Shell Midstream Partners L P : Hurricane Ida Operational Update #5
SHLX
Update 5
October 22, 2021
Shell Midstream Partners, L.P. (NYSE:SHLX) ("Shell Midstream Partners" or the "Partnership") and Shell Pipeline Company LP ("SPLC") announced today that they now expect the West Delta-143("WD-143") offshore facilities to be operational in the first half of November. Once WD-143 is operational, the Mars Oil Pipeline expects to resume normal operations as producers ramp up production. As a result of this updated timeline, SHLX now expects outages and repairs related to Hurricane Ida to have an impact to both net income and cash available for distribution of approximately $10 to $15 million for the fourth quarter of 2021.
The Partnership will continue to provide updates on the company website,
www.shellmidstreampartners.com,as information becomes available.
Throughout this time, Shell Midstream Partners' primary focus continues to be the safety of its affiliates' employees and the protection of the environment.
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Update 4 - Press Release
Shell Midstream Partners, L.P. Expected Net Income Impact Due to Hurricane Ida
Houston, Sept. 27, 2021 (GLOBE NEWSWIRE) -- Shell Midstream Partners, L.P. (NYSE:SHLX) ("Shell Midstream Partners" or the "Partnership") today announced that it expects outages and repairs related to Hurricane Ida to have an impact to both net income and cash available for distribution of approximately $45 to $55 million for the third quarter of 2021 and $20 to $30 million for the fourth quarter of 2021. The majority of the impact is related to the previously disclosed downtime across various pipeline assets, as well as remediation costs related to the Partnership's assets in the Gulf of Mexico and onshore in southeastern Louisiana.
Shell Midstream Partners carries several insurance policies in kinds and amounts customary to the industry, which may offset some costs of any asset damage and business losses. The Partnership's business interruption insurance related to lost revenue is expected to begin after sixty days of downtime. The Partnership intends to file all appropriate claims.
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Update 3
September 20, 2021
Shell Midstream Partners, L.P. (NYSE:SHLX) ("Shell Midstream Partners" or the "Partnership") and Shell Pipeline Company LP ("SPLC") have substantially completed Hurricane Ida impact assessments on most of their owned or operated assets in the Gulf of Mexico and onshore Louisiana. The Partnership can report the following at this time:
Shell Midstream Partners carries several insurance policies in kinds and amounts customary to the industry, which may offset some costs of any asset damage and business losses. The Partnership's
business interruption insurance related to lost revenue is expected to begin after sixty days of downtime. The Partnership intends to file all appropriate claims.
The Partnership will continue to provide updates on the company website,
www.shellmidstreampartners.com,as information becomes available.
Shell Midstream Partners' primary focus continues to be the safety of its affiliates' employees and the protection of the environment.
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Update 2
September 10, 2021
Shell Midstream Partners, L.P. (NYSE:SHLX) ("Shell Midstream Partners" or the "Partnership") and Shell Pipeline Company LP ("SPLC") are continuing to perform Hurricane Ida impact assessments on all of their owned or operated assets in the Gulf of Mexico and onshore Louisiana. The Partnership can report the following at this time:
The Partnership will continue to provide updates on the company website,
www.shellmidstreampartners.com,as information becomes available.
Shell Midstream Partners' primary focus continues to be the safety of its affiliates' employees and the protection of the environment.
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Update 1 - Press Release
September 02, 2021
Shell Midstream Partners, L.P. (NYSE:SHLX) ("Shell Midstream Partners" or the "Partnership") and Shell Pipeline Company, L.P. are currently working to perform Hurricane Ida impact assessments on all of their owned or operated assets in the Gulf of Mexico and onshore Louisiana. Following initial high-level assessments, the Partnership can report the following at this time:
information can be found at https://www.colpipe.com/news/press-releases/colonial-pipeline- restores-lines-1-2-to-safe-operating-conditions-following-historic-storm.
Shell Midstream Partners carries several insurance policies in kinds and amounts customary to the industry, which may offset some costs of any asset damage and business losses. The Partnership plans to file any appropriate claims under such policies.
The Partnership will continue to provide updates as information becomes available on the company website, www.shellmidstreampartners.com.
Shell Midstream Partners' primary focus continues to be the safety of its affiliates' employees and the protection of the environment.
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 future actions, the effects of Hurricane Ida or other storms, any potential damage to facilities caused by such storms, any potential impacts to the business caused by such storms, any financial impacts caused by such storms and related damage or shut-downs, and the availability of insurance to cover any damage or loss of income 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 any specific press release or website posting, and we disclaim any obligation to update publicly or to revise any forward-looking statements, whether as a result of new information, future
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Shell Midstream Partners LP published this content on 22 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 October 2021 12:43:05 UTC.