Phillips 66 (NYSE:PSX) is letting its dividend flow. The company announced it will distribute a payout of $0.3125 per share of its common stock. This will be handed out on June 3 to shareholders of record as of May 20. This matches its previous disbursement, which was paid at the beginning of March.

The newly declared payout is only the fourth shareholder distribution from the young company,  created in a spinoff by energy major ConocoPhillips last year.

The current dividend annualizes to $1.25 per share. That yields just under 2% at Phillips 66's most recent closing stock price of $63.41.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.