Chevron Corp. said Wednesday it is raising its dividend quarterly dividend by 8.3 percent to 78 cents from 72 cents a share.
Chevron said it will pay the higher dividend on June 10 to shareholders of record on May 19. The company will now pay $3.12 in annual dividends, up from $2.88.
The oil company based in San Ramon, Calif., is scheduled to report its first-quarter results on Friday.
Chevron rival Exxon Mobil Corp. also raised its dividend Wednesday, boosting it by almost 7 percent to 47 cents per share from 44 cents a share. Exxon, which is based in Irving, Texas, said its next dividend will be paid on June 10 to shareholders of record on May 13.
Chevron is the second largest petroleum company in the U.S. while Exxon Mobil is the largest.
Shares of Chevron rose 22 cents to $108.97 in trading Wednesday while Exxon Mobil shares gained 36 cents to $87.78.