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Phillips 66 Partners Increases Quarterly Cash Distribution

January 21, 2020 GMT

HOUSTON--(BUSINESS WIRE)--Jan 21, 2020--

Phillips 66 Partners LP (NYSE: PSXP) announces that the board of directors of its general partner declared a fourth-quarter 2019 cash distribution of $0.875 per common unit, an increase of one cent per common unit from the third quarter of 2019. This is the twenty-fifth consecutive quarterly distribution increase since Phillips 66 Partners’ initial public offering in 2013 and represents a 5% increase compared to the fourth-quarter 2018 distribution. The quarterly distribution is payable Feb. 13, 2020, to unitholders of record as of Jan. 31, 2020.

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, 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% of Phillips 66 Partners LP’s 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 LP’s 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.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200121006013/en/

CONTACT: Jeff Dietert (investors)

832-765-2297

jeff.dietert@p66.com

or

Brent Shaw (investors)

832-765-2297

brent.d.shaw@p66.com

or

Joe Gannon (media)

855-841-2368

joe.gannon@p66.com

KEYWORD: UNITED STATES NORTH AMERICA TEXAS

INDUSTRY KEYWORD: PROFESSIONAL SERVICES CHEMICALS/PLASTICS OIL/GAS MANUFACTURING ENERGY FINANCE

SOURCE: Phillips 66 Partners LP

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PUB: 01/21/2020 02:59 PM/DISC: 01/21/2020 02:59 PM

http://www.businesswire.com/news/home/20200121006013/en