Occidental Petroleum (OXY) will raise its quarterly dividend by 1.3 percent to $0.77 per share. The new dividend will be payable on October 16, 2017, to stockholders of record as of September 11, 2017.

President and Chief Executive Officer Vicki Hollub said, “Occidental has now increased its dividend every year for 15 consecutive years. The total increase in the annual dividend rate from 2002 exceeds 500 percent.”

“The dividend increase reflects our commitment to growing Occidental’s dividend annually for our shareholders, and our confidence in the company’s financial strength and future performance,” said Board Chairman Eugene Batchelder.

Occidental Petroleum Corporation is an international oil and gas exploration and production company with operations in the United States, Middle East and Latin America. Occidental’s midstream and marketing segment gathers, processes, transports, stores, purchases and markets hydrocarbons and other commodities. The company’s wholly owned subsidiary OxyChem manufactures and markets basic chemicals and vinyls.