HollyFrontier (NYSE:HFC) has declared its next quarterly dividend and announced a special payout.For the regular dividend, the company will pay $0.30 per share of its common stock on April 2 to shareholders of record as of March 15. That amount is 50% higher than the previous disbursement of $0.20 paid last December, and at an annualized rate of $1.20 it yields 2.2% on the company's current stock price of $53.72.

HollyFrontier also announced a special dividend of $0.50 per share of common stock, and it will be distributed on March 19 to holders of record as of March 5.

The company habitually pays special dividends; this is the eighth such distribution since August 2011.