Occidental Petroleum ( OXY) raised its quarterly dividend by 22%, set plans for a stock split and said it would buy back additional common stock.

The new dividend rate would be 44 cents a share on a presplit basis, compared with the previous quarterly payout of 36 cents. The dividend will be payable Oct. 15 to stockholders of record on Sept. 8.

Occidental also declared a 2-for-1 stock split Aug. 15 for stockholders of record Aug. 1. The quarterly dividend would then be 22 cents.

Additionally, the oil and gas company's board increased the number of shares covered by its repurchase program to 20 million presplit. That leaves about 10 million presplit shares that can be bought back.

Shares of Occidental were lower by 44 cents, or 0.4%, at $100.45 Thursday.