Phillips 66 (PSX) will raise its quarterly dividend to $0.70 per share.

The dividend is payable on June 1, 2017, to shareholders of record as of the close of business on May 18, 2017. Since the first dividend paid by Phillips 66 in 2012, the board has increased the dividend seven times, representing a 30 percent compound annual growth rate.

“Returning capital to our shareholders remains a priority for Phillips 66, and we are pleased to deliver another increase in our quarterly dividend,” said Greg Garland, chairman and CEO of Phillips 66. “We are committed to maintaining a growing, secure and competitive dividend as part of our disciplined approach to capital allocation.”

Phillips 66 is an energy manufacturing and logistics company with midstream, chemicals, refining, and marketing and specialties businesses. The company processes, transports, stores and markets fuels and products globally. Phillips 66 Partners (PSXP), the company's master limited partnership, is an integral asset in the portfolio.