Phillips 66 hikes dividend by 5.4%

Phillips 66 (PSX) will raise its quarterly dividend by 5.4 percent to 97 cents per share in 2022. This follows a dividend hike of  2.2 percent to $0.92 per share in 2021 and marks 10 straight years of dividend growth for PSX.

The next PSX dividend is payable on June 1, 2022, to shareholders of record as of the close of business on May 23, 2022. The new annual rate of $3.88 per share yields 4.0% at a stock price of $97.

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. Headquartered in Houston, the company has 14,000 employees committed to safety and operating excellence. Phillips 66 had $57 billion of assets as of June 30, 2021.