Chevron (NYSE:CVX) is about to make its shareholders a little richer. The company declared a fresh quarterly dividend of $1.00 per share of its common stock, which will be dispensed on June 10 to shareholders of record as of May 17. That amount is 11% higher than the $0.90 Chevron paid in each of its preceding four quarters. Prior to that, the firm handed out $0.81 per share.

The company is a steady and reliable dividend payer. Over the past decade, its quarterly distribution has ranged from $0.40 per share to the current level.

The new dividend annualizes to an even $4.00 per share, which yields 3.4% at Chevron's most recent closing stock price of $118.28.

Fool contributor Eric Volkman has no position in Chevron. The Motley Fool recommends Chevron. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.