Phillips 66 Partners LP (PSXP) wil raise its quarterly distribution by another 1.2 percent to $0.865 per unit in the fourth quarter of 2019. This is the twenty-fourth consecutive quarterly distribution increase since Phillips 66 Partners’ initial public offering in 2013 and represents a 9% increase compared to the third-quarter 2018 distribution.

The next quarterly distribution is payable November 13, 2019, to unitholders of record as of October 31, 2019. A new annual rate of $3.46 per unit yields 6.3% at a stock price of $55.

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. PSXP became publicly traded in July 2013.