Hess(NYSE:HES) is apparently not a company that believes in modest dividend increases. The company has declared a quarterly common stock distribution of $0.25 per share, to be paid on September 30 to shareholders of record as of September 16. That amount is $0.15, or 150%, higher than the $0.10 the company had previously dispensed in every quarter starting in June 2006.

In the press release announcing the news, the firm quoted CEO John Hess as saying that the increase came about because "our transformation into a pure play exploration and production company allows us to increase cash returns to shareholders."

The new dividend annualizes to an even $1.00 per share. That yields 1.3% at Hess' most recent closing stock price of $76.15.

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