Shell Midstream Partners, L.P. (SHLX) Simplifying the Structure and Building for the Future February 28, 2020 Shell Midstream Partners
Charting the path forward for Shell Midstream Partners Simplifying our Structure, Building for a Sustainable Future Simplified Structure Acquired Interest Footprint IDR elimination Fully aligns unitholders economic interests and…
Mattox Pipeline Enhancing our Offshore Strategy Strategic Location: Sole transportation system for Shells largest host in the GoM. First commercial discovery brought into production in Norphlet formation. Predictable Cash Flows:…
Norco Logistics Assets A New Asset Class, Unlocking Integrated Value Integral Midstream Services: Strategically located and provides critical logistics for Shell refinery operations Reliable Cash Generation: Stable fee-based…
Transaction Details Simplifying Our Structure and Positioning the Partnership for the Future Transaction Summary* Pro Forma Entity Structure (Simplified) SHLX Receives: Assets backed with de-risked take-or-pay agreements Sponsor 79%…
Diversified Portfolio Building Size and Scale since IPO Today 2014 A diverse suite of high-quality assets providing fee-based cash flows serving as the foundation for years to come. Shell Midstream Partners 7
Capturing Growth in our Heartland GoM Corridor Strategy in Action Delivered Success Near-Term Growth Future Opportunities Expected Online in 2021-22: 2018 Shell Kaikias tie-back BP Phase 2 Thunderhorse South, 50 kboe/d LLOG…
The Path Forward Framing the Future of Shell Midstream Partners Full alignment of interests among all unitholders Simplification of Structure A conservative balance sheet combined with organic growth Resilient opportunities…
The Path Forward Framing the Future of Shell Midstream Partners 2020 GUIDANCE Full alignment of interests among all unitholders Distributions held at 0.46 per unit per Simplification quarter of Structure Sponsor waives 20 Mln in LP…