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Phillips 66 Partners hikes quarterly distribution

Phillips 66 Partners LP declared a third-quarter cash distribution of 86.5 cents per unit, an increase of 1 cent, or 1.2%, from the second-quarter distribution.

The distribution is an increase of 7.3 cents, or 9%, compared with a year earlier, according to an Oct. 16 news release. It will be paid Nov. 13 to common unit holders of record as of Oct. 31.

Phillips 66 Partners was formed by Phillips 66 to own and operate midstream assets, including crude oil, refined products, and NGL pipelines and terminals.