HOUSTON--(BUSINESS WIRE)--
Phillips 66 Partners LP (NYSE: PSXP) announces that the board of
directors of its general partner declared a first-quarter 2019 cash
distribution of $0.845 per common unit, an increase of one cent per
common unit from the fourth quarter of 2018. This is the twenty-second
consecutive quarterly distribution increase since Phillips 66 Partners’
initial public offering in 2013 and represents an 18% increase compared
to the first quarter 2018 distribution. The quarterly distribution is
payable May 14, 2019, to unitholders of record as of April 30, 2019.
Phillips 66 Partners is committed to a competitive and growing
distribution that is balanced with strong coverage and leverage ratios.
The Partnership’s strong financial position allows it to reward
unitholders with increasing distributions while funding organic growth
projects.
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
products and natural gas liquids pipelines, terminals and other
midstream assets. For more information, visit www.phillips66partners.com.
TAX CONSIDERATIONS
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% 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.
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Jeff Dietert (investors)
832-765-2297
jeff.dietert@p66.com
or
Brent Shaw, (investors)
832-765-2297
brent.d.shaw@p66.com
or
Joe Gannon (media)
832-765-4547
joe.gannon@p66.com
Source: Phillips 66 Partners LP