Shell Midstream Partners, L.P. (NYSE: SHLX) (the “Partnership” or
“Shell Midstream Partners”) reported net income attributable to the
Partnership of $135 million for the third quarter of 2020, which
equated to $0.30 per diluted common limited partner unit. Shell
Midstream Partners also generated adjusted earnings before
interest, income taxes, depreciation and amortization attributable
to the Partnership of $191 million.
Total cash available for distribution was $163 million,
consistent with the prior quarter. The Partnership dealt with
multiple storms in the Gulf of Mexico, planned turnaround
activities and the continuing effects of the COVID-19 pandemic. The
financial results were negatively impacted by lower offshore
throughput in the Gulf of Mexico as we experienced multiple
producer shut-ins, as well as by the ongoing effects of the
COVID-19 pandemic and its impact on our onshore systems. However,
these impacts were largely offset by increased distributions from
certain of our investments.
“We had solid performance this quarter despite the continued
effects from COVID-19 and an active hurricane season,” said Kevin
Nichols, CEO, Shell Midstream Partners GP LLC. “Our operational
capabilities and resilient portfolio allowed us to continue
delivering value in a challenging macro environment. We expect to
see continued volatility and uncertainty, but we remain committed
to our customers and investors for reliable delivery while
maintaining the safety and protection of our employees and
assets.”
The Board of Directors of our general partner previously
declared a cash distribution of $0.46 per limited partner common
unit for the third quarter of 2020. This distribution was
consistent with the prior quarter, and in line with previously
disclosed guidance.
FINANCIAL HIGHLIGHTS
- Net income attributable to the Partnership was $135 million,
compared to $141 million for the prior quarter.
- Net cash provided by operating activities was $149 million,
compared to $192 million for the prior quarter.
- Cash available for distribution was $163 million, consistent
with the prior quarter, as the Partnership dealt with the
continuing effects of the COVID-19 pandemic and multiple storms in
the Gulf of Mexico. However, these impacts were largely offset by
increased distributions from certain of our investments.
- Total cash distribution declared to common unitholders was $161
million, resulting in a coverage ratio of 1.0x.
- Adjusted EBITDA attributable to the Partnership was $191
million, compared to $192 million for the prior quarter.
- As of September 30, 2020, the Partnership had $329 million of
consolidated cash and cash equivalents on hand.
- As of September 30, 2020, the Partnership had total debt of
$2.7 billion, equating to 3.5x Debt to annualized Q3 2020
Adjusted EBITDA. Current debt levels are well within our targeted
range and provide flexibility to the Partnership.
Cash available for distribution and Adjusted EBITDA are non-GAAP
supplemental financial measures. See the reconciliation to their
most comparable GAAP measures later in this press release.
ASSET HIGHLIGHTS
Significant Onshore Pipeline Transportation:
-
- Zydeco - Mainline volumes were 524 kbpd in the current quarter,
compared to 533 kbpd in the prior quarter, primarily due to reduced
offshore volumes related to producer shut-ins and continued lower
demand from the Louisiana refining complex.
Significant Offshore Pipeline
Transportation:
- During the quarter, the Partnership saw a temporary reduction
in volumes across the Gulf of Mexico as producers shut-in offshore
production several times due to storms.
- Mars - Volumes were 479 kbpd compared to 501 kbpd in the prior
quarter.
- Amberjack - Volumes were 295 kbpd compared to 350 kbpd in the
prior quarter.
- Eastern Corridor - Volumes were 261 kbpd compared to 382 kbpd
in the prior quarter.
- Our assets sustained no material damage, and volumes returned
to pre-storm levels once the producers restarted production.
2020 OUTLOOK
- Expect an impact to Net Income and Cash Available For
Distribution of approximately $15 million in the fourth quarter
related to Hurricanes Delta and Zeta, as well as planned producer
turnarounds that were delayed from earlier in the year.
- Acknowledging the continuing impacts of the global COVID-19
pandemic and lack of clarity on crude and finished products supply
and demand in the near-term, the Partnership’s Board of Directors
will monitor the business environment and make decisions regarding
future distributions on a quarter-by-quarter basis.
- The Partnership has approximately $1.2 billion in available
liquidity, which is a combination of cash and cash equivalents and
availability under credit facilities.
