Shell Midstream Partners (SHLX) Misses Q3 EPS by 9c; CFO Transition Announced

November 3, 2016 8:33 AM EDT
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Shell Midstream Partners (NYSE: SHLX) reported Q3 EPS of $0.28, $0.09 worse than the analyst estimate of $0.37. Revenue for the quarter came in at $67.9 million versus the consensus estimate of $78.62 million.

Shell Midstream Partners today announced that, effective March 1, 2017, Shawn Carsten, currently Shell’s Downstream Controller in the Americas, will assume the role of Vice President and Chief Financial Officer of Shell Midstream GP, LLC. Mr. Carsten will succeed Susan Ward, who has served as Vice President and Chief Financial Officer since Shell Midstream Partners’ initial public offering. After March 1, 2017, Ms. Ward will continue in her role as Head of M&A and Commercial Finance for Shell’s businesses in the Americas. In that role, Ms. Ward will continue in an M&A advisory capacity to Shell Midstream Partners.

“Susan played a key role in the successful planning and execution of the IPO, the completion and financing of its subsequent acquisitions and the ongoing delivery of strong financial performance. The partnership is grateful for her service, as well as her continued stewardship and support of an orderly transition of the CFO role in early 2017,” said John Hollowell.

A 28 year employee of Shell, Mr. Carsten brings broad financial experience and knowledge of Shell Pipeline Company with his most recent role as Shell’s Downstream Controller for the Americas. Mr. Carsten is a highly regarded leader in Shell's Finance organization with deep business knowledge across Shell businesses including Shell Pipeline Company. He has regional and global experience in strategy and planning, business performance management, and financial reporting.

For earnings history and earnings-related data on Shell Midstream Partners (SHLX) click here.

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