Occidental Petroleum Corporation (NYSE:OXY), Valero Energy Corporation (NYSE:VLO) and Phillips 66 (NYSE:PSX) are among the oil companies that are either boosting or holding steady their dividend payout despite crude oil price collapse. Keep dividends is in the best interest of investors who hold these stocks for income. However, some observers have cited maintaining dividends in the face of adversity complicates matters for these companies as they put their credit ratings at risk. Some of these companies are borrowing to fund dividend payments.

Here is a brief look at dividend announcements by Occidental Petroleum Corporation (NYSE:OXY), Valero Energy Corporation (NYSE:VLO) and Phillips 66 (NYSE:PSX).

Occidental Petroleum Corporation (NYSE:OXY) maintains dividends

Occidental Petroleum Corporation (NYSE:OXY) announced that it has no plans to trim its dividend payout despite its massive loss in the latest quarter. The company posted a net loss of $129 million or EPS loss of $0.17 in 4Q2015, missing the consensus target in the process. But the loss has not been enough to deter the management from committing to dividend payout. Dividends cost the Occidental Petroleum Corporation (NYSE:OXY) not less than $2.23 billion every year.

Valero Energy Corporation (NYSE:VLO) hikes dividend by 20%

Not only is Valero Energy Corporation (NYSE:VLO) holding on to its dividend tradition, but the company also announced a dividend raise. Valero has sweetened its new quarterly dividend by 20% to $0.60 per share, up from $0.50 per share in the previous quarter.  That reflects dividend of $2.40 per share in annualized basis.

The newly declared dividend will be distributed to Valero Energy Corporation (NYSE:VLO) shareholders on March 1, 2016. Only shareholders of record as of Feb. 9, 2016 will partake in the dividend payout.

Phillips 66 (NYSE:PSX) to pay $0.56 per share

Phillips 66 (NYSE:PSX) is also not lowering its dividend payout despite the pressure in its industry. The company has announced plans to pay quarterly dividend of $0.56 per share to shareholders on March 1, 2016. Investors who get into the stock by Feb. 16, 2016 will qualify for the dividend.

Phillips 66 (NYSE:PSX)’s latest dividend amount is a step-up from the previous one.