Phillips increases quarterly dividend 6 percent

Petroleum News Alaska Staff

The board of directors of Phillips Petroleum Co. has approved a 6 percent increase in the common stock dividend rate, the company said July 9.

The new quarterly dividend rate will be 36 cents per share, or $1.44 annually, up from 34 cents per share or $1.36 annually.

Jim Mulva, chairman and chief executive officer, said the company’s balance sheet was “substantially strengthened by record operating performance in 2000 and continued strong performance in 2001.

“We expect our debt-to-capital ratio to fall to less than 45 percent at the end of the second quarter from a peak of 61 percent following our Alaska acquisition. The anticipated third-quarter closing of the Tosco acquisition will further enhance our financial position,” Mulva said.