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The Phillips 66 Board of Directors declared a  56 cents a share quarterly dividend on common stock.  The dividend rate represents an increase of 12 percent from the prior quarter. The Phillips 66 dividend is payable on June 1st to shareholders of record as of the close of business on May 18, 2015.   Phillips 66 Chairman and Chief Executive Officer, Greg Garland says the dividend increase demonstrates the company's ongoing commitment to shareholder distributions.  According to Garland, the company's focus on disciplined capital allocation allows it to continue to return value to shareholders while also significantly growing its Midstream and Chemicals businesses.