Occidental Petroleum (OXY) will raise its quarterly dividend by 1.3 percent to $0.78 per share in the fourth quarter of 2018. This follows similar dividend hikes by the oil major in the last couple of years.

The $0.78 per share quarterly dividend will be payable on October 15, 2018, to stockholders of record as of the close of business on September 10, 2018.

President and Chief Executive Officer Vicki Hollub said, “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.”

Occidental has now increased its dividend every year for 16 consecutive years. The total increase in the annual dividend rate from 2002 exceeds 500 percent. Occidental has paid quarterly dividends continuously since 1975.

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.