Shell Midstream Partners, L.P. (NYSE: SHLX) (the “Partnership” or
“Shell Midstream Partners”) reported net income attributable to the
Partnership of $162 million for the second quarter of 2021, which
equated to $0.36 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 $207 million.
Total cash available for distribution was $186 million,
approximately $13 million higher than the prior quarter. This
increase was largely driven by continued resilience in offshore
volumes, increased Zydeco throughput as new contracts came online,
a higher distribution from Explorer driven by refinery turnarounds
in the Midwest and one-time benefits from acquisition and
divestment activities. These increases were partially offset by
Colonial not paying a dividend for the second quarter.
“Overall, I continue to be pleased with our underlying business
performance and resiliency of both our assets and team, and that
showed yet again in the second quarter,” said Steven C. Ledbetter,
CEO, Shell Midstream Partners GP LLC. “We believe our decision to
rebase the distribution will ensure near-term financial health,
provide a long-term sustainable financial framework and allow us
the ability to pursue projects that build upon the Partnership’s
diverse portfolio and enhance unitholder value.”
The Board of Directors of our general partner previously
declared a cash distribution of $0.30 per limited partner common
unit for the second quarter of 2021, which represents a 35%
decrease from the first quarter 2021. The distribution will be paid
August 13, 2021 to unitholders of record as of August 3,
2021.
FINANCIAL HIGHLIGHTS
- Net income attributable to the Partnership was $162 million,
compared to $163 million for the prior quarter.
- Net cash provided by operating activities was $185 million,
compared to $166 million for the prior quarter.
- Cash available for distribution was $186 million, compared to
$173 million for the prior quarter. This increase was largely
driven by continued resilience in offshore volumes, increased
Zydeco throughput as new contracts came online, a higher
distribution from Explorer driven by refinery turnarounds in the
Midwest and one-time benefits from acquisition and divestment
activities. These increases were partially offset by the impact of
Colonial not paying a dividend for the second quarter.
- Total cash distribution declared for common units was $118
million, resulting in a coverage ratio of 1.6x.
- Adjusted EBITDA attributable to the Partnership was $207
million, compared to $201 million for the prior quarter.
- As of June 30, 2021, the Partnership had $353 million of
consolidated cash and cash equivalents on hand.
- As of June 30, 2021, the Partnership had total debt of
$2.7 billion, equating to 3.3x Debt to annualized Q2 2021
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 673 kbpd in the current quarter,
compared to 641 kbpd in the prior quarter, primarily due to two new
contracts entered into during the quarter. Effective June 1, 2021,
substantially all of the available mainline capacity is under
contract.
Significant Offshore Pipeline
Transportation:
- During the quarter, the Partnership saw continued strong
production in the Gulf of Mexico, highlighted by additional
tiebacks in our Eastern Corridor which are expected to deliver
approximately 15-20 thousand barrels per day to Delta and NaKika in
the second half of 2021.
- Mars - Volumes were 484 kbpd, compared to 498 kbpd in the prior
quarter.
- Amberjack - Volumes were 335 kbpd, compared to 332 kbpd in the
prior quarter.
- Eastern Corridor - Volumes were 419 kbpd, compared to 432 kbpd
in the prior quarter.
- Auger - Volumes were 55 kbpd, compared to 95 kbpd in the prior
quarter.
Updated Financial Framework
- Given the uncertainty around refined products ventures, base
business headwinds, the distribution waiver from our general
partner expiring and our preferred units becoming eligible for
conversion in 2022, the Board of Directors made the decision to
rebase the quarterly distribution to $0.30 per common unit.
- The Partnership believes this action will ensure near-term
financial health, provide a long-term sustainable financial
framework and afford the Partnership the ability to pursue projects
that build upon our diverse portfolio.
- With this enhanced financial flexibility comes a responsibility
to effectively manage and deploy potential excess cash in ways that
add value to unitholders, including:
- Expectation that distribution coverage will average 1.1x or
greater;
- Maintaining an investment grade balance sheet targeting between
3.0 to 3.5x Debt to Adjusted EBITDA levels;
- Pursuing smaller, highly accretive projects that deliver
relatively quick paybacks;
- Returning capital to unitholders, which may include
opportunistic buybacks; and
- Lastly, if markets allow and it is in unitholders best
interest, we have the ability to acquire assets from Shell’s
runway.
