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HOUSTON -- Oil services giant Halliburton is raising its quarterly dividend 39 percent and is starting stock buybacks.

The Houston-based on Wednesday announced it will pay a dividend of 12.5 cents March 27 to shareholders of record on March 6. The prior dividend was 9 cents.

Halliburton plans to return 15 to 20 percent of its annual net income to shareholders through dividends. It earned $2.64 billion last year.

Halliburton also says it is starting systemic stock buybacks under its existing authorization worth up to $1.7 billion. Halliburton had 931.8 million shares on the market as of Feb. 1.

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