Enterprise Products Partners LP’s board of directors of its general partner declared a $0.50 per unit quarterly cash distribution for the second quarter of 2023, or $2.00 per unit annually, to be paid to Enterprise’s common unitholders.

The quarterly distribution will be paid Aug. 14 to common unitholders on record as of the close of business on July 31. This year is the partnership’s 25th consecutive year of distribution growth, with a 2% increase compared to the previous quarter and a 5.3% increase compared to the distribution in the same quarter of 2022.

In second quarter 2023, Enterprise repurchased 2.9 million common units of its stock for a total purchase price of approximately $75 million as part of its $2 billion stock buyback program.

The North American midstream energy services provider partnership assets include more than 50,000 miles of pipeline, 14 Bcf of natural gas storage capacity and 260 MMbbl of storage capacity for NGLs, crude oil, petrochemicals and refined products.