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Chevron raises dividend to $1 from 90 cents

SAN RAMON, Calif. (AP) -- Chevron Corp. on Wednesday raised its quarterly dividend to $1 from 90 cents per share.

The dividend is payable June 10 to shareholders of record on May 17.

Chevron shares rose 80 cents to close at $118.28.

The second largest U.S. oil and gas company is scheduled to report first-quarter results Friday.