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Natural gas transportation and storage master limited partnership Spectra Energy Partners (NYSE: SEP ) announced its 22d consecutive increase in its quarterly dividend payment. Spectra will pay a quarterly cash distribution of $0.50125 on May 15 to the holders of record at the close of business on May 9. That's an increase of five-eighths cent over the previous level of $0.495 per unit.
Spectra Energy Partner's president and CEO Julie Dill said, "Our distribution increase of five-eighths cent per unit demonstrates our commitment to growing our portfolio and our distributions in a meaningful way. That growth will be supported by our general partner's expectation to drop down over $2 billion in fee-based assets during the next two years."
The MLP was formed by Spectra Energy (NYSE: SE ) , and owns interests in natural gas transportation and storage assets in theU.S., including more than 3,500 miles of transmission and gathering pipelines and approximately 57 billion cubic feet of natural gas storage.
This quarterly cash distribution equates to $2.005 per unit on an annual basis yielding 5.3%. Spectra Energy Partners has increased its dividend every quarter since it began distributing one in 2007.
<a href="http://ycharts.com/companies/SEP/chart"><img src="http://media.ycharts.com/charts/38983cbf6bcf00ce0fcd912f11549c5a.png" alt="SEP Dividend Chart" /></a><p style="font-size: 10px;"><a href="http://ycharts.com/companies/SEP/dividend">SEP Dividend</a> data by <a href="http://ycharts.com">YCharts</a></p>