Shell Midstream Partners recorded a net income of $115 million, for the second quarter of 2019, compared to $132 million for the prior quarter. It also generated adjusted EBITDA attributable to the partnership of $187 million, compared to $170 million in the first quarter.
The financial results of the quarter were largely driven by the increased distribution related to the Colonial and Explorer acquisition, which offset lower revenues related to the expiration of a contract on the Zydeco system and planned producer turnarounds in the Gulf of Mexico.
“I’m pleased with our second quarter performance, which was underpinned by our increased ownership in Colonial and Explorer – two of the premier refined products pipelines in the United States,” said Kevin Nichols, CEO, Shell Midstream Partners, GP LLC.
“Our diversified portfolio both onshore and offshore continues to deliver value to our customers and unitholders. In the offshore, I’m excited about the growth in the Gulf of Mexico – two new fields came online and two new projects were announced in the quarter. Given our strategic footprint and our extensive operating experience, we are well positioned to capture this future growth.”
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