Phillips 66 Partners LP (NYSE: PSXP) announces that the board of
directors of its general partner declared a first-quarter 2016 cash
distribution of $0.481 per common unit. This quarter’s distribution
represents an increase of 5 percent over the previous quarterly
distribution of $0.458 per unit and a 30 percent increase over
first-quarter 2015. The distribution increase is consistent with
previous guidance that the partnership expects a 30 percent compound
annual distribution growth rate from the last quarter of 2013 through
2018. This is the tenth consecutive quarterly distribution increase
since Phillips 66 Partners’ initial public offering in 2013. The
first-quarter distribution is payable May 12, 2016, to unitholders of
record as of May 3, 2016.
About Phillips 66 Partners
Headquartered in Houston, Phillips 66 Partners is a growth-oriented
master limited partnership formed by Phillips 66 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. For more information, visit www.phillips66partners.com.
This release is intended to be a qualified notice to nominees as
provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d).
Please note that 100 percent of Phillips 66 Partners LP’s distributions
to foreign investors are attributable to income that is effectively
connected with a United States trade or business. Accordingly, all of
Phillips 66 Partners LP’s distributions to foreign investors are subject
to federal income tax withholding at the highest applicable effective
tax rate. Nominees, and not Phillips 66 Partners LP, are treated as the
withholding agents responsible for withholding on the distributions
received by them on behalf of foreign investors.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160420006359/en/
Source: Phillips 66 Partners LP