Forget the spinoff? That technically was a dividend raise. They spun off PSX, shareholders received PSX shares which also pay a dividend, and COP held its dividend. How is that not an increase in your mind?
COP was $78 in May when the spinoff occured. PSX was paid for by the price drop.
Granted PSX is now paying a dividend but the one that's taken off is the before mentioned now overvalued PSX.
COP in itself hasn't done jack since.