Occidental Petroleum (NYSE:OXY) has announced an 18.5% hike in its quarterly dividend. The company is to pay $0.64 per share on April 15 to stockholders of record as of March 8.

Each of the firm's quarterly payouts in 2012 amounted to $0.54 per share. Prior to that, it had disbursed $0.46.

Occidental pointed out in the press release announcing the new distribution that "we have now increased our dividend every year for 11 consecutive years, and a total of 12 times during that period."

The new payout annualizes to $2.56 per share, which yields 2.9% on the company's current stock price of $86.91.

Fool contributor Eric Volkman has no position in Occidental Petroleum. The Motley Fool has no position in Occidental Petroleum. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.