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MPLX hikes quarterly distribution by 1.5%

MPLX LP declared a quarterly cash distribution for the third quarter of 67.75 cents per unit, an increase of 1 cent, or 1.5%, over the previous quarter's distribution.

The distribution, which amounts to $2.71 per unit on an annualized basis, is 4 cents, or 6.3%, higher than the prior-year distribution, according to an Oct. 25 news release. The distribution is payable Nov. 14 to common unit holders of record as of Nov. 4.

MPLX owns a network of crude oil and refined products pipelines, oil and gas gathering systems and NGL processing and fractionation facilities.