MPLX, a Marathon Petroleum Corp. subsidiary, has declared a cash distribution of 61.75 cents per common unit for the first quarter of 2018.

The distribution will be paid May 15 to common unitholders of record on May 7.

It represents an increase of 1 cent per unit, or 1.6 percent, over the fourth quarter 2017 distribution.

Since the MPLX initial public offering in October 2012, the MPLX board has authorized distribution increases for 21 consecutive quarters, representing a compound annual growth rate of 17.7 percent over the minimum quarterly distribution established at the partnership’s formation.

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