El Paso Pipeline Partners (NYSE:EPB) increased its quarterly cash distribution to unitholders of record as of July 31, the company announced today.

The company will pay $0.63 per common unit on Aug. 14, a 15% increase over the $0.55-per-unit distribution for the second quarter of 2012. That is an annualized payout of $2.52 per unit, though the company still expects to distribute $2.55 per unit for 2013. That would be a 13% increase over the $2.25 per unit payout for 2012.

This will be the 21st consecutive quarter in which EPB has increased its cash payout since the company went public in November 2007, according to the company's announcement.

"EPB had a solid second quarter with total asset earnings before DD&A and certain items of $285 million, up 4 percent from $275 million for the same period last year," EPB chairman and CEO Richard Kinder said.

Fool contributor Dan Radovsky owns shares of El Paso Pipeline Partners. The Motley Fool recommends El Paso Pipeline Partners Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.