Phillips 66 Partners LP announced that the board of directors of its general partner declared a third-quarter 2018 cash distribution of $0.792 per common unit.
This quarter’s distribution represents an increase of 5.3 percent over the previous quarterly distribution of $0.752 per unit and a 22.6 percent increase over third-quarter 2017. The distribution increase is consistent with previous guidance that the partnership expects a 30 percent compound annual distribution growth rate from the last quarter of 2013 through 2018.
This is the twentieth consecutive quarterly distribution increase since Phillips 66 Partners’ initial public offering in 2013. The third-quarter distribution is payable Nov. 13, 2018, to unitholders of record as of Oct. 31, 2018.
