Phillips 66 Partners declares a first quarter dividend

A first-quarter cash distribution of 85 cents a common unit has been announced by Phillips 66 Partners LP.

The board of directors of its general partner declared the distribution that is a penny higher than the fourth quarter 2018 distribution.

It is also the 22nd consecutive quarterly distribution increase since the initial public offering in 2013 by Phillips 66 Partners. It represents an 18 percent increase compared to the first quarter of 2018.

The quarterly distribution is payable May 14, 2019 to unitholders of record as of April 30, 2019.