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This means the margins they're earning to refine oil into gasoline, diesel, and jet fuel are soaring, giving them gushing profits to pay big-time dividends. Phillips 66 (NYSE: PSX) has been a great dividend stock since its inception a decade ago. The refining, midstream, and chemicals company has increased its dividend 11 times over the last 10 years, growing its payout at an 18% compound annual rate.
Shares of Occidental Petroleum (NYSE: OXY), Devon Energy (NYSE: DVN), and Phillips 66 (NYSE: PSX) fell hard on Wednesday, down 4.3%, 6.1%, and 4.6%, respectively. Although oil prices were trading higher in the morning, they fell by the late afternoon, down around 2% as of this writing. It appears today was a day of recession fears, as first-quarter U.S. GDP figures were revised downward, and Fed Chair Jay Powell reiterated his hawkish posture at a conference in Europe.