SHLX - Earnings call transcript Q3 2020 | Shell Midstream Partners, L.P.

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Operator

Good morning. My name is Dylan, and I'll be your conference operator today. At this time, I would like to welcome everyone to today's webcast for Shell Midstream Partners. [Operator Instructions]. I will now turn the call over to Jamie Parker, Investor Relations Officer.

conference. your begin may You

Jamie Parker

Slide Thank you. With Carsten, Shell Partners. Business webcast and statement. safe to today are today's Development. and me Commercial Shawn Ledbetter, for contains Kevin our Steve harbor Midstream VP, Welcome X Nichols, CFO; CEO;

presentation making materially measures, SEC. the here, under from call cause and measures. that Q&A comparable will most in such expectations be and earnings X disclosures future factors our measures. actual including and results in risk financial to today's as could be GAAP well included statements such statements as presentation forward-looking refer We session. contains filings different press financial results reconciliations to Actual with non-GAAP to this related events the release and Appendix important of during Today's and differ are the to may certain release factors the also for press Please regarding

that, the questions take will We to With at the end of call over Kevin. presentation. I'll the turn

Kevin Nichols

certainly, and and the one Jamie, our are active time. employees, is our difficult live focus earnings on welcome I hope events today, seasons to begin have I operations, These investors. recognize everyone, And safety safe customers certainly and XXXX. of staying good well as time can want impacted and remember this staff, that most quarter combined the since our our communities, during to and before And our unprecedented with an we we I continue the webcast. you safe through that of our to the pandemic, as third morning, hurricane Thanks, that

we shut as pandemic storms temporary as the activity these diversified These the quarter asset on well partnership a customers related throughput some a storms both refined offshore. and from see strength coming saw in turnaround base environment. Against the back as effects despite to impacted in to the difficult throughout Zydeco look saw the our production our impacts third continued reduction I planned caused we show In lower backdrop, quarters. the to to continue continued the volumes the macro offshore, Gulf. volumes customers. as as third the lower our destruction this from quarter, And As pandemic also demand in the systems from product in slightly several to second see and times related shut-ins in the

second to the With these the impacts quarter, and some able offset imbalance significant supply were through of demand in opportunities. we storage

more for work assets impact we're come in from restarted also production. in experience value the million of seeing inventory able to producers However, help during our not available the a And volumes damage these offset and to interruption quarter. operations to business order quarter, worked And business minimize commercial levels to off. teams reduction as maximize has in and the third assets this To supply impacts a our despite balanced challenging opportunities demand our we storage earnings, as are to storms. any have to deliver for it's from And think that our storms, note once result cash back the levels did material really as up important in million I any distribution. to approximately of overall pre-storm have we're $XX ramped $XXX of an

partnership. assets. provides grade of Mexico, customers no one advantaged and operational challenging optionality. of capabilities and activity we our capture and for and volumes Offshore, the where continue have we medium quarter we to the Our premier we by networks, ability corridor provides by Longer the bullish transportation the and remain in to Gulf resilience sponsor customers, year continued to to in continue delivering the our growth our ability little on unique term, to have crude and speaks these this development for to unitholders other of which see capital value an the required our

supply span chain to U.S. they ramp the products, and clean assets, to onshore with from global Our positioned and crude recovery. up the commodity longer we're term well

entire near we true is and volatility the see expect to with in uncertainty term. continued industry, As the

Given the future around decisions and as of that the on uncertainties well quarter-by-quarter continue distributions demand, the pandemic the these as still softening business in environment remain overall monitor will we basis. a make marketplace to regarding

that, the Shawn? call over with I'll hand now Shawn. So to

Shawn Carsten

Thanks, Kevin.

this assets have As economic on third the I reflect in environment. difficult performed our quarter, well

So me financial metrics our of for quarter. let cover key first, a the few

Our total million. $XX revenue was million, about of decrease a $XXX

impacts planned turnaround to by was Kevin was the along to this that partially decrease compared when The spoke Now the quarter. in related about higher about prior decrease million product earlier, $X activity. of storms multiple the revenue some primarily with offset

due this is sales of to allowance Now the oil.

