Phillips 66 Partners (PSXP) wil raise its quarterly distribution by 5.3 percent to $0.714 per unit in the second quarter of 2018.

The next distribution is payable May 14, 2018, to unitholders of record as of April 30, 2018. The new distribution yield for PSXP is 5.7%.

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 eighteenth consecutive quarterly distribution increase since Phillips 66 Partners’ initial public offering in 2013.

Phillips 66 Partners is a growth-oriented master limited partnership formed by Phillips 66 (PSX) 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.