ConocoPhillips (COP) will raise its quarterly dividend by another 37.7 percent to $0.42 per share in 2019. Last year the oil company hiked its dividend twice, marking the second year of higher dividend payments.

The next dividend is payable December 2, 2019, to stockholders of record at the close of business on October 17, 2019. A new annual dividend rate of $1.68 per share yields 3.1% at a stock price of $54.86.

“This increase in our ordinary dividend reflects the significant transformation our company has undergone over the past few years,” said Ryan Lance, chairman and chief executive officer. “Since announcing our returns-focused value proposition in 2016, we have improved our underlying performance drivers and lowered our sustaining price for the business. Given these enhancements, we are confident we can fund a higher, growing cash dividend, while maintaining a substantial, consistent buyback program. Since 2016 we have returned about 45 percent of cash from operations to shareholders and we remain committed to delivering peer-leading return of capital annually.”

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.