HOUSTON, Feb. 11, 2022 /PRNewswire/ -- Shell Midstream
Partners, L.P. (NYSE: SHLX) ("SHLX" or the
"Partnership") announces that it has received a
non-binding, preliminary proposal letter from Shell Pipeline
Company LP ("SPLC") to acquire all of the Partnership's issued and
outstanding common units not already owned by SPLC or its
affiliates at a value of $12.89 per
each issued and outstanding publicly held common unit of the
Partnership (the "Proposal"). The Board of Directors of our
general partner intends to appoint a conflicts committee to review,
evaluate and negotiate the Proposal. SHLX will provide further
information as appropriate.
The proposed transaction is subject to a number of
contingencies, including the approval of the Board of Directors of
our general partner, the negotiation of a definitive agreement
concerning the transaction, and the satisfaction of conditions to
the consummation of a transaction set forth in any such definitive
agreement. There can be no assurance that such definitive agreement
will be executed or that any transaction will be consummated on the
terms described above or at all.
This offer has no impact on the safe and reliable operation of
SHLX assets, which would also continue if any buy-in is
completed.
About Shell Midstream Partners, L.P.
Shell Midstream Partners, L.P., headquartered in Houston, Texas, owns, operates, develops and
acquires pipelines and other midstream and logistics assets. The
Partnership's assets include interests in entities that own (a)
crude oil and refined products pipelines and terminals that serve
as key infrastructure to transport onshore and offshore crude oil
production to Gulf Coast and Midwest refining markets and deliver
refined products from those markets to major demand centers and (b)
storage tanks and financing receivables that are secured by
pipelines, storage tanks, docks, truck and rail racks and other
infrastructure used to stage and transport intermediate and
finished products. The Partnership's 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.
FORWARD LOOKING STATEMENTS
This press release includes various "forward-looking
statements" within the meaning of the Securities Act of 1933, as
amended, and the Securities Exchange Act of 1934, as amended. All
statements other than statements of historical fact are, or may be
deemed to be, forward-looking statements. Forward-looking
statements are statements of future expectations that are based on
management's current expectations and assumptions and involve known
and unknown risks and uncertainties that could cause actual
results, performance or events to differ materially from those
expressed or implied in these statements. Forward-looking
statements include, among other things, statements concerning
management's expectations, beliefs, estimates, forecasts,
projections and assumptions. You can identify our forward-looking
statements by words such as "anticipate," "believe," "estimate,"
"budget," "continue," "potential," "guidance," "effort," "expect,"
"forecast," "goals," "objectives," "outlook," "intend," "plan,"
"predict," "project," "seek," "target," "begin," "could," "may,"
"should" or "would" or other similar expressions that convey the
uncertainty of future events or outcomes. In accordance with "safe
harbor" provisions of the Private Securities Litigation Reform Act
of 1995, these statements are accompanied by cautionary language
identifying important factors, though not necessarily all such
factors, which could cause future outcomes to differ materially
from those set forth in forward-looking statements. In particular,
expressed or implied statements concerning any proposal or
proposed transaction are forward-looking statements.
Forward-looking statements are not guarantees of performance. They
involve risks, uncertainties and assumptions. Future actions,
conditions or events and future results of operations may differ
materially from those expressed in these forward-looking
statements. Forward-looking statements speak only as of the date of
this press release, February 11,
2022, and we disclaim any obligation to update publicly or
to revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except as required by
law. All forward-looking statements contained in this document are
expressly qualified in their entirety by the cautionary statements
contained or referred to in this paragraph. Many of the factors
that will determine these events are beyond our ability to control
or predict.
* SHELL and the SHELL Pecten are registered trademarks of Shell
Trademark Management, B.V. used under license.
View original
content:https://www.prnewswire.com/news-releases/shell-midstream-partners-lp-receives-offer-for-remaining-units-from-shell-pipeline-company-lp-301480652.html
SOURCE Shell Midstream Partners, L.P.