HOUSTON, Feb. 11, 2022 /CNW/ -- Shell Pipeline
Company LP ("Shell") today announces it has made a non-binding
offer to purchase all remaining common units held by the public
representing limited partner interests in Shell Midstream Partners,
L.P. (NYSE: SHLX) ("SHLX") for $12.89
per common unit in cash. Shell and its affiliates currently own
approximately 68.5% of SHLX common units. The proposed transaction
simplifies the governance of the SHLX assets, reduces costs, and
provides flexibility to optimize the pipeline portfolio.
The proposed transaction is subject to a number of
contingencies, including the approval of the board of directors of
SHLX and the satisfaction of any conditions to the consummation of
a transaction set forth in any definitive agreement concerning the
transaction. There can be no assurance that such definitive
documentation will be executed or that any transaction will
materialize on the terms described above or at all.
Editor's Notes:
- In line with IAS7:17, for Shell this transaction will be
reflected as an outflow of cash of financing activities (CFFF).
Should this full transaction complete, the net debt of Shell will
increase by up to the value of the transaction, all else being
equal.
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Cautionary Note
The companies in which Shell plc
directly and indirectly owns investments are separate legal
entities. In this release "Shell", "Shell Group" and "Group" are
sometimes used for convenience where references are made to Shell
plc and its subsidiaries in general. Likewise, the words "we", "us"
and "our" are also used to refer to Shell plc and its subsidiaries
in general or to those who work for them. These terms are also used
where no useful purpose is served by identifying the particular
entity or entities. ''Subsidiaries'', "Shell subsidiaries" and
"Shell companies" as used in this release refer to entities over
which Shell plc either directly or indirectly has control. Entities
and unincorporated arrangements over which Shell has joint control
are generally referred to as "joint ventures" and "joint
operations", respectively. Entities over which Shell has
significant influence but neither control nor joint control are
referred to as "associates". The term "Shell interest" is used for
convenience to indicate the direct and/or indirect ownership
interest held by Shell in an entity or unincorporated joint
arrangement, after exclusion of all third-party interest.
This release contains forward-looking statements (within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995) concerning the financial condition, results of operations and
businesses of Shell. 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 the potential exposure of Shell to
market risks and statements expressing management's expectations,
beliefs, estimates, forecasts, projections and assumptions. These
forward-looking statements are identified by their use of terms and
phrases such as "aim", "ambition", ''anticipate'', ''believe'',
''could'', ''estimate'', ''expect'', ''goals'', ''intend'',
''may'', "milestones", ''objectives'', ''outlook'', ''plan'',
''probably'', ''project'', ''risks'', "schedule", ''seek'',
''should'', ''target'', ''will'' and similar terms and phrases.
There are a number of factors that could affect the future
operations of Shell and could cause those results to differ
materially from those expressed in the forward-looking statements
included in this release, including (without limitation): (a) price
fluctuations in crude oil and natural gas; (b) changes in demand
for Shell's products; (c) currency fluctuations; (d) drilling and
production results; (e) reserves estimates; (f) loss of market
share and industry competition; (g) environmental and physical
risks; (h) risks associated with the identification of suitable
potential acquisition properties and targets, and successful
negotiation and completion of such transactions; (i) the risk of
doing business in developing countries and countries subject to
international sanctions; (j) legislative, judicial, fiscal and
regulatory developments including regulatory measures addressing
climate change; (k) economic and financial market conditions in
various countries and regions; (l) political risks, including the
risks of expropriation and renegotiation of the terms of contracts
with governmental entities, delays or advancements in the approval
of projects and delays in the reimbursement for shared costs; (m)
risks associated with the impact of pandemics, such as the COVID-19
(coronavirus) outbreak; and (n) changes in trading conditions. No
assurance is provided that future dividend payments will match or
exceed previous dividend payments. All forward-looking statements
contained in this release are expressly qualified in their entirety
by the cautionary statements contained or referred to in this
section. Readers should not place undue reliance on forward-looking
statements. Additional risk factors that may affect future results
are contained in Shell plc's Form 20-F for the year ended December
31, 2020 (available at www.shell.com/investor and www.sec.gov).
These risk factors also expressly qualify all forward-looking
statements contained in this release and should be considered by
the reader. Each forward-looking statement speaks only as of
the date of this release February 11, 2022. Neither Shell plc nor
any of its subsidiaries undertake any obligation to publicly update
or revise any forward-looking statement as a result of new
information, future events or other information. In light of these
risks, results could differ materially from those stated, implied
or inferred from the forward-looking statements contained in this
release.
The content of websites referred to in this release does not
form part of this release.
We may have used certain terms, such as resources, in this
release that the United States Securities and Exchange Commission
(SEC) strictly prohibits us from including in our filings with the
SEC. Investors are urged to consider closely the disclosure
in our Form 20-F, File No 1-32575, available on the SEC website
www.sec.gov.
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SOURCE Shell Pipeline Company LP