ChevronTexaco Hikes Dividend by 3 Cents

Oil giant ChevronTexaco Corp. raised its quarterly dividend 3 cents to 73 cents a share, marking the first increase since shortly after the merger of Chevron Corp. and Texaco Corp. in late 2001.

The San Ramon, Calif.-based company said the 4.3% dividend hike increases the total annual payout to its shareholders for the 16th straight year.

At current rates, ChevronTexaco holders will receive $2.86 per share in dividends this year, up from $2.80 in 2002, and $2.65 in 2001 on Chevron shares. The higher third-quarter dividend will be paid Sept. 10 to shareholders of record as of Aug. 19.

-- Elizabeth Douglass