Shell Midstream Partners (SHLX) Financial Report Summaries

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Readability	H.S. sophomore Avg

New words: absence, achieving, attention, Attorney, banc, beneficial, beneficially, Branch, central, CIBT, CIRCIA, cleared, Columbia, consultation, copy, coupled, defend, defense, delay, delayed, delist, deregister, Des, devote, District, diverted, Embassy, en, Exhibit, feedback, foregoing, forthcoming, Hague, Incident, injunction, intermediary, Islamic, Lastly, lawsuit, liable, mail, merge, merger, passive, percent, petition, prescriptive, printing, prohibiting, promptly, purport, pursuit, Quantitative, refrain, Republic, requisite, rulemaking, Semisonic, sought, SUSA, technical, tender, text, therefrom, thereof, thereon, timeframe, unanimously, USA, venue, version, vigorously, written, York

Removed: Port, priority, recently, Seattle, tying

From filing 10-Q 2022 Q2

Financial report summary

Risks

The Transaction may not be consummated, which may cause the market price of our common units to decline.
We may be subject to lawsuits relating to the Transaction, which could materially adversely affect our operations and
financial condition or prevent or delay completion of the Transaction.
The Transaction with SUSA is a taxable transaction and the resulting tax liability of our common unitholders, if any, will
depend on each such common unitholder’s particular situation.

Management Discussion

(1) For a reconciliation of Adjusted EBITDA and CAFD attributable to the Partnership to their most comparable GAAP measures, please read “—Reconciliation of Non-GAAP Measures.”
(1) Pipeline throughput is defined as the volume of delivered barrels. For additional information regarding our pipeline and terminal systems, refer to Part I, Items 1 and 2. – Business and Properties – Our Assets and Operations in our 2021 Annual Report.
(2) The actual delivered barrels for Mattox are disclosed in the above table for the comparative periods. However, Mattox is billed by monthly minimum quantity per dedication and transportation agreements. Based on the contracted volume determined in the agreements, the thousands of barrels per day (for revenue calculation purposes) for Mattox are 170 barrels per day for both the three and six months ended June 30, 2022, and 154 barrels per day for both the three and six months ended June 30, 2021.