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Saturday, 30 August, 2008, 11:40 GMT | more prices >>

US oil giants promise fat dividends


Wire services

US supermajors ExxonMobil and Chevron said they would raise their dividends over 10% as they pulled in huge profits from record oil prices.

The oil companies have been criticised in some quarters for not raising their dividends enough, focusing instead on share buybacks as a method for returning profits to shareholders, Reuters reported.

ExxonMobil said it would raise its second-quarter dividend 14% to 40 cents a share.

The dividend will be payable on 10 June to shareholders of record on 13 May.

Its first quarter dividend was 35 cents a share. The increase outpaces last year's move, when the company boosted its dividend 9%.

Chevron said it would boost its quarterly dividend 12% to 65 cents a share for the second quarter, up from its previous dividend of 58 cents a share.

It will be payable 10 June to shareholders of record on 19 May.

ExxonMobil, the world's largest publicly traded company by market capitalisation, earned over $40 billion in 2007, the largest-ever profit posted by a US company. The company bought back nearly $32 billion in shares last year.


Wednesday, 30 April, 2008, 23:47 GMT  | last updated: Thursday, 01 May, 2008, 10:20 GMT

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