ABOUT SHELL MIDSTREAM PARTNERS,
L.P.
Shell Midstream Partners, L.P., headquartered in Houston, Texas,
owns, operates, develops and acquires pipelines and other midstream
and logistics assets. The Partnership’s assets include interests in
entities that own (a) crude oil and refined products pipelines and
terminals that serve as key infrastructure to transport onshore and
offshore crude oil production to Gulf Coast and Midwest refining
markets and deliver refined products from those markets to major
demand centers and (b) storage tanks and financing receivables that
are secured by pipelines, storage tanks, docks, truck and rail
racks and other infrastructure used to stage and transport
intermediate and finished products. The Partnership’s assets also
include interests in entities that own natural gas and refinery gas
pipelines that transport offshore natural gas to market hubs and
deliver refinery gas from refineries and plants to chemical sites
along the Gulf Coast.
For more information on Shell Midstream Partners and the assets
owned by the Partnership, please
visitwww.shellmidstreampartners.com.
FORTHCOMING EVENTS
Shell Midstream Partners, L.P. will hold a webcast at 10:00am CT
today to discuss the reported results and provide an update on
Partnership operations. Interested parties may listen to the
conference call on Shell Midstream Partners, L.P.’s website at
www.shellmidstreampartners.com by clicking on the “2020 Third
Quarter Financial Results Call” link, found under the “Events and
Conferences” section. A replay of the conference call will be
available following the live webcast.
Summarized Financial Statement Information
|
|
For the Three Months Ended |
(in
millions of dollars, except per unit data) |
|
September 30, 2020 |
|
June 30, 2020 (2) |
Revenue (1) |
|
$ |
110 |
|
|
$ |
120 |
|
Costs
and expenses |
|
|
|
|
Operations and
maintenance |
|
39 |
|
|
43 |
|
Cost of
product sold |
|
3 |
|
|
2 |
|
General and
administrative |
|
14 |
|
|
16 |
|
Depreciation,
amortization and accretion |
|
13 |
|
|
13 |
|
Property and
other taxes |
|
6 |
|
|
5 |
|
Total costs and expenses |
|
75 |
|
|
79 |
|
Operating income |
|
35 |
|
|
41 |
|
Income from
equity method investments |
|
109 |
|
|
109 |
|
Other
income |
|
7 |
|
|
11 |
|
Investment and other income |
|
116 |
|
|
120 |
|
Interest
income |
|
8 |
|
|
7 |
|
Interest
expense |
|
22 |
|
|
24 |
|
Income before
income taxes |
|
137 |
|
|
144 |
|
Income tax
expense |
|
— |
|
|
— |
|
Net income |
|
137 |
|
|
144 |
|
Less: Net
income attributable to noncontrolling interests |
|
2 |
|
|
3 |
|
Net income
attributable to the Partnership |
|
$ |
135 |
|
|
$ |
141 |
|
Preferred
unitholder’s interest in net income attributable to the
Partnership |
|
$ |
12 |
|
|
$ |
12 |
|
Limited Partners’ interest in net income attributable to
the Partnership’ common unitholders |
|
$ |
123 |
|
|
$ |
129 |
|
|
|
|
|
|
Net income per
Limited Partner Unit: |
|
|
|
|
Common -
Basic |
|
$ |
0.31 |
|
|
$ |
0.33 |
|
Common -
Diluted |
|
$ |
0.30 |
|
|
$ |
0.32 |
|
|
|
|
|
|
Weighted
average Limited Partner Units outstanding: |
|
|
|
|
Common units –
public -basic |
|
123.8 |
|
|
123.8 |
|
Common units –
SPLC -basic |
|
269.5 |
|
|
269.5 |
|
Common units –
public -dilutive |
|
123.8 |
|
|
123.8 |
|
Common units –
SPLC -dilutive |
|
320.3 |
|
|
320.3 |
|
(1) Deferred revenue recognized for both the three months ended
September 30, 2020 and June 30, 2020, including the impact of
overshipments and expiring credits if applicable, was $1
million.(2) Certain amounts for the three months ended June 30.
2020 have been reclassified for consistency with the current
quarter presentation. These reclassifications had no effect on the
reported results of operations.
