Phillips 66 Partners Announces 5 Percent Increase in Quarterly Cash Distribution
April 19 2017 - 3:31PM
Business Wire
Phillips 66 Partners LP (NYSE: PSXP) announces that the board of
directors of its general partner declared a first-quarter 2017 cash
distribution of $0.586 per common unit. This quarter’s distribution
represents an increase of 5 percent over the previous quarterly
distribution of $0.558 per unit and a 22 percent increase over
first-quarter 2016. 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 fourteenth consecutive quarterly
distribution increase since Phillips 66 Partners’ initial public
offering in 2013. The first-quarter distribution is payable May 12,
2017, to unitholders of record as of May 1, 2017.
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.
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 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170419006521/en/
Phillips 66 Partners LPRosy Zuklic, 832-765-2297
(investors)rosy.zuklic@p66.comorC.W.
Mallon, 832-765-2297 (investors)c.w.mallon@p66.comorDennis Nuss, 832-765-1850
(media)dennis.h.nuss@p66.com
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