Phillips 66 Partners Announces 5.8 Percent Increase in Quarterly Cash Distribution

HOUSTON--()--Phillips 66 Partners LP (NYSE: PSXP) announces that the Board of Directors of its general partner declared a fourth-quarter 2013 cash distribution of $0.2248 per limited partnership unit. This represents an increase of 5.8 percent over the minimum quarterly distribution of $0.2125 per unit. The distribution is payable Feb. 13, 2014, to unitholders of record as of Feb. 4, 2014.

About Phillips 66 Partners

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. Headquartered in Houston, the partnership’s assets include the Clifton Ridge crude oil pipeline, terminal and storage system in Louisiana; the Sweeny to Pasadena refined petroleum product pipeline, terminal and storage system in Texas; and the Hartford Connector refined petroleum product pipeline, terminal and storage system in Illinois. 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 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.

Contacts

Phillips 66 Partners LP
Rich Johnson, 832-765-1016 (media)
rich.johnson@p66.com
or
William Steen, 832-765-3174 (investors)
william.steen@p66.com

Release Summary

Phillips 66 Partners LP announces that the Board of Directors of its general partner declared a fourth-quarter 2013 cash distribution of $0.2248 per limited partnership unit.

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Contacts

Phillips 66 Partners LP
Rich Johnson, 832-765-1016 (media)
rich.johnson@p66.com
or
William Steen, 832-765-3174 (investors)
william.steen@p66.com