Chevron Boosts Quarterly Dividend For First Time Since Late 2016

(Bloomberg) -- Chevron Corp. raised its quarterly dividend as the world’s third-largest oil explorer by market emerges from the worst crude market collapse in decades.

Chevron will pay investors $1.12 a share, the San Ramon, California-based driller said Wednesday in a statement. Chevron has been expected to boost the dividend by 3 cents to $1.11, according to a Bloomberg forecast. The last time the company raised payouts was in late 2016.

The payout scheduled for March 12 will apply to shareholders of record as of Feb. 16. Chevron is scheduled to disclose fourth-quarter and full-year 2017 results on Feb. 2. Exxon Mobil Corp. and Royal Dutch Shell Plc are the largest oil companies by market .

©2018 Bloomberg L.P.