Reconciliation of Adjusted EBITDA and Cash Available for
Distribution to Net Income |
|
|
For the Three Months Ended |
(in millions of dollars) |
|
September 30, 2020 |
|
June 30, 2020 |
Net income |
|
$ |
137 |
|
|
$ |
144 |
|
Add: |
|
|
|
|
Depreciation, amortization and accretion |
|
17 |
|
|
17 |
|
Interest income |
|
(8) |
|
|
(7) |
|
Interest
expense |
|
22 |
|
|
24 |
|
Cash
distribution received from equity method investments |
|
142 |
|
|
135 |
|
Less: |
|
|
|
|
Equity method
distributions included in other income |
|
7 |
|
|
9 |
|
Income from
equity method investments |
|
109 |
|
|
109 |
|
Adjusted
EBITDA |
|
194 |
|
|
195 |
|
Less: |
|
|
|
|
Adjusted
EBITDA attributable to noncontrolling interests |
|
3 |
|
|
3 |
|
Adjusted
EBITDA attributable to the Partnership |
|
191 |
|
|
192 |
|
Less: |
|
|
|
|
Series A
Preferred Units distribution |
|
12 |
|
|
12 |
|
Net interest
paid by the Partnership (1) |
|
22 |
|
|
25 |
|
Maintenance
capex attributable to the Partnership |
|
10 |
|
|
5 |
|
Add: |
|
|
|
|
Net
adjustments from volume deficiency payments attributable to the
Partnership |
|
8 |
|
|
7 |
|
Principal and
interest payments received on financing receivables |
|
8 |
|
|
6 |
|
Cash available
for distribution attributable to the Partnership’s common
unitholders |
|
$ |
163 |
|
|
$ |
163 |
|
(1) Amount represents both paid and accrued interest
attributable to the period.
See “Non-GAAP Financial Measures” later in this press
release.
Reconciliation of Adjusted EBITDA and Cash Available for
Distribution to Net Cash Provided by Operating
Activities |
|
|
For the Three Months Ended |
(in
millions of dollars) |
|
September 30, 2020 |
|
June 30, 2020 |
Net cash
provided by operating activities |
|
$ |
149 |
|
|
$ |
192 |
|
Add: |
|
|
|
|
Interest
income |
|
(8) |
|
|
(7) |
|
Interest
expense |
|
22 |
|
|
24 |
|
Return of
investment |
|
30 |
|
|
18 |
|
Less: |
|
|
|
|
Change in
deferred revenue and other unearned income |
|
11 |
|
|
7 |
|
Change in
other assets and liabilities |
|
(12) |
|
|
25 |
|
Adjusted
EBITDA |
|
194 |
|
|
195 |
|
Less: |
|
|
|
|
Adjusted
EBITDA attributable to noncontrolling interests |
|
3 |
|
|
3 |
|
Adjusted
EBITDA attributable to the Partnership |
|
191 |
|
|
192 |
|
Less: |
|
|
|
|
Series A
Preferred Units distribution |
|
12 |
|
|
12 |
|
Net interest
paid by the Partnership (1) |
|
22 |
|
|
25 |
|
Maintenance
capex attributable to the Partnership |
|
10 |
|
|
5 |
|
Add: |
|
|
|
|
Net
adjustments from volume deficiency payments attributable to the
Partnership |
|
8 |
|
|
7 |
|
Principal and
interest payments received on financing receivables |
|
8 |
|
|
6 |
|
Cash available
for distribution attributable to the Partnership’s common
unitholders |
|
$ |
163 |
|
|
$ |
163 |
|
(1) Amount represents both paid and accrued interest
attributable to the period.
See “Non-GAAP Financial Measures” later in this
press release.
Distribution Information |
|
|
|
|
|
|
|
For the Three Months Ended |
(in
millions of dollars, except per-unit and ratio data) |
|
September 30, 2020 |
|
June 30, 2020 |
Quarterly
distribution declared per common unit |
|
$ |
0.4600 |
|
|
$ |
0.4600 |
|
|
|
|
|
|
Adjusted
EBITDA attributable to the Partnership (1) |
|
$ |
191 |
|
|
$ |
192 |
|
|
|
|
|
|
Cash available
for distribution attributable to the Partnership’s common
unitholders (1) |
|
$ |
163 |
|
|
$ |
163 |
|
|
|
|
|
|
Distribution
declared to limited partner units - common |
|
$ |
161 |
|
|
$ |
161 |
|
|
|
|
|
|
Coverage Ratio
(2) |
|
1.0 |
|
|
1.0 |
|
(1) Non-GAAP measures. See reconciliation tables earlier in this
press release. (2) Coverage ratio is equal to Cash available for
distribution attributable to the Partnership divided by Total
distribution declared.
