Shell Midstream Partners (SHLX) Misses Q4 EPS by 2c, Revenues Miss

Shell Midstream Partners (NYSE: SHLX) reported Q4 EPS of $0.45, $0.02 worse than the analyst estimate of $0.47. Revenue for the quarter came in at $142.3 million versus the consensus estimate of $147.9 million.

• Net income attributable to the partnership was $141.1 million, compared to $148.3 million for the prior quarter.
• Net cash provided by operating activities was $140.8 million, compared to $154.4 million for the prior quarter.
• Cash available for distribution was $156.1 million, compared to $163.5 million for the prior quarter, largely driven by the 10 day impact of Hurricane Michael and lower volumes on Mars and Auger related to well performance issues and unplanned producer maintenance, partially offset by strong Zydeco demand and two new tie-backs in the Eastern Corridor.
• Total cash distribution declared was $129.0 million, resulting in a healthy coverage ratio of 1.2x.
• Adjusted EBITDA attributable to the partnership was $178.7 million compared to $187.0 million for the prior quarter.
• As of December 31, 2018, the Partnership had $208.0 million of consolidated cash and cash equivalents on hand.
• As of December 31, 2018, the Partnership had total debt of $2.1 billion, equating to 2.9x Debt to Adjusted EBITDA.

“Our fourth quarter performance was solid, closing out a strong year of delivery for the Partnership,” said Kevin Nichols, CEO Shell Midstream Partners GP LLC. “Looking forward to 2019, I am confident that we will meet our previously guided distribution growth and will continue to leverage our Gulf of Mexico footprint and its organic growth.”

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

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