MPLX LP (MPLX) will raise its quarterly distribution by another 1.6 percent to $0.6375 per unit in the fourth quarter of 2018. Last year MPLX hiked its distribution by a total of 14.6 percent.

This is the 23rd consecutive quarterly distribution increase by MPLX and will be paid on November 14, 2018, to common unitholders of record as of November 5, 2018.

A new annualized distribution of $2.55 per unit yields 7.8% at a stock price of $32.57 for MPLX.

Including three small distribution hikes earlier in 2018 the total distribution is up 8.1 percent YTD. Since the first distribution was paid in 2013 the average annual distribution growth is 16.5 percent for MPLX.

MPLX is a master limited partnership that owns and operates midstream energy infrastructure and logistics assets, and provides fuels distribution services. MPLX's assets include a network of crude oil and refined product pipelines; an inland marine business; light-product terminals; storage caverns; refinery tanks, docks, loading racks, and associated piping; and crude and light-product marine terminals. The company also owns crude oil and natural gas gathering systems and pipelines as well as natural gas and NGL processing and fractionation facilities in key U.S. supply basins. MPLX was formed in 2012 by Marathon Petroleum Corporation (MPC) to own, operate, develop and acquire midstream energy infrastructure assets.