- 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 “2021 Second
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) |
|
June 30, 2021 |
|
March 31, 2021 |
Revenue (1) |
|
$ |
148 |
|
|
$ |
139 |
|
Costs
and expenses |
|
|
|
|
Operations and
maintenance |
|
45 |
|
|
38 |
|
Cost of
product sold |
|
7 |
|
|
4 |
|
Impairment of
fixed assets |
|
— |
|
|
3 |
|
General and
administrative |
|
13 |
|
|
12 |
|
Depreciation,
amortization and accretion |
|
12 |
|
|
13 |
|
Property and
other taxes |
|
6 |
|
|
5 |
|
Total costs and expenses |
|
83 |
|
|
75 |
|
Operating income |
|
65 |
|
|
64 |
|
Income from
equity method investments |
|
105 |
|
|
102 |
|
Other
income |
|
10 |
|
|
14 |
|
Investment and other income |
|
115 |
|
|
116 |
|
Interest
income |
|
7 |
|
|
8 |
|
Interest
expense |
|
21 |
|
|
21 |
|
Income before
income taxes |
|
166 |
|
|
167 |
|
Income tax
expense |
|
— |
|
|
— |
|
Net income |
|
166 |
|
|
167 |
|
Less: Net
income attributable to noncontrolling interests |
|
4 |
|
|
4 |
|
Net income
attributable to the Partnership |
|
$ |
162 |
|
|
$ |
163 |
|
Preferred
unitholder’s interest in net income attributable to the
Partnership |
|
$ |
12 |
|
|
$ |
12 |
|
Limited Partners’ interest in net income attributable to
the Partnership’s common unitholders |
|
$ |
150 |
|
|
$ |
151 |
|
|
|
|
|
|
Net income per
Limited Partner Unit: |
|
|
|
|
Common -
Basic |
|
$ |
0.38 |
|
|
$ |
0.38 |
|
Common -
Diluted |
|
$ |
0.36 |
|
|
$ |
0.37 |
|
|
|
|
|
|
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 the three months ended June
30, 2021 and March 31, 2021, including the impact of overshipments
and expiring credits if applicable, was $8 million and $6 million,
respectively.
Reconciliation of Adjusted EBITDA and Cash Available for
Distribution to Net Income |
|
|
For the Three Months Ended |
(in
millions of dollars) |
|
June 30, 2021 |
|
March 31, 2021 |
Net
income |
|
$ |
166 |
|
|
$ |
167 |
|
Add: |
|
|
|
|
Impairment of fixed assets |
|
— |
|
|
3 |
|
Depreciation, amortization and accretion |
|
17 |
|
|
16 |
|
Interest income |
|
(7) |
|
|
(8) |
|
Interest expense |
|
21 |
|
|
21 |
|
Cash distribution received from equity method investments |
|
128 |
|
|
123 |
|
Less: |
|
|
|
|
Equity method distributions included in other income |
|
10 |
|
|
14 |
|
Income from equity method investments |
|
105 |
|
|
102 |
|
Adjusted
EBITDA |
|
210 |
|
|
206 |
|
Less: |
|
|
|
|
Adjusted EBITDA attributable to noncontrolling interests |
|
3 |
|
|
5 |
|
Adjusted
EBITDA attributable to the Partnership |
|
207 |
|
|
201 |
|
Less: |
|
|
|
|
Series A Preferred Units distribution |
|
12 |
|
|
12 |
|
Net interest paid by the Partnership (1) |
|
21 |
|
|
21 |
|
Maintenance capex attributable to the Partnership |
|
3 |
|
|
2 |
|
Add: |
|
|
|
|
Net adjustments from volume deficiency payments attributable to the
Partnership |
|
(5) |
|
|
(2) |
|
Principal and interest payments received on financing
receivables |
|
8 |
|
|
9 |
|
2021 transactions (2) |
|
12 |
|
|
— |
|
Cash available
for distribution attributable to the Partnership’s common
unitholders |
|
$ |
186 |
|
|
$ |
173 |
|
(1) Amount represents both paid and accrued interest
attributable to the period.(2) Amount includes the one-time $10
million payment received as part of the May 2021 Transaction, as
well as the cash received as part of the Auger Divestiture.
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) |
|
June 30, 2021 |
|
March 31, 2021 |
Net cash
provided by operating activities |
|
$ |
185 |
|
|
$ |
166 |
|
Add: |
|
|
|
|
Interest income |
|
(7) |
|
|
(8) |
|
Interest expense |
|
21 |
|
|
21 |
|
Return of investment |
|
18 |
|
|
12 |
|
Less: |
|
|
|
|
Change in deferred revenue and other unearned income |
|
(5) |
|
|
— |
|
Non-cash interest expense |
|
— |
|
|
— |
|
Change in other assets and liabilities |
|
12 |
|
|
(15) |
|
Adjusted EBITDA |
|
210 |
|
|
206 |
|
Less: |
|
|
|
|
Adjusted EBITDA attributable to noncontrolling interests |
|
3 |
|
|
5 |
|
Adjusted
EBITDA attributable to the Partnership |
|
207 |
|
|
201 |
|
Less: |
|
|
|
|
Series A Preferred Units distribution |
|
12 |
|
|
12 |
|
Net interest paid by the Partnership (1) |
|
21 |
|
|
21 |
|
Maintenance capex attributable to the Partnership |
|
3 |
|
|
2 |
|
Add: |
|
|
|
|
Net adjustments from volume deficiency payments attributable to the
Partnership |
|
(5) |
|
|
(2) |
|
Principal and interest payments received on financing
receivables |
|
8 |
|
|
9 |
|
2021 transactions (2) |
|
12 |
|
|
— |
|
Cash available
for distribution attributable to the Partnership’s common
unitholders |
|
$ |
186 |
|
|
$ |
173 |
|
(1) Amount represents both paid and accrued interest
attributable to the period.(2) Amount includes the one-time $10
million payment received as part of the May 2021 Transaction, as
well as the cash received as part of the Auger Divestiture.
