ConocoPhillips (COP) will raise its quarterly dividend by another 7.0 percent to $0.305 per share in the fourth quarter of 2018. Earlier this year the energy giant also hiked its dividend.

The next dividend is payable December 3, 2018, to stockholders of record at the close of business on October 15, 2018. A new annual dividend of $1.22 per share for COP yields 1.6% at a stock price of $82.02.

“Today’s dividend action is consistent with our strong operational performance, our focus on margin and cash flow expansion, and our commitment to a differentiated returns-focused value proposition, under which we return a substantial percentage of our cash flows to shareholders through dividends and share buybacks,” said Ryan Lance, chairman and chief executive officer of ConocoPhillips. “The timing of this action coincides with the regular board of directors’ meeting that includes our annual strategy review, therefore better integrating with our planning process.”

ConocoPhillips is an energy exploration and production company. The Company explores for, produces, transports and markets crude oil, bitumen, natural gas and liquefied natural gas (LNG). The company operates worldwide with business in Alaska, Canada, Europa, North Africa, Asia Pacific and the Middle East.