Shell Midstream Partners has signed an agreement with its general partner to eliminate all incentive distribution rights (IDRs) and economic general partner (GP) interest in SHLX.
SHLX has also entered into a purchase and sale agreement with affiliates of its sponsor, Royal Dutch Shell, to acquire Shell’s 79 percent interest in Mattox Pipeline Company, which owns the Mattox Pipeline, as well as certain logistics assets at the Shell Norco Manufacturing Complex.
The 90-mile, 24-inch system Mattox Pipeline transports oil into the Proteus and Endymion systems, which ultimately connect to onshore markets via the Clovelly, L.A. storage hub, according to Shell. The pipeline has a capacity of 300,000 barrels per day.
As part of the deal, SHLX has also acquired certain Norco logistics assets, which contain crude, chemicals, intermediate and finished product pipelines, storage tanks, docks, truck and rail racks, and supporting infrastructure.
The transaction is e
