Baker Hughes’ board of directors has declared an increase in its quarterly cash dividend amounting to $0.20 per share of Class A common stock, the company announced in a press release dated July 27.

The increased dividend will be payable on Aug. 18 to shareholders of record on Aug. 8. The dividend reflects a 5.3% growth rate over the previous quarter’s dividend and an 11.1% increase when compared with the same quarter last year.

Baker Hughes is an energy technology company that conducts business in over 120 countries.