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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.
Shell Midstream Partners, L.P. (NYSE: SHLX) announced the availability of its 2021 investor K-1 tax packages on its website. Investors can access these tax documents through the 'Tax Information' page or via a direct link. For inquiries regarding the K-1 tax package, they can contact Shell's support via email or a toll-free number. The company specializes in owning and operating pipelines and midstream assets essential for transporting crude oil and refined products.
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