allure as a passive income investment: the multi-decade dividend increase streak.For 39 consecutive years, Chevron has maintained annual dividend increases, a feat few companies can claim, let alone energy stocks. Over the past four decades, there have been booms and busts in energy prices, and all the while, Chevron has continued to raise its dividend. This achievement speaks to management's prowess in maintaining its financial health during periods of lower energy prices.Of course, it's not simply that the company has achieved a 39-year streak of hiking its dividend higher that should encourage prospective investors. During a recent investor presentation, Chevron asserted that it will reach breakeven for 2026 to 2030, including dividend and capital expenditures, even if the oil benchmark Brent crude falls to $50 per barrel.While some of Chevron's upstream operations may be affected by the conflict in Iran and the closure of the Strait of Hormuz, it's important to note the company's expansive global footprint, including in the Bakken Formation and Permian Basin in the United States, as well as in the Gulf of Mexico. Beyond the U.S., Chevron operates in numerous regions, including Guyana, Venezuela, West Africa, and Australia.For a conservative passive income play, Chevron stock is a great option.Lee Samaha (Diamondback Energy): Whether the recent spike in the oil price proves sustainable or not, Diamondback Energy (NASDAQ: FANG) is a good value stock to buy. The reality is, it's extremely hard to predict where oil prices will be in the future, let alone play the guessing game about where geopolitical conflict is headed or the state of shipping energy through the Strait of Hormuz.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoTrending tickersBTC-USD Bitcoin USD 70,404.66 +703.99 (+1.01%)ETH-USD Ethereum USD 2,151.51 +30.22 (+1.42%)MGM MGM Resorts International 35.37 -1.77 (-4.77%)UAL United Airlines Holdings, Inc. 89.95 -4.20 (-4.46%)XRP-USD XRP USD 1.44 +0.01 (+0.46%)PortfolioSign in to access your portfolioSign inTop gainersPL Planet Labs PBC 33.83 +6.87 (+25.48%)PSNYW Polestar Automotive Holding UK PLC 5.25 +0.88 (+20.14%)YSS York Space Systems, Inc. 21.07 +3.39 (+19.17%)LBTYB Liberty Global Ltd. 14.17 +2.03 (+16.72%)SEDG SolarEdge Technologies, Inc. 51.73 +6.07 (+13.29%)Top losersSMCI Super Micro Computer, Inc. 20.53 -10.26 (-33.32%)AAOI Applied Optoelectronics, Inc. 87.54 -14.38 (-14.11%)VICR Vicor Corporation 164.54 -25.59 (-13.46%)VST Vistra Corp. 146.02 -21.12 (-12.64%)FLOC Flowco Holdings Inc. 21.69 -2.76 (-11.29%)Most activeCMCSA Comcast Corporation 29.02 +0.04 (+0.14%)SMCI Super Micro Computer, Inc. 20.53 -10.26 (-33.32%)NVDA NVIDIA Corporation 172.70 -5.86 (-3.28%)RITM Rithm Capital Corp. 8.77 -0.26 (-2.88%)PLUG Plug Power Inc. 2.2300 -0.1700 (-7.08%)Top economic eventsEarnings eventsMy earnings eventsEarnings events