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Shell Midstream Partners, L.P. (SHLX) will raise its quarterly distribution by 4.9 percent to $0.365 per unit in the third quarter of 2018. In 2017 the total distribution was hiked by 20.6 percent.

The distribution will be paid August 14, 2018 to unitholders of record as of August 6, 2018. The new distribution yield for the MLP is 6.4% and 2018 marks the third consecutive year of higher distributions paid to unitholders by SHLX.

Shell Midstream Partners, headquartered in Houston, Texas, is a fee-based, growth-oriented midstream master limited partnership formed by Royal Dutch Shell to own, operate, develop and acquire pipelines and other midstream assets. Shell Midstream Partners' assets consist of pipelines, crude tank storage and terminals.