That is incorrect.
COP share holders have received $0.69/S for the last 3 quarters, the last payment being at the beginning of this month. My guess is that there will be one more divi payment at the same rate in June and then a modest increase of about 5% starting with the September payment.
Most companies that pay dividends increase one time per year and the mid-July date when the stock goes X-dividend is the quarter to expect the raise. They held the dividend constant the first year after the split even though a huge part of the company was spun off into PSX. Since PSX started to pay a dividend immediately, that was the increase if you held both companies.
Looking at the past it appears that COP wants to pay out about 50% from earnings (not cash flow). They made $5.70 on a continuing basis in 2013 (excluding earnings form property sales) and expect to make $6.16 (average analyst estimate) this year. My guess is that they go to $2.92/share or a 16 cent increase per year (4 cents/quarter). This would put the payout at 47%. When raising dividends the payout ratio is usually the key determinant that boards like to use. Large mature companies with relatively predictable earnings like to use payout ratio as a guide.