Shell Midstream Partners, L.P. (SHLX) will raise its quarterly distribution by 3.4 percent to $0.46 per unit. Last year the MLP hiked its distribution four times for a total increase of 16.5 percent.

The next distribution will be paid February 14, 2020 to unitholders of record as of February 4, 2020. A new annual rate of $1.84 per unit yields 8.6% at a stock price of $21.31.

Shell Midstream Partners, L.P., headquartered in Houston, Texas, is a growth-oriented master limited partnership formed by Royal Dutch Shell plc to own, operate, develop and acquire pipelines and other midstream assets. Shell Midstream Partners, L.P.’s assets include interests in entities that own crude oil and refined products pipelines and terminals that serve as key infrastructure to transport onshore and offshore crude oil production to Gulf Coast and Midwest refining markets and deliver refined products from those markets to major demand centers. The company's assets also include interests in entities that own natural gas and refinery gas pipelines that transport offshore natural gas to market hubs and deliver refinery gas from refineries and plants to chemical sites along the Gulf Coast.