Shell Midstream Partners has reported net income attributable to the partnership of $86.4m. It has also generated adjusted earnings before interest, income taxes, depreciation and amortisation attributable to the partnership of $118.7m and cash available for distribution of $97m.
CEO, Shell Midstream Partners, John Hollowell said: “This was an important year for Shell Midstream Partners. We continued to deliver against our strategy, taking steps to diversify our portfolio, both in terms of asset classes and geography, all while sustaining our growth promises. Specifically, we acquired approximately $1.5 billion of assets from Shell – all high quality, strategic midstream assets that play an integral role in connecting North America’s energy infrastructure.”
During the fourth quarter, Shell Midstream Partners completed the acquisition of strategic infrastructure assets from Shell for $825m, the partnership’s largest acquisition to date. As part of the acquisition, Shell Midstream Partners further diversified its portfolio with the acquisition of Triton West LLC, which owns five refined products terminals located in the Pacific Northwest, Midwest and Gulf Coast.
In addition, Shell Midstream Partners acquired 41.48% of the issued and outstanding membership interest in LOCAP LLC, an additional 22.9% interest in Mars Oil Pipeline Company LLC, an additional 22% interest in Odyssey Pipeline L.L.C. and an additional 10% interest in Explorer Pipeline Company.
For more information visit www.shellmidstreampartners.com
1st Mar 2018