HIGHLIGHTS AND AGENDA Shell Midstream Partners Strategy Acquisitions Operational Results Financial Results Q&A Copyright of Shell Midstream Partners, L.P. August 2016 3
SHELL MIDSTREAM PARTNERS STRATEGY Shell Midstream Partners Flagship Portfolio Mainstream High quality assets Midstream: Extensive portfolio of diverse Stable, Fee & strategic assets at Sponsor Based Cash Organic growth…
TRACK RECORD OF DELIVERY Shell Midstream Partners 1.9 BILLION IN ACQUISITIONS FROM SPONSOR AND SIX QUARTERLY DISTRIBUTION INCREASES Q4 14 Q2 15 Q4 15 H2 16 IPO 448 mln 390 mln 300-500 mln Acquisition of Acquisition of…
STRONG ALIGNMENT WITH OUR SPONSOR Shell Midstream Partners ROYAL DUTCH SHELLS REFRESHED STRATEGY RE-SHAPING PORTFOLIO MANAGING THE SHELL PRIORITIES DOWN-CYCLE Create a world class Cash engines Pulling levers to investment case…
RDS GROWTH PRIORITIES WITH MIDSTREAM COMPONENT Shell Midstream Partners DEEP WATER Strategy Growth in advantaged geology Gulf of Mexico + Brazil in Focus Multi-billion barrels potential Appomattox Under construction 175…
RDS GROWTH PRIORITIES WITH MIDSTREAM COMPONENT Shell Midstream Partners CHEMICALS Strategy New growth engine for RDS Advantaged feedstock & growth markets USA + China growth Pennsylvania Petrochemicals Complex Greenfield final…
OUR RECENT ACQUISITION FROM RDS Shell Midstream Partners Acquisition effective April 1, 2016 Acquisition of additional interest: 30% of Zydeco, 3% of Colonial, and 1% of Bengal 700 mln acquisition: Financed with cash,…
EXPLORER ACQUSITION Shell Midstream Partners Overview Operated by Explorer Pipeline 1,830 mile common carrier pipeline 28 from Port Arthur, TX to Tulsa, OK 24 from Tulsa, OK to Hammond, IN 10 from Houston, TX to Arlington, TX…
ZYDECO Shell Midstream Partners Zydeco Projects Joint-Tariff with LOCAP adding capacity from Houma to St. James via Clovelly (LOOP) with no capex required Third party connections to drive throughput growth and improve optionality…
GULF OF MEXICO Shell Midstream Partners Copyright of Shell Midstream Partners, L.P. August 2016 13
FINANCIAL RESULTS FROM OPERATIONS Shell Midstream Partners Three Months Ended ( million) June 30, 2016 March 31, 2016 Revenue 71.1 76.7 Cost and Expenses 33.0 31.7 Operating Income 38.1 45.0 Income from Equity Investments 25.6…
NON GAAP FINANCIAL METRICS Shell Midstream Partners Three Months Ended ( million except per unit amount) June 30, 2016 March 31, 2016 Adjusted EBITDA Attributable to SHLX (1) 77.1 65.5 Less: Net Interest Paid 1.0 2.1 Maintenance…
CAPITAL EXPENDITURES Shell Midstream Partners Growth Capex Maintenance Capex Current Current ( million) Plan Estimate ( million) Plan Estimate Zydeco 30.1 7.6 Zydeco 19.6 23.2 Lockport 0.7 0.0 Lockport 4.8 5.6 Auger 0.0 0.0 Auger…
BALANCE SHEET Shell Midstream Partners ( million) As of June 30, 2016 As of March 31, 2016 Cash and Cash Equivalents 169 138 Total Debt 344 48 Revolving Credit Facility Capacity (Inc. Zydeco) 610 610 Total Liquidity Available 435…
QUESTION AND ANSWER Shell Midstream Partners For further questions, please contact Courtney Selinidis +1 713 241 1513 Courtney.SelinidisShell.com Copyright of Shell Midstream Partners, L.P. August 2016 18
RECONCILIATION OF ADJUSTED EBITDA AND CASH Shell Midstream Partners AVAILABLE FOR DISTRIBUTION TO NET INCOME Copyright of Shell Midstream Partners, L.P. August 2016 20
RECONCILIATION OF ADJUSTED EBITDA AND CASH AVAILABLE FOR Shell Midstream Partners DISTRIBUTION TO NET CASH PROVIDED BY OPERATING ACTIVITIES Copyright of Shell Midstream Partners, L.P. August 2016 21
APPENDIX 2 REFINED PRODUCTS Shell Midstream Partners Bengal Colonial Refined products pipeline system connecting four refineries in the St. Largest refined product pipeline system in the US, transporting more Charles, Norco,…
APPENDIX 3 LOCKPORT Shell Midstream Partners Copyright of Shell Midstream Partners, L.P. August 2016 23
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