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) |
|
June 30, 2021 |
|
March 31, 2021 |
Quarterly
distribution declared per common unit |
|
$ |
0.3000 |
|
|
$ |
0.4600 |
|
|
|
|
|
|
Adjusted
EBITDA attributable to the Partnership (1) |
|
$ |
207 |
|
|
$ |
201 |
|
|
|
|
|
|
Cash available
for distribution attributable to the Partnership’s common
unitholders (1) |
|
$ |
186 |
|
|
$ |
173 |
|
|
|
|
|
|
Distribution
declared to limited partner units - common |
|
$ |
118 |
|
|
$ |
161 |
|
|
|
|
|
|
Coverage Ratio
(2) |
|
1.6 |
|
|
1.1 |
|
(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) |
|
June 30, 2021 |
|
March 31, 2021 |
Expansion
capital expenditures |
|
$ |
— |
|
|
$ |
— |
|
Maintenance
capital expenditures |
|
3 |
|
|
1 |
|
Total capital
expenditures paid |
|
$ |
3 |
|
|
$ |
1 |
|
Contributions
to investment |
|
$ |
1 |
|
|
$ |
2 |
|
Condensed Consolidated Balance Sheet
Information |
(in
millions of dollars) |
|
June 30, 2021 |
|
March 31, 2021 |
Cash and cash
equivalents |
|
$ |
353 |
|
|
$ |
317 |
|
Equity method
investments |
|
996 |
|
|
1,007 |
|
Property,
plant & equipment, net |
|
673 |
|
|
686 |
|
Total
assets |
|
2,327 |
|
|
2,322 |
|
Related party
debt |
|
2,691 |
|
|
2,691 |
|
Total
deficit |
|
(467) |
|
|
(467) |
|
Pipeline and Terminal Volumes and Revenue per
Barrel |
|
|
For the Three Months Ended |
|
|
June 30, 2021 |
|
March 31, 2021 |
Pipeline throughput (thousands of barrels per day)
(1) |
|
|
|
|
Zydeco –
Mainlines |
|
673 |
|
|
641 |
|
Zydeco – Other
segments |
|
42 |
|
|
18 |
|
Zydeco total system |
|
715 |
|
|
659 |
|
Amberjack
total system |
|
335 |
|
|
332 |
|
Mars total
system |
|
484 |
|
|
498 |
|
Bengal total
system |
|
341 |
|
|
350 |
|
Poseidon total
system |
|
263 |
|
|
338 |
|
Auger total
system |
|
55 |
|
|
95 |
|
Delta total
system |
|
234 |
|
|
243 |
|
Na Kika total
system |
|
60 |
|
|
51 |
|
Odyssey total
system |
|
125 |
|
|
138 |
|
Colonial total
system |
|
2,205 |
|
|
1,995 |
|
Explorer total
system |
|
727 |
|
|
443 |
|
Mattox total
system (2) |
|
103 |
|
|
104 |
|
LOCAP total
system |
|
801 |
|
|
820 |
|
Other
systems |
|
440 |
|
|
518 |
|
|
|
|
|
|
Terminals (3)(4) |
|
|
|
|
Lockport
terminaling throughput and storage volumes |
|
253 |
|
|
251 |
|
|
|
|
|
|
Revenue per barrel ($ per barrel) |
|
|
|
|
Zydeco total
system (5) |
|
$ |
0.59 |
|
|
$ |
0.47 |
|
Amberjack
total system (5) |
|
2.30 |
|
|
2.43 |
|
Mars total
system (5) |
|
1.29 |
|
|
1.33 |
|
Bengal total
system (5) |
|
0.40 |
|
|
0.41 |
|
Auger total
system (5) |
|
1.77 |
|
|
1.69 |
|
Delta total
system (5) |
|
0.64 |
|
|
0.66 |
|
Na Kika total
system (6) |
|
0.93 |
|
|
1.06 |
|
Odyssey total
system (5) |
|
1.03 |
|
|
0.98 |
|
Lockport total
system (6) |
|
0.20 |
|
|
0.21 |
|
Mattox total
system (7) |
|
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 154 for both the three months ended June 30, 2021 and
March 31, 2021.(3) Terminaling throughput is defined as the volume
of delivered barrels, and storage is defined as the volume of
stored barrels.(4) 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 throughput. (5) 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. (6) 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. (7) 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, 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, July
30, 2021, 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 (which is defined as Royal Dutch Shell plc
and its controlled affiliates, collectively, other than the
Partnership, its subsidiaries and its general partner). 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.
July 30, 2021
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. 2nd QUARTER 2021 UNAUDITED
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