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The Phillips 66 Board of Directors say they have seen a 12.5 percent increase on Phillips 66 common stock. This rounds out to a quarterly dividend of 90 cents per share. That dividend is payable on June 3 to shareholders of record at the close of business on May 20.

Phillips 66 CEO and Chairman Greg Garland was quoted as saying, “The increase demonstrates our continued dedication to a secure, competitive and growing dividend. We have increased the dividend nine times since our inception in 2012, resulting in a 25 percent compound annual growth rate. Disciplined capital allocation is fundamental to our strategy and we continue to balance investment in growth opportunities that offer strong returns, with shareholder distributions through dividends and share buybacks.”

Based out of Houston, Phillips 66 has more than 14,000 employees and does business all over the world.