UPDATE 2-Exxon, Chevron raise dividends over 10 pct

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NEW YORK, April 30 (Reuters) - Exxon Mobil Corp (XOM.N: Quote, Profile, Research) and Chevron Corp (CVX.N: Quote, Profile, Research), the two top U.S. oil companies, said on Wednesday they would raise their dividends over 10 percent as they pull in huge profits from record oil prices.

The oil companies have been criticized in some quarters for not raising their dividends enough, focusing instead on share buybacks as a method for returning profits to shareholders.

Exxon said it would raise its second-quarter dividend 14 percent to 40 cents a share.

The dividend will be payable on June 10 to shareholders of record on May 13.

Its first quarter dividend was 35 cents a share. The increase outpaces last year's move, when the company boosted its dividend 9 percent.

Chevron said it would boost its quarterly dividend 12 percent to 65 cents a share for the second quarter, up from its previous dividend of 58 cents a share.

It will be payable June 10 to stockholders of record on May 19.

Exxon, the world's largest publicly traded company by market capitalization, earned over $40 billion in 2007, the largest-ever profit posted by a U.S. company. The company bought back nearly $32 billion in shares last year

Exxon's shares closed up $1.28, or 1.4 percent, at $93.07 on the New York Stock Exchange. Chevron's shares rose $1.41, or 1.5 percent, to $96.15. (Reporting by Michael Erman)