Shell Midstream Partners, L.P. Finalizes Amendment for 2019 Incentive Distribution Rights Growth Waiver
December 21 2018 - 4:35PM
Shell Midstream Partners, L.P. (NYSE: SHLX) (the “Partnership”), a
growth-oriented midstream master limited partnership formed by
Royal Dutch Shell plc (“RDS”), announced that it and its general
partner, Shell Midstream Partners GP LLC, have amended the
Partnership’s partnership agreement for the 2019 Incentive
Distribution Rights (IDR’s) Growth Waiver.
As announced on November 2, 2018, the
Partnership’s sponsor, RDS, has elected to waive $50 million of
distributions in 2019 and these funds are expected to be used by
the Partnership for future investment. Under the terms of the
amendment, the incentive distribution rights shall be reduced by
(1) $17 million for the quarter ending March 31, 2019, (2) $17
million for the quarter ending June 30, 2019 and (3) $16 million
for the quarter ending September 30, 2019.
“We believe this waiver is evidence of strong
sponsor support and further demonstrates RDS’ commitment to grow
its midstream footprint through Shell Midstream Partners,” said
Kevin Nichols, CEO and President of Shell Midstream Partners GP
LLC.
ABOUT SHELL MIDSTREAM PARTNERS, L.P.
Shell Midstream Partners, L.P., headquartered in Houston, Texas, is
a fee-based, growth-oriented midstream master limited partnership
formed by Royal Dutch Shell plc to own, operate, develop and
acquire pipelines and other midstream assets. Shell Midstream
Partners, L.P.’s assets include interests in entities that own
crude oil and refined products pipelines and terminals that serve
as key infrastructure to (i) transport onshore and offshore crude
oil production to Gulf Coast and Midwest refining markets and (ii)
deliver refined products from those markets to major demand
centers. Our 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 visit
www.shellmidstreampartners.com.
Inquiries: Shell Media RelationsAmericas: +1 832 337 4355
Shell Investor RelationsNorth America: +1 832 337 2034
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