Shell Midstream Partners (SHLX) Tops Q1 EPS by 3c, Revenues Beat

Shell Midstream Partners (NYSE: SHLX) reported Q1 EPS of $0.37, $0.03 better than the analyst estimate of $0.34. Revenue for the quarter came in at $139 million versus the consensus estimate of $123.97 million.

"The Partnership continued to deliver value to our unit holders during the first quarter as volumes returned offshore following an active hurricane season and planned producer maintenance activity,” said Steven C. Ledbetter, CEO, Shell Midstream Partners GP LLC. “While our refined products assets are still showing impacts from ongoing lower demand from COVID-19 travel restrictions, our diversified asset base remains resilient in this challenging market.”

2021 OUTLOOK

• Expect an impact to net income and cash available for distribution of approximately $10 million in 2021 related to offshore planned producer turnarounds.
• Acknowledging the continuing impacts of the global COVID-19 pandemic and lack of clarity on crude and finished products supply and demand in the near-term, the Partnership’s Board of Directors will monitor the business environment and make decisions regarding future distributions on a quarter-by-quarter basis.
• The Partnership has approximately $1.2 billion in available liquidity, which is a combination of cash and cash equivalents and availability under credit facilities.

For earnings history and earnings-related data on Shell Midstream Partners (SHLX) click here.

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