ChevronTexaco Raises Quarterly Dividend

The company increases the rate to 73 cents a share, starting with the September payment.
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The board of

ChevronTexaco

(CVX) - Get Report

has voted to raise the petroleum company's quarterly dividend, beginning with the payment that shareholders will receive in September.

In a press release after the close Wednesday, ChevronTexaco said the board declared a quarterly dividend of 73 cents a share, payable Sept. 10 to stockholders of record Aug. 19.

The dividend rate represents an increase of 3 cents over the previous quarter. ChevronTexaco has an unbroken record of annual dividend payment increases of 16 consecutive years.

Shares of ChevonTexaco closed

New York Stock Exchange

trading at $71.80.