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.