Phillips 66 (PSX) will raise its quarterly dividend by 14.3 percent to $0.80 per share in the second quarter of 2018. Last year PSX hiked its quarterly dividend by seven cents to $0.70 per share.

The next dividend is payable on June 1, 2018, to shareholders of record as of the close of business on May 21, 2018. The new dividend yield for PSX is 2.7% and 2018 marks the 6th consecutive year of dividend increases by the energy company.

“A secure, competitive and growing dividend is fundamental to our capital allocation strategy,” said Greg Garland, chairman and CEO of Phillips 66. “We have increased the dividend eight times since our inception in 2012, resulting in a 27 percent compound annual growth rate and demonstrating our strong commitment of returning value to shareholders.”

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.