MPLX LP (MPLX) will raise its quarterly distribution by 1.5 percent to $0.6875 per unit in the first quarter of 2020. Last year MPLX hiked its distribution four times for a total increase of 6.3 percent.

The next dividend will be paid on February 14, 2020, to common unitholders of record as of February 4, 2020. The new distribution of $2.75 on an annualized basis yields 11.1% at a stock price of $24.85.

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.