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Chevron raises quarterly dividend by 11 percent

SAN RAMON, Calif. (AP) -- Chevron Corp. said Wednesday it raised its quarterly dividend 11 percent, to 90 cents per share.

The dividend will be payable June 11 to shareholders as of the close of business on May 18.

The oil giant said 2012 was the 100th year of continuous dividend payments.

Chevron's announcement came the same day that rival Exxon Mobil Corp. declared a dividend of 57 cents per share, an increase of 21 percent over the first quarter.

Chevron shares rose 82 cents to close at $103.85. They have ranged from $86.68 to $112.28 in the past year.