Exxon Mobil Corp. (NYSE: XOM) and Chevron Corp. (NYSE: CVX) have some serious issues in common. Two obvious issues are that each is a DJIA component, and each is among the global oil & gas leaders. The one thing that investors in each will consider the most important today, at least ahead of this week’s earnings reports from the oil and gas giants, is that both companies raised their dividends on Wednesday.

Exxon’s dividend hike was by 9.5 percent, up to $0.69 from $0.63 per share per quarter. After closing up almost 1% at $102.41, the prior yield of 2.46% will jump up to 2.69%. Exxon Mobil’s 52-week range is $84.79 to $102.57.

Chevron’s dividend hike was by 7 percent, up to $1.07 per share from $1.00 per share. After closing down 0.36% at $125.52, the current yield of 3.19 percent will rise up to 3.41 percent. Chevron’s 52-week range is $109.27 to $127.83.

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Exxon showed that it has now increased its annual dividend payment to shareholders for 32 consecutive years. Chevron was already paying a much higher yield than Exxon, and the new yield comparison is still way ahead at 3.4 percent for Chevron versus almost 2.7 percent for Exxon.

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Barron’s recently gave a projection that technology, new drilling techniques, and other factors would drive oil down to $75 per barrel. Our take is that somewhere around $90 or $95 is likely the new normal. The reality is that the easy oil in the world has already been drilled, and that which hasn’t is either on protected lands or is located in places where geopolitical risk creates a high degree of long-term risk and uncertainty.

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