MPLX LP (MPLX) will raise its quarterly distribution by 2.5 percent to $0.7050 per common unit. The MLP will also pay a special distribution of $0.575 per unit.

The base distribution amount represents an increase of $0.0175 per common unit, or approximately 2.5%, over the second quarter 2021 distribution. The distribution will be paid on Nov. 19, 2021 to common unitholders of record as of Nov. 12, 2021. The new annual distribution rate of $2.82 on an annualized basis yields 9% at a stock price of $31.24.

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.