ConocoPhillips (COP) raised its quarterly cash dividend by 4.5% Thursday to 69 cents a share.
The Houston-based oil explorer said the three-cent increase, which is payable Sept. 3 to shareholders of record on July 22, is part of a broader plan to return cash and value to investors, which also includes capital investments and improved returns on capital.
"A compelling dividend is a key part of our offering to shareholders and this increase is aligned with our commitment to target consistent dividend growth over time," ConocoPhillips CEO Ryan Lance said in a statement.
The oil giant also said Thursday that its base business as well as development and major programs are operating on track, expected to help deliver production and margin growth.
Shares of ConocoPhillips ticked about 1% higher in early trade to $64.02.