Oil company Chevron Corp. raised its quarterly dividend by 11%, with the size of the percentage increase matching what larger peer Exxon Mobil Corp. announced earlier Wednesday.
Chevron will pay a quarterly dividend of $1 per share to holders of common stock as of May 17. The increase will cost Chevron roughly $194 million quarterly.
Chevron, which is due to release first-quarter results Friday, earlier this month disclosed its U.S. and international production declined in the first two months of the year compared with the previous quarter, in part reflecting maintenance activity.
Analysts surveyed by Thomson Reuters expect Chevron will report a 12% jump in first-quarter sales, though per-share earnings are expected to drop 4%.
Exxon's first-quarter results, meanwhile, are scheduled for Thursday.
Chevron's shares, which have risen 9.4% to $118.28 in 2013, were inactive in after-hours trading.
Copyright (c) 2012 Dow Jones & Company, Inc.
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