Houston, July 28, 2022 (GLOBE NEWSWIRE) — Shell Midstream Partners, L.P. (NYSE: SHLX) (the “Partnership” or “Shell Midstream Partners”) reported net income attributable to the Partnership of $148 million for the second quarter of 2022, which equated to $0.33 per diluted common limited partner unit. Shell Midstream Partners also generated adjusted earnings before interest, income taxes, depreciation and amortization attributable to the Partnership of $191 million.
Total cash available for distribution was $164 million, which is $7 million higher than the prior quarter. The increase
was largely driven by increased volumes shipped on the Zydeco system and higher distributions from Explorer, partially offset by planned producer turnaround activity and higher expenses in the period.
The Board of Directors of our general partner (the “Board”) previously declared a cash distribution of $0.30 per limited partner common unit for the second quarter of 2022, consistent with the prior quarter, resulting in a coverage ratio for the quarter of 1.4x. The distribution will be paid August 12, 2022 to unitholders of record as of August 2, 2022.
FINANCIAL HIGHLIGHTS
- Net income attributable to the Partnership was $148 million, compared to $158 million for the prior quarter.
- Net cash provided by operating activities was $184 million, compared to $157 million for the prior quarter.
- Cash available for distribution was $164 million, compared to $157 million…
