Welcome to our dedicated page for Shell Midstream Partners L P news (Ticker: SHLX), a resource for investors and traders seeking the latest updates and insights on Shell Midstream Partners L P stock.
Shell Midstream Partners, L.P. (formerly NYSE: SHLX) generated a steady flow of news and disclosures during its time as a publicly traded master limited partnership focused on pipeline transportation of crude oil and related midstream assets. Headquartered in Houston, Texas, the partnership reported on its ownership and operation of crude oil and refined products pipelines and terminals, storage tanks, and natural gas and refinery gas pipelines serving Gulf Coast and Midwest refining and chemical markets.
News coverage for SHLX included regular announcements of quarterly unaudited financial results, highlighting net income, adjusted EBITDA, cash available for distribution and pipeline throughput metrics across systems such as Zydeco, Mars, Amberjack and other onshore and offshore corridors. The partnership also issued press releases on quarterly cash distributions per limited partner common unit, along with detailed tax considerations for foreign investors and notices regarding Schedule K-3 availability for unitholders needing international tax information.
Another major news theme was corporate transactions involving Shell USA, Inc. Releases described a non-binding proposal, the execution of a definitive merger agreement, and the subsequent completion of the transaction under which Shell USA acquired all publicly held SHLX common units. A key announcement on October 19, 2022 confirmed that the merger had closed, SHLX units were no longer listed on the New York Stock Exchange, and Shell Midstream Partners, L.P. had become an indirect, wholly owned subsidiary of Shell USA.
This news page serves as an archive of those historical communications, including earnings updates, distribution declarations, tax notices and merger-related announcements. Readers interested in the evolution of SHLX, its midstream asset base and its transition from a listed partnership to a wholly owned Shell subsidiary can review these historical releases for context on the partnership’s operations and corporate history.
Talos Energy (NYSE: TALO) has appointed Paul Goodfellow as President, CEO, and Board Member, effective March 1, 2025. Goodfellow brings over thirty years of experience from Shell, where he held various senior executive positions, including leadership of Shell's global deepwater business and oversight of drilling operations. He previously served as Chairman of Shell Midstream Partners (formerly NYSE: SHLX) from October 2019 to August 2023.
In his new role, Goodfellow plans to focus his first 100 days on understanding the business, identifying key success drivers, and developing a new strategic plan with the leadership team. He holds a doctorate from the Camborne School of Mines and is a member of the Institute of Mining and Metallurgy and the Society of Petroleum Engineers.
Shell USA has completed its acquisition of Shell Midstream Partners, L.P. (NYSE: SHLX), purchasing all public common units not held by Shell for $15.85 per unit, totaling approximately $1.96 billion. As a result, SHLX will become a wholly owned subsidiary of Shell USA, and its units will no longer be publicly traded on the NYSE, effective today. This consolidation aims to streamline operations and enhance integration.
On October 19, 2022, Shell USA announced the completion of its acquisition of Shell Midstream Partners, L.P. (SHLX) for $15.85 per Public Common Unit, totaling approximately $1.96 billion. This acquisition means SHLX is now a wholly-owned subsidiary of Shell USA. Following the acquisition, SHLX's units will no longer be listed on the New York Stock Exchange, indicating its transition from a public to a private entity.
Shell Midstream Partners, L.P. (NYSE: SHLX) has released its 2021 Schedule K-3s, now accessible on their website. This form is essential for unitholders, particularly foreign ones, for tax reporting related to international tax items. Unitholders can view their Schedule K-3 via the website's 'Tax Information' page or directly through a provided link. For assistance, unitholders can contact Shell's support via email or toll-free phone. The company operates critical midstream assets, including pipelines and storage facilities for oil and gas transportation.
Shell Midstream Partners reported a net income of $148 million for Q2 2022, translating to $0.33 per diluted unit. Adjusted EBITDA reached $191 million, up from $182 million in the previous quarter. Cash available for distribution rose to $164 million, driven by increased shipping volumes on the Zydeco system. However, offshore volumes declined due to planned turnarounds. The Board declared a quarterly distribution of $0.30 per unit, maintaining a coverage ratio of 1.4x. Additionally, a merger agreement with Shell USA aims to acquire outstanding common units at $15.85 each, pending approvals.
On July 25, 2022, Shell USA and Shell Midstream Partners announced a definitive merger agreement, where Shell USA will acquire all public common units of SHLX for $15.85 each, totaling approximately $1.96 billion.
Shell currently holds 68.5% of SHLX’s common units. The merger, expected to close in Q4 2022, will enhance Shell’s infrastructure in crude oil and refined products transportation, benefiting the U.S. Gulf Coast refining markets.
Shell Midstream Partners, L.P. (NYSE: SHLX) announced a cash distribution of $0.30 per limited partner common unit for Q2 2022. This distribution will be paid on August 12, 2022, to unitholders of record as of August 2, 2022. The Partnership will release its second quarter earnings and SEC filings after market close on July 28, 2022. Additionally, all distributions to foreign investors are subject to federal income tax withholding. The Partnership specializes in owning and operating pipelines and logistics assets, crucial for oil and gas transportation.
Shell Midstream Partners reported a net income of $158 million for Q1 2022, reflecting a 36% increase from the previous quarter. Adjusted EBITDA rose to $182 million, and total cash available for distribution was $157 million, $15 million higher than Q4 2021. The cash distribution per unit remained steady at $0.30, with a coverage ratio of 1.3x. The Partnership had a total debt of $2.5 billion and maintained a liquidity of $1.3 billion. The Board is reviewing a non-binding proposal from SPLC to acquire outstanding units at $12.89 each.
Shell Midstream Partners, L.P. (NYSE: SHLX) has announced a change in the date for its first quarter earnings release, which will now occur after market close on April 28, 2022. This adjustment reflects a shift from a previous announcement made last week. The Partnership focuses on owning and operating pipelines and midstream logistics assets, aiding in the transport of crude oil and refined products, as well as natural gas. For further details, visit the official website.
Shell Midstream Partners, L.P. (NYSE: SHLX) announced a cash distribution of $0.30 per limited partner common unit for Q1 2022, payable on May 13, 2022, to unitholders of record as of May 3, 2022. The first quarter earnings release and SEC filings are scheduled for May 5, 2022. Additionally, foreign investors should be aware that all distributions are subject to federal income tax withholding at applicable rates. This announcement underscores the Partnership’s commitment to deliver consistent returns to its investors.