LyondellBasell Industries NV, which refines oil and makes chemicals and plastics used in manufacturing and construction, said on Wednesday that it will boost its dividend now that it has refinanced debt and improved its operations.
A dividend of 40 cents per share will be paid June 11 to shareholders of record on May 21. The Netherlands-based company previously paid a dividend of 25 cents per share.
It said it raised its dividend because of "significant operational and commercial improvements over the past two years" as well as debt refinancing. Chief Financial Officer Karyn Ovelmen called the new dividend "sustainable," adding, "going forward, we would expect to target sustainable and steady dividend growth over time."
LyondellBasell shares rose $1.30, or 3.4 percent, to $40.15 in afternoon trading.