Shell Midstream Partners Successfully Completes Zydeco Integrity Work, Expects No Material Impact from FERC Policy Revision
March 19 2018 - 5:09PM
Shell Midstream Partners, L.P. (NYSE: SHLX) has announced the
successful completion of the Zydeco integrity project. The
pipeline is expected to resume normal operations this week with
financial impact materially in line with prior
guidance. “We took pro-active steps to ensure the
integrity and reliability of the system well into the future.
It was the right thing to do to meet the needs of our customers,
investors, and the communities in which we operate” said John
Hollowell, CEO Shell Midstream Partners. Also, the Federal
Energy Regulatory Commission (“FERC”) has amended its 2005 Policy
Statement for Recovery of Income Tax Costs to no longer allow
interstate pipelines owned by master limited partnerships to
recover an income tax allowance in the cost of service. Shell
Midstream Partners revenue is predominantly driven by contract,
index, and market-based rates, and non-jurisdictional assets.
This policy change is not expected to have a material impact to
earnings.
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About Shell Midstream Partners,
L.P.Shell Midstream Partners, headquartered in Houston,
Texas, is a fee-based, growth-oriented midstream master limited
partnership formed by Royal Dutch Shell to own, operate, develop
and acquire pipelines and other midstream assets. Shell Midstream
Partners' assets consist of pipelines, crude tank storage and
terminal systems that serve as key infrastructure to transport and
store onshore and offshore crude oil production to Gulf Coast and
Midwest refining markets and to deliver refined products from Gulf
Coast markets to major demand centers.
Inquiries:
Shell Media Relations Americas: +1 832 337 4355
Shell Investor Relations North America: +1 832 337 2034
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