Phillips 66 Partners LP (PSXP) wil raise its quarterly distribution by another 1.2 percent to $0.855 per unit in the third quarter of 2019.

The next distribution is payable August 13, 2019, to unitholders of record as of July 31, 2019. The new distribution yield for PSXP is 6.7% based on a stock price of $51.40.

This is the twenty-third consecutive quarterly distribution increase since Phillips 66 Partners’ initial public offering in 2013 and represents a 14% increase compared to the second quarter 2018 distribution.

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.