Occidental Petroleum Corp.’s board of directors declared a regular quarterly dividend of $0.22 per share on common stock, the company announced Feb. 8.

The dividend will be payable on April 15 to stockholders of record as of the close of business on March 8.

Annually, the dividend is $0.88 per share at the new rate, an increase of about 22% compared to the previous annual rate of $0.72 per share.