Warren Buffett's company, Berkshire Hathaway (BRK.A -0.59%)(BRK.B -0.61%), is stingy when it comes to paying dividends. However, Buffett and his team seem to love collecting dividend income. They've loaded Berkshire's portfolio with many top dividend-paying stocks.

Oil giant Chevron (CVX -0.42%) is one of Berkshire's top holdings. A big draw is its high-yielding dividend, recently around 5%, putting it several times higher than the S&P 500's (^GSPC -0.53%) sub-1.5% dividend yield). Here's why you shouldn't hesitate to buy the top oil dividend stock right now.

Chevron currently pays a quarterly dividend of $1.71 per share ($6.84 annualized) after increasing its payment by 5% earlier this year. At that rate, Warren Buffett's company collects over $800 million in dividend income from Chevron each year (Berkshire owns 118.6 million shares, or 6.8% of Chevron's outstanding shares).

The oil giant can easily afford to pay Buffett's company and its other investors. Chevron produced $31.5 billion in cash flow from operations last year and $15 billion in free cash flow after funding the capital expenses needed to maintain and grow its production. That covered its $11.8 billion dividend outlay with ample room to spare.