Exxon Mobil Corp. XOM, -1.20% said Wednesday it will raise its quarterly dividend by a penny, to 88 cents a share from 87 cents. The new dividend will be payable Dec. 10 to shareholders of record on Nov. 12. The stock slumped 2.5% in afternoon trading, amid a broad slump in energy stocks as crude oil futures CL00, -3.31% shed 2.3%. Based on current stock prices, Exxon Mobil’s new annual dividend rate implies a dividend yield of 5.48%, which compares with the yield for the SPDR Energy Select Sector ETF XLE, -0.85% of 3.75% and the implied yield for the S&P 500 SPX, -0.14% of 1.32%. Exxon Mobil’s new implied yield would make it the eighth-highest yielding stock in the S&P 500. There had been some question as to whether Exxon Mobil would raise its dividend or not this year, with Chief Executive Darren Woods assuring investors in July that the oil giant feels a "very strong commitment" toward a reliable and growing dividend.