HOUSTON -- Phillips 66, a refining and pipeline company that split from ConocoPhillips in May, is raising its quarterly dividend by 25 percent to 25 cents.
The Houston company's previous payout was 20 cents.
Phillips 66 said Wednesday that the dividend will be paid on Dec. 3 to shareholders of record on Oct. 15.
Shares fell $1.02, or 2.2 percent, to $45.40 in afternoon trading. Energy companies were broadly lower Wednesday as the price of crude oil fell nearly 3 percent.