Capital Expenditures and Investments |
|
|
For the Three Months Ended |
(in
millions of dollars) |
|
September 30, 2020 |
|
June 30, 2020 |
Expansion
capital expenditures |
|
$ |
— |
|
|
$ |
1 |
|
Maintenance
capital expenditures |
|
8 |
|
|
1 |
|
Total capital
expenditures paid |
|
$ |
8 |
|
|
$ |
2 |
|
Condensed Consolidated Balance Sheet
Information |
(in
millions of dollars) |
|
September 30, 2020 |
|
June 30, 2020 |
Cash and cash
equivalents |
|
$ |
329 |
|
|
$ |
332 |
|
Equity method
investments |
|
1,045 |
|
|
1,069 |
|
Property,
plant & equipment, net |
|
708 |
|
|
710 |
|
Total
assets |
|
2,394 |
|
|
2,416 |
|
Related party
debt |
|
2,692 |
|
|
2,692 |
|
Total
deficit |
|
(414) |
|
|
(379) |
|
Pipeline and Terminal Volumes and Revenue per
Barrel |
|
|
For the Three Months Ended |
|
|
September 30, 2020 |
|
June 30, 2020 |
Pipeline throughput (thousands of barrels per day)
(1) |
|
|
|
|
Zydeco –
Mainlines |
|
524 |
|
|
533 |
|
Zydeco – Other
segments |
|
128 |
|
|
128 |
|
Zydeco total system |
|
652 |
|
|
661 |
|
Amberjack
total system |
|
295 |
|
|
350 |
|
Mars total
system |
|
479 |
|
|
501 |
|
Bengal total
system |
|
468 |
|
|
430 |
|
Poseidon total
system |
|
274 |
|
|
253 |
|
Auger total
system |
|
55 |
|
|
58 |
|
Delta total
system |
|
151 |
|
|
214 |
|
Na Kika total
system |
|
25 |
|
|
54 |
|
Odyssey total
system |
|
85 |
|
|
114 |
|
Colonial total
system |
|
2,198 |
|
|
2,333 |
|
Explorer total
system |
|
463 |
|
|
443 |
|
Mattox total
system (2)(3) |
|
70 |
|
|
58 |
|
LOCAP total
system |
|
955 |
|
|
1,068 |
|
Other
systems |
|
399 |
|
|
417 |
|
|
|
|
|
|
Terminals (4)(5) |
|
|
|
|
Lockport
terminaling throughput and storage volumes |
|
208 |
|
|
207 |
|
|
|
|
|
|
Revenue per barrel ($ per barrel) |
|
|
|
|
Zydeco total
system (6) |
|
$ |
0.47 |
|
|
$ |
0.48 |
|
Amberjack
total system (6) |
|
2.33 |
|
|
2.39 |
|
Mars total
system (6) |
|
1.17 |
|
|
1.36 |
|
Bengal total
system (6) |
|
0.43 |
|
|
0.38 |
|
Auger total
system (6) |
|
1.06 |
|
|
1.51 |
|
Delta total
system (6) |
|
0.58 |
|
|
0.60 |
|
Na Kika total
system (6) |
|
1.02 |
|
|
0.85 |
|
Odyssey total
system (6) |
|
0.92 |
|
|
0.89 |
|
Lockport total
system (7) |
|
0.25 |
|
|
0.25 |
|
Mattox total
system (8) |
|
1.52 |
|
|
1.52 |
|
|
|
|
|
|
|
|
|
|
(1) Pipeline throughput is defined as the volume of delivered
barrels.(2) The actual delivered barrels for Mattox are disclosed
in the above table for the comparative periods. However, Mattox is
billed by monthly minimum quantity per dedication and
transportation agreements. Based on the contracted volume
determined in the agreements, the thousands of barrels per day for
Mattox are 168 for both the three months ended September 30, 2020
and June 30, 2020.(3) In the second quarter of 2020, the volume we
disclosed for Mattox for the three months ended June 30, 2020
erroneously included both the actual volume delivered and the
contracted volume per dedication and transportation agreements. As
such, we revised the pipeline throughput for Mattox for the three
months ended June 30, 2020 in the above table to only include the
actual volume delivered during the period. (4) Terminaling
throughput is defined as the volume of delivered barrels, and
storage is defined as the volume of stored barrels.(5) Refinery Gas
Pipeline and our refined products terminals are not included above
as they generate revenue under transportation and terminaling
service agreements, respectively, that provide for guaranteed
minimum revenue and /or throughput. (6) Based on reported revenues
from transportation and allowance oil divided by delivered barrels
over the same time period. Actual tariffs charged are based on
shipping points along the pipeline system, volume and length of
contract. (7) Based on reported revenues from
transportation and storage divided by delivered and stored barrels
over the same time period. Actual rates are based on contract
volume and length. (8) Mattox is billed at a fixed rate
of $1.52 per barrel for the monthly minimum quantity in accordance
with dedication and transportation agreements.
