The board of directors of Phillips 66 (PSX - Get Report) today declared a quarterly dividend of 70 cents per share on Phillips 66 common stock.

The dividend is payable on June 1 to shareholders of record as of the close of business on May 18.

Phillips 66, a Houston-based diversified energy manufacturing and logistics firm, has hiked its dividend seven times since first issuing its first in 2012, representing a 30% compound annual growth rate.

"Returning capital to our shareholders remains a priority for Phillips 66, and we are pleased to deliver another increase in our quarterly dividend," CEO of Phillips 66 Greg Garland said. "We are committed to maintaining a growing, secure and competitive dividend as part of our disciplined approach to capital allocation."