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Phillips 66 Partners ups quarterly distribution

Phillips 66 Partners LP declared a cash distribution of 55.8 cents per unit for the fourth quarter of 2016, representing a 5% increase over the previous quarter and a 22% increase year over year.

It will be payable Feb. 13 to unit holders of record as of Jan. 31, according to a Jan. 18 news release.

The increase is in line with the partnership's expectation of a 30% compound annual distribution growth rate from the last quarter of 2013 through 2018.