Phillips 66 Partners Announces 5.4 Percent Increase in Quarterly Cash Distribution

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HOUSTON--(BUSINESS WIRE)-- Phillips 66 Partners LP (NYSE: PSXP) announces that the board of directors of its general partner declared a fourth-quarter 2018 cash distribution of $0.835 per common unit. This quarter’s distribution represents an increase of 5.4 percent over the previous quarterly distribution of $0.792 per unit and a 23.2 percent increase over fourth-quarter 2017. With this distribution increase, the partnership has achieved its stated objective of a 30 percent compound annual distribution growth rate from the fourth quarter of 2013 through 2018. This is the twenty-first consecutive quarterly distribution increase since Phillips 66 Partners’ initial public offering in 2013. The fourth-quarter distribution is payable February 13, 2019, to unitholders of record as of February 1, 2019.

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 products and natural gas liquids pipelines and terminals and other midstream assets. For more information, visit www.phillips66partners.com.

TAX CONSIDERATIONS

This release is intended to be a qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d). Please note that 100 percent of Phillips 66 Partners LPâs distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of Phillips 66 Partners LPâs distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate. Nominees, and not Phillips 66 Partners LP, are treated as the withholding agents responsible for withholding on the distributions received by them on behalf of foreign investors.