FORWARD LOOKING STATEMENTS
This press release includes various “forward-looking statements”
within the meaning of the Securities Act of 1933, as amended, and
the Securities Exchange Act of 1934, as amended. All statements
other than statements of historical fact are, or may be deemed to
be, forward-looking statements. Forward-looking statements are
statements of future expectations that are based on management’s
current expectations and assumptions and involve known and unknown
risks and uncertainties that could cause actual results,
performance or events to differ materially from those expressed or
implied in these statements. Forward-looking statements include,
among other things, statements concerning management’s
expectations, beliefs, estimates, forecasts, projections and
assumptions. You can identify our forward-looking statements by
words such as “anticipate”, “believe”, “estimate”, “budget”,
“continue”, “potential”, “guidance”, “effort”, “expect”,
“forecast”, “goals”, “objectives”, “outlook”, “intend”, “plan”,
“predict”, “project”, “seek”, “target”, “begin”, “could”, “may”,
“should” or “would” or other similar expressions that convey the
uncertainty of future events or outcomes. In accordance with “safe
harbor” provisions of the Private Securities Litigation Reform Act
of 1995, these statements are accompanied by cautionary language
identifying important factors, though not necessarily all such
factors, which could cause future outcomes to differ materially
from those set forth in forward-looking statements. In particular,
expressed or implied statements concerning future growth, future
actions, the continued effects of the global COVID-19 pandemic on
demand, the effects of the continued volatility of commodity prices
and the related macroeconomic and political environment, future
drop downs, volumes, capital requirements, conditions or events,
future operating results or the ability to generate sales, the
potential exposure of the Partnership to market risks, and
statements relating to the expected amount of distributions,
coverage ratios and expectations regarding not accessing the
capital markets for debt or equity in the near-term are
forward-looking statements. Forward-looking statements are not
guarantees of performance. They involve risks, uncertainties and
assumptions. Future actions, conditions or events and future
results of operations may differ materially from those expressed in
these forward-looking statements. Forward-looking statements speak
only as of the date of this press release, October 30, 2020, and we
disclaim any obligation to update publicly or to revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law. All
forward-looking statements contained in this document are expressly
qualified in their entirety by the cautionary statements contained
or referred to in this paragraph. Many of the factors that will
determine these results are beyond our ability to control or
predict. More information on these risks and other potential
factors that could affect the Partnership’s financial results is
included in the Partnership’s filings with the U.S. Securities and
Exchange Commission, including in the “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” sections of the Partnership’s most recently
filed periodic reports on Form 10-K and Form 10-Q and subsequent
filings. If any of those risks occur, it could cause our actual
results to differ materially from those contained in any
forward-looking statement. Because of these risks and
uncertainties, you should not place undue reliance on any
forward-looking statement.
