If Exxon and Chevron do not raise their dividends, ETFs such as the Energy Select Sector SPDR (NYSEArca: XLE) and the Vanguard Energy ETF (NYSEArca: VDE), would likely be pinched as well. XLE, the largest equity-based energy ETF, allocates a combined 28.3% of its weight to Exxon and Chevron. VDE’s combined weight to the two Dow components was 33.4% at the end of March.

Earlier this year, options markets forecast dividend cuts for big oil names, but Schlumberger (NYSE: SLB), the world’s largest oilfield services provider, recently announced a 25% dividend increase. The stock is the third-largest holding in XLE and VDE. [Energy ETFs Could Face Dividend Cuts]

Kinder Mogan (NYSE: KMI) is among the other marquee XLE and VDE holdings that has boosted its payout this year.

Energy Select Sector SPDR