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January 2nd, 2020:

Shell Midstream: Has Some Potential, But Still Has Problems


About: Shell Midstream Partners, L.P. (SHLX), Includes: RDS.A

: Macro, energy, alternative energy, contrarian


  • Shell Midstream’s performance was similar to what it had seen last quarter, although Hurricane Barry had a negative impact because of the shutdowns it caused.
  • The company’s onshore pipelines continue to perform well, with Zydeco a very notable example.
  • There is some very real growth potential offshore as Shell ramps up Appomattox and other companies in the region do the same and pump oil into the Mars pipeline.
  • The company generated an adequate distribution coverage, although it was not as high in this quarter as I would normally like to see.
  • The financial structure is still concerning, as it does not have sufficient assets to cover its debt.
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