ConocoPhillips (COP) will raise its quarterly dividend by 6.0 percent to $0.265 per share in the first quarter of 2018. Last year the oil major stunned investors with a 66.2 percent dividend cut.

The increased dividend is payable on March 1, 2017, to stockholders of record at the close of business on Feb. 14, 2017. The ex-date for this next dividend of 26.5 cents per share is February 10, 2017.

"Today's announced 6 percent increase in our quarterly dividend rate is consistent with our priorities and an important part of returning 20 to 30 percent of cash from operating activities to shareholders when combined with share buybacks," said Ryan Lance, chairman and chief executive officer. "Today's increase represents our intention to offer a dividend that is competitive, sustainable and affordable through the cycles."

ConocoPhillips is an energy exploration and production company, headquartered in Houston, Texas. Conoco explores for, produces, transports and markets crude oil, bitumen, natural gas and liquefied natural gas (LNG) in approximately 20 countries, including Norway, the United States, the UK, Canada, Australia, China, Indonesia, Malaysia and Qatar.