NON-GAAP FINANCIAL MEASURES
This press release includes the terms Adjusted EBITDA and cash
available for distribution. We believe that the presentation of
Adjusted EBITDA and cash available for distribution provides useful
information to investors in assessing our financial condition and
results of operations. Adjusted EBITDA and cash available for
distribution are non-GAAP supplemental financial measures that
management and external users of our consolidated financial
statements, such as industry analysts, investors, lenders and
rating agencies, may use to assess:
- our operating performance as compared to other publicly traded
partnerships in the midstream energy industry, without regard to
historical cost basis or, in the case of Adjusted EBITDA, financing
methods;
- the ability of our business to generate sufficient cash to
support our decision to make distributions to our unitholders;
- our ability to incur and service debt and fund capital
expenditures; and
- the viability of acquisitions and other capital expenditure
projects and the returns on investment of various investment
opportunities.
The GAAP measures most directly comparable to Adjusted EBITDA
and cash available for distribution are net income and net cash
provided by operating activities. These non-GAAP measures should
not be considered as alternatives to GAAP net income or net cash
provided by operating activities. Adjusted EBITDA and cash
available for distribution have important limitations as analytical
tools because they exclude some but not all items that affect net
income and net cash provided by operating activities. They should
not be considered in isolation or as substitutes for analysis of
our results as reported under GAAP. Additionally, because Adjusted
EBITDA and cash available for distribution may be defined
differently by other companies in our industry, our definition of
Adjusted EBITDA and cash available for distribution may not be
comparable to similarly titled measures of other companies, thereby
diminishing their utility.
References in this press release to Adjusted EBITDA refer to net
income before income taxes, interest expense, interest income, gain
or loss from disposition of fixed assets, allowance oil reduction
to net realizable value, loss from revision of asset retirement
obligation, and depreciation, amortization and accretion, plus cash
distributed to Shell Midstream Partners, L.P. from equity method
investments for the applicable period, less equity method
distributions included in other income and income from equity
method investments. We define Adjusted EBITDA attributable to Shell
Midstream Partners, L.P. as Adjusted EBITDA less Adjusted EBITDA
attributable to noncontrolling interests and Adjusted EBITDA
attributable to Parent. References to cash available for
distribution refer to Adjusted EBITDA attributable to Shell
Midstream Partners, L.P., less maintenance capital expenditures
attributable to Shell Midstream Partners, L.P., net interest paid
by the Partnership, cash reserves, income taxes paid and Series A
Preferred Units distribution, plus net adjustments from volume
deficiency payments attributable to Shell Midstream Partners, L.P.,
reimbursements from Parent included in partners’ capital, principal
and interest payments received on financing receivables, and
certain one-time payments received. Cash available for distribution
will not reflect changes in working capital balances. We define
maintenance capital expenditures as cash expenditures, including
expenditures for (a) the acquisition (through an asset acquisition,
merger, stock acquisition, equity acquisition or other form of
investment) by the Partnership or any of its subsidiaries of
existing assets or assets under construction, (b) the construction
or development of new capital assets by the Partnership or any of
its subsidiaries, (c) the replacement, improvement or expansion of
existing capital assets by the Partnership or any of its
subsidiaries or (d) a capital contribution by the Partnership or
any of its subsidiaries to a person that is not a subsidiary in
which the Partnership or any of its subsidiaries has, or after such
capital contribution will have, directly or indirectly, an equity
interest, to fund the Partnership or such subsidiary’s share of the
cost of the acquisition, construction or development of new, or the
replacement, improvement or expansion of existing, capital assets
by such person, in each case if and to the extent such acquisition,
construction, development, replacement, improvement or expansion is
made to maintain, over the long-term, the operating capacity or
operating income of the Partnership and its subsidiaries, in the
case of clauses (a), (b) and (c), or such person, in the case of
clause (d), as the operating capacity or operating income of the
Partnership and its subsidiaries or such person, as the case may
be, existed immediately prior to such acquisition, construction,
development, replacement, improvement, expansion or capital
contribution. For purposes of this definition, “long-term”
generally refers to a period of not less than twelve months.
October 30, 2020
The information in this Report reflects the unaudited condensed
consolidated financial position and results of Shell Midstream
Partners, L.P. |
Inquiries: Shell Media RelationsAmericas: +1 832 337 4355
Shell Investor RelationsNorth America: +1 832 337 2034
SHELL and the SHELL Pecten are registered trademarks of Shell
Trademark Management, B.V. used under license.
- SHELL MIDSTREAM PARTNERS, L.P. 3rd QUARTER 2020 UNAUDITED
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