Houston, Dec. 21, 2018 (GLOBE NEWSWIRE) — 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.
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