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Exxon, Chevron raise dividends ahead of 1Q results

NEW YORK (AP) -- Exxon Mobil Corp. and Chevron Corp. announced Thursday that they are raising their dividends just ahead of quarterly financial reports that are expected to show more than $13 billion in combined earnings.

Exxon Mobil, the nation's largest oil company, hiked its dividend by 9.5 percent, to 69 cents per share from 63 cents. The Irving, Texas-based company said the dividend will be payable June 10 to investors who own the shares on May 13.

No. 2 Chevron raised its dividend by 7 percent to $1.07 from $1 per share. It will be payable June 10 to shareholders as of May 19.

Exxon is expected to report Thursday that it earned $1.88 per share in the first quarter, or about $8.3 billion excluding special items, according to a survey of analysts by FactSet. Revenue is projected at $109.76 billion.

The shares rose 96 cents to close at $102.41. After the announcement, they were down $1.45 to $100.96 in extended trading.

Chevron, based in San Ramon, Calif., is scheduled to release results Friday. Analysts expect adjusted net income of about $5 billion, or $2.53 per share, on revenue of $54.47 billion.

Chevron's outlook dimmed earlier this month, when the company announced that first-quarter profit would fall below earnings in the fourth quarter of 2013 on lower production of oil and natural gas. The company blamed weather-related problems in Kazakhstan, Canada and the United States.

On Wednesday, Chevron shares lost 45 cents to close at $125.52. In after-hours trading, they were up 25 cents to $125.77.