Houston, March 19, 2018 (GLOBE NEWSWIRE) — 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.
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