Phillips 66 Partners LP (PSXP) will raise its quarterly distribution to $0.558 per unit.

This quarter's distribution represents an increase of 5 percent over the previous quarterly distribution of $0.531 per unit and a 22 percent increase over fourth-quarter 2015. 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 thirteenth consecutive quarterly distribution increase since Phillips 66 Partners' initial public offering in 2013. The fourth-quarter distribution is payable Feb. 13, 2017, to unitholders of record as of Jan. 31, 2017.

Phillips 66 Partners is a master limited partnership formed by Phillips 66 to own, operate, develop and acquire primarily fee-based crude oil, refined petroleum product and natural gas liquids pipelines and terminals and other transportation and midstream assets.