ConocoPhillips Raises Quarterly Dividend 5.8%

By Dow Jones Business News, 
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By Tess Stynes

ConocoPhillips ( COP ) said its board approved a 5.8% increase in the exploration-and-production company's quarterly dividend, marking the company's second dividend boost since it spun off its refining business in May of 2012.

The dividend was raised to 73 cents a share, an increase of four cents a share, bringing the dividend yield to 3.4%. The dividend is payable to stockholders of record as of July 21 at the close of business.

"Our company's financial position is strong and our outlook for growth is positive," Chairman and Chief Executive Ryan Lance said. "Our diverse asset base, significant technical capability and strong balance sheet provide confidence in ConocoPhillips' future and the ability to execute our plans for growth and returns."

ConocoPhillips in May reported that its first-quarter revenue rose, boosted by higher average selling prices for natural gas and increased production at its continuing operations, excluding Libya.

The company's former refining arm, Phillips 66 ( PSX ), boosted its quarterly dividend by roughly 28% in May.

Write to Tess Stynes at tess.stynes@wsj.com

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This article appears in: Energy

Referenced Stocks: COP , PSX

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