Shell Midstream Partners has reported strong fourth quarter 2017 financial results as it concluded an important growth year.
The growth-oriented mainstream company reported net income of $86.4 million, compared to $72.6 million from the prior quarter, driven by the acquisition of Triton West and an EBITDA of $118.7 million, an increase of 28.5% from the third quarter.
During the quarter, the partnership completed the acquisition of strategic infrastructure assets from Shell for $825 million – representing its largest acquisition to date. As part of the acquisition, it also acquired Triton West, which owns five refined products terminals in the Pacific Northwest, Midwest and Gulf Coast.
John Hollowell, CEO, Shell Midstream Partners, says: 'This was an important year for Shell Midstream Partners. We continued to deliver against our strategy, taking steps to diversify our portfolio, both in terms of asset classes and geography, all while sustaining our growth promises.
'Specifically, we acquired approximately $1.5 billion of assets from Shell – all high quality, strategic midstream assets that play an integral role in connecting North America's energy infrastructure.'
A new player in the European marketInvesting in signficant potential on the Thames M&A activity surges on new found confidence Storage terminal investors: a decade of change Oil breakout in 2017 to gain momentum in 2018 IPTF terminal: defying the odds in the Middle East Alternative gateway to Europe Europe: a flexible storage market The storage outlook Overfill protection: A review of API 2350 4th & 5th edition