Phillips 66 Partners LP (NYSE:PSXP) announces that the board of directors of its general partner declared a third-quarter 2016 cash distribution of $0.531 per common unit. This quarter’s distribution represents an increase of 5 percent over the previous quarterly distribution of $0.505 per unit and a 24 percent increase over third-quarter 2015. 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 twelfth consecutive quarterly distribution increase since Phillips 66 Partners’ initial public offering in 2013. The third-quarter distribution is payable Nov. 14, 2016, to unitholders of record as of Nov. 2, 2016.

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.