OREANDA-NEWS. The board of directors of Phillips 66 (NYSE: PSX) has declared a quarterly dividend of 50 cents per share on Phillips 66 common stock, representing an increase of approximately 28 percent from the prior quarter. The dividend is payable on June 2, 2014, to shareholders of record at the close of business on May 19, 2014.

“This latest increase in regular dividends demonstrates our commitment to disciplined capital allocation," said Greg Garland, chairman and CEO of Phillips 66. “We have confidence in our capability to increase distributions to shareholders while significantly growing our Midstream and Chemicals businesses."