Phillips 66 Partners LP announced an increased quarterly dividend of 84 cents a share.
The company’s board of directors declared the fourth-quarter 2018 cash distribution to be $0.835 per common unit. It is a 5.4 percent increase over the third quarter 2018 distribution which was 79 cents and a 23.2 percent jump over the fourth-quarter 2017 distribution.
It represented the 21st consecutive quarterly distribution increase since Phillips 66 Partners’ initial public offering in 2013.
The latest distribution will be payable Feb. 13, 2019 to those shareholders of record as of Feb. 1, 2019.