4 Dividend Energy Stocks to Buy in May

Just over four months into 2026, and it's not a stretch to say the daily barrage of oil price headlines wears out investors. To put things succinctly, the war in Iran (yes, you've heard this before) pushed crude prices higher.

West Texas Intermediate (WTI) futures are down 16.6% for the month ending May 7 but are hovering around $95 a barrel late on May 7. That's still too high because it's demand-destructive and likely to weigh on the upcoming summer travel season. That's the bad news, but the good news is that energy investors are reaping rewards.

This quartet of oil dividend stocks is worth examining this month. Image source: Getty Images.

The Energy Select Sector SPDR ETF (NYSEMKT: XLE) is up 39.4% year to date. On top of that, the bellwether energy exchange-traded fund (ETF) carries a dividend yield of 2.67%, or more than double what investors earn on an S&P 500 index fund. Speaking of payouts, 82 energy stocks trading in the U.S. yield 3%. Here's a "barrel" of four worth examining this month.

Angles on Antero

Antero Midstream (NYSE: AM) is part of an expansive group of pipeline stocks with tempting dividend yields. In this case, we're talking 4.3%. The door may be ajar for value hunters with Antero, as the shares are off 6.3 over the past month, with roughly half of that loss accruing over the past week, indicating investors were dissatisfied with the company's first-quarter earnings update delivered on April 29.

The post-earnings decline may be a symptom of flat year-over-year net income, but a close examination of the results reveals some green shoots. For example, gathering volumes jumped 14% from the year-earlier period, while free cash flow increased by 8%. Plus, Antero repurchased $18 million worth of its shares during the quarter.

This midstream energy company has $318 million remaining on an existing buyback program, and Q1 marked the 46th consecutive quarter in which Antero has paid a dividend since its November 2014 initial public offering (IPO). The point is that Antero prioritizes returning capital to investors in two forms.

Chevron: Dividend reliability in the oil patch

When it comes to energy-sector dividend reliability, Chevron (NYSE: CVX) is nearly unrivaled. The yield of 3.8% is appealing, particularly relative to the broader sector and the S&P 500, but even more impressive is a streak of 39 consecutive years of payout increases. The implication there is that this dividend isn't highly sensitive to oil prices.

Regarding oil prices, that issue is primary near-term headwind or tailwind to Chevron stock. The aforementioned decline in crude prices sent this stock down 5.3% over the past month, but that retrenchment isn't a threat to shareholder rewards.

At its November 2025 investor day, Chevron forecast capital spending and dividend "breakeven" below $50 per barrel in Brent crude terms through 2030. The company also noted that it has repurchased shares in 18 of the prior 22 years and that it will retire $10 billion to $20 billion of its shares per year through 2030 at average Brent prices of $60 to $80. Brent traded around $102.50 on May 7, suggesting Chevron's shareholder rewards are likely safe in the long term.

For a big yield, meet MPLX

MPLX LP (NYSE: MPLX) is a midstream shale operator with an eye-catching dividend yield of 8.3%. That certainly puts this energy into the conversation about high-yield dividend stocks, particularly the energy variety, but investors don't need to worry about it being a yield trap.

In the first quarter, MPLX generated adjusted free cash flow of $549 million, and its distribution of $1.07 per share was covered by 1.3x. Plus, the company concluded the quarter with $1.5 billion in cash and access to another $3.5 billion in liquidity. Alone, the cash-on-hand war chest implies the distribution is safe, if not in a position to grow.

And for good measure, MPLX bought $50 million worth of stock in the first three months and has $1.1 billion remaining on its buyback plan, confirming it has avenues to reduce its shares outstanding count while boosting earnings.

Examining EOG

EOG Resources (NYSE: EOG) has also been stung by oil's recent pullback, not surprising given that it is an exploration and production company, but that retrenchment could prove to be a buying opportunity. When it delivered Q1 results on May 5, EOG told investors it expects to slightly increase 2026 production of oil and natural gas liquids (NGLs) while keeping spending unchanged at $6.5 billion.

EOG, which yields 3.2%, spent nearly $1 billion in the first three months of the year on buybacks and dividends, and those efforts are not taxing it because it generated $1.5 billion in free cash flow during that period.

While EOG isn't the highest yielder in the oil patch, it's arguably one of the safer dividend payers in the group. Its payout increase streak is approaching a decade, and it concluded the March quarter with $3.85 billion in cash, giving it one of the strongest balance sheets among domestic independent energy producers.

Todd Shriber has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Chevron. The Motley Fool recommends EOG Resources. The Motley Fool has a disclosure policy.