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MPLX again inches up quarterly distribution, months after slashing target

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MPLX again inches up quarterly distribution, months after slashing target

increased its cashdistribution for the second quarter by half a cent, to 51 cents per unit.

Thedistribution represents an increase of 1% over the first quarter and 16% over thesecond quarter of 2015, according to a July 22 news release. It will be paidAug. 12 to unit holders of record Aug. 2.

On Feb. 3,MPLX slashed itsannual distribution growth guidance from 25% to a range of 12% to 15%,citing lower growthin volumes and an increase in yield due to weak market conditions. MPLX's unitslost nearly 25% of their value in that day's trading, closing at $21.86.The units finished July 21 at $33.08.

The July 22move follows a half-cent distribution increase for the first quarter.