Halliburton (NYSE:HAL) is offering its shareholders a sizable increase in their dividend checks. In declaring its dividend for Q1 2013, the company is to pay $0.125 per share of its common stock on March 27 to shareholders of record as of March 6. That amount represents a 39% raise from the previous disbursement of $0.09, which the company had handed out every quarter since May 2007.

In the press release announcing the new dividend, the company revealed that it intends to "distribute total annual dividends representing at least 15-20 percent of our net income, subject to review and approval by our Board of Directors."

The new distribution annualizes to $0.50 per share, yielding 1.2% at the current stock price of $41.62.