(Bloomberg) — Chevron Corp. raised its quarterly dividend 6% as the company attempts to share the benefits of rising oil prices with shareholders.

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Chevron will pay $1.42 a share, up 8 cents from the previous payout, the California-based company said in a statement. The dividend is payable on March 10.

It’s the 35th consecutive year that Chevron has increased its dividend, making the company, along with rival Exxon Mobil Corp., one of the S&P 500 Index’s few so-called Dividend Aristocrats. Unlike their European peers BP Plc and Shell Plc, the American majors didn’t cut their payouts when oil prices plunged in 2020 due to Covid-19.

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