Good news for ConocoPhillips (COP) shareholders! After slashing its dividend by ⅔ back at the end of 2015, the dividend is back on the rise. The company announced that it will be lifting its quarterly dividend from $0.25 to $0.265 - a raise of 6% for shareholders.At the time, I viewed ConocoPhillips’ dividend cut as a smart move. Low oil prices were negatively impacting much of the energy sector and the company was struggling to generate enough cash flow to cover all of its short term expenses. The dividend cut was a means of preserving cash in lean times, a move that over a year later is starting to pay dividends (no pun intended).The company was free cash flow negative since 2014 but has since delivered three straight quarters of positive FCF putting the company back into position to recommit to its dividend.The stock is up roughly 50% in the last 12 months reflecting the improved environment in the energy sector. Its 2% dividend yield is roughly on par with the S&P 500 but income investors should feel comfortable adding this stock back into their dividend portfolios.Would you be comfortable adding ConocoPhillips to your dividend portfolio? Post in the comments below. Requires signing in. That’s easy: Just use your Facebook, Twitter, LinkedIn or StockTwits credentials.