Shell Midstream Partners, L.P. Closes on Previously Announced Transactions and Announces Updated Guidance
Further, in response to the current extraordinary and volatile market conditions resulting in lower demand across our assets, the Partnership is providing the following updates related to the 2020 guidance it previously provided in its press release dated
- The Partnership currently intends to maintain its existing distribution policy of
$0.46 per common unit per quarter for 2020 and plans to access its credit facilities if needed to make up for any operational cash shortfalls. - With the unprecedented impacts of the global COVID-19 pandemic and resulting lack of clarity on crude and finished products supply and demand, the Partnership is withdrawing the guidance that was provided in the prior press release regarding its estimated coverage ratio for 2020. SHLX continues to monitor the volatile business environment and will provide further updates on its 1Q 2020 conference call with analysts and investors, the planned details of which can be found below.
- The Partnership’s available liquidity as of
March 31, 2020 is estimated to be approximately $1.2 billion, and SHLX does not expect to have any near-term need to access the capital markets for debt or equity. Additionally, SHLX has no scheduled near-term maturities of its senior notes or credit facilities, with the earliest scheduled maturity in 2022. - SHLX expects to announce its earnings for the first quarter of 2020 on Thursday, May 7, 2020, before the New York Stock Exchange opens for trading. Following the announcement, the Partnership intends to host a conference call at 10:00 a.m. CDT with analysts and investors. Interested parties may listen to the conference call on the Partnership’s website at www.shellmidstreampartners.com by clicking on the link titled “2020 First Quarter Financial Results” in the “Events & Conferences” section of the website. A replay of the webcast will be posted on the Partnership’s website following the event.
SHLX remains focused on the health and safety of its people, customers, vendors, partners and the broader community as the Partnership’s top priority during the global COVID-19 pandemic. The Partnership has implemented pandemic response and business continuity plans to prevent illness and provide reliable and safe operations, while maintaining regular communication with customers.
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Source: Shell Midstream Partners, L.P.