Another dividend increase announced by Phillips 66 Partners

Phillips 66 Partners LP announced a slight increase in its second-quarter 2018 cash distribution.

The $0.752 dividend issued for each common unit represented a 5.3 percent increase over the previous quarterly distribution of 71 cents a unit. It was also a 22.3 percent jump over the second quarter of 2017.

Company leaders in Houston said the distribution increase is consistent with their previous guidance. They also anticipate a 30 percent compound annual distribution growth rate from the last quarter of 2013 through 2018.

This week’s distribution is the 19th consecutive quarterly distribution increase since Phillips 66 Partners made its initial public offering 5 years ago.