were down severance the lower in to quarter, expenses operating $XX Our $X expense million million, current from related about mostly quarter. prior the

assessment and Now taxes. this offset an was cost of of increased partially allowance property oil by

this after total $XXX equity flat quarter. maintenance $XXX was million. distribution $X.XX capital and attributable And declared for income cash adjusted expense, all was partnership available interest other is distribution second million, of LP investments million, $XXX the and from and Our the with per was The EBITDA unit. this, partnership a with to adjustments,

primarily incurred Xx. maintenance ratio related we a of CapEx quarter, in resulted Zydeco. the in this coverage the And third $XX for about to of finally, Now million quarter

sheet and the balance for liquidity. now So partnership's

flexibility As a debt comfortable turbulent EBITDA. the with an adjusted of believe continue the times. X.Xx navigate September partnership on QX balance to billion, of outstanding has our these based of allows debt-to-EBITDA which we sheet, ratio We're us annualized to XX, desired equates effectively to total and $X.X it a

third updates both distribution the delayed the as let move of fourth hurricanes affected October, that Zeta, quarter in offshore, impact the the some impact This cash result activity to year. Gulf related from in expect of as quarter. few as have the and to turnaround to which the available Delta is and me a well planned an rest In was for we storms. to for $XX now income of approximately million a So this net

in As part XXXX. initiatives, our preservation we've operating sustainable of to in cost cash committed savings $XX already and million

savings to This addition in already really that we expect be range million XXXX. well report the of $XX also in $XX these captured pleased in million to would $XX this, are in we Now the underway inclusive I'm million. targets. of to achieve XXXX to

well balance high-quality as again Operator? let partnership strong we'll we for of that So close, me we the I coupled suite long with that, assets say term. with believe our sheet, your have And is and the questions. a all positioned midstream take now resilient

Operator

Instructions]. [Operator

the Gershuni Shneur comes from of from Our first question line UBS.

Shneur Gershuni

now? so respect you if savings it are sustainable concluding was and your how there about be it 'XX? savings incremental bit process expand wondering you're Or to If we it? how just the Maybe they cost scratching your throughout forth. materially to you I start can sort going cost about off surface with and can more with literally can on And of little of remarks are. talk a

Shawn Carsten

So thanks, Shneur.

the when of half we savings, operate this salaries sustainable a is we're we you made is movements, a related more So they're We've number the cost our to and other few efficiently. related wages, of on savings. but cost cost of believe about way think and Roughly focused one-off savings. fundamental in now half terms all reductions to structural right

Some are direct.

we're contractors services. our so direct So reducing and in --

has parent, and our sense wages. that reductions in some company, and are processes Shell Pipeline, salaries and the the indirect partnership, So that some is which service benefits our other made both directly in

As get they savings reductions, hope those MLP. make cost I to the those on passed helps. that

Shneur Gershuni

see that's come or Is down. well, or as another the right MLP at And of on Shell so to allocation of on an cost like follow the something does. a it level and of directly end But it that is within is up the structure? bulk some to Dutch Dutch of everybody project, of day. we out have there different just main project it layer kind now costs like at of the kind too, is maybe that, the the kind Royal review Royal is the there paraphrase, down ongoing this certainly take of process some of It to could to seems from

Kevin Nichols

about Yes, and team they're our doing. and started Shneur, sustain I Yes, year Shawn and other had in think things referring some competitive. Kevin. to last down things is and some bring this may Dutch -- management reshape you this I actually, at we looking costs But that already, Royal you be could the more hear our and to Shell how be

for an we're of place, on you to them Not a look in now about go continuous XXXX. willing been XXXX that comfortable this into as and at journey, as make idea exploration prioritize see MLP looking million we've will this in the culture as new SX improvement putting $XX or maybe also that that so It's is and work But doing, things And is little at how team, things take and on to platform manual efficient around things. the system far about past, million time. a that we things, better. and the as processes, out more leveraging We're installing how something ERP the do cost. those of for continue really creating things, to we, why continued ahead Shell we'll our talked we've are management that here guidance above things culture just SAP we're bit $XX give is we in and which digitize a can a the some we it

to continue is additional time. for that what now look in to some the for costs. always But place we've referred of So output had we'll program a Shawn

Shneur Gershuni

That makes sense.

journey So not -- but so the over. is

Kevin Nichols

over. The not journey is

Shneur Gershuni

Okay. And then -- right.

outlook do leading signaling is back second basically release time to there uncertainty in you here. outlined wondering trying And last Just the your understand change much -- quarterly that didn't just change? felt don't distribution if to to the then needed distribution? of the was -- you the that Or quarter, if this understand language you following and it predeclared the more we're about talk we Perfect. earnings just in a on trying I you Last for now this sort pre-release was so into you reported I'm and is do that we so Okay. typical, that there. the quarter, a when quarter, can forth. press language

Kevin Nichols

just Yes, investors, strategy talking looking for in about Shneur, let longer-term are we're I other everybody as not me forward. as one going advance. with and understand else out And quarter company our well you of the guidance start the

working got put trend the in pandemic, quarter it of looking that signaling we're a we're were look the were out headed change the the we've think at And we're a some next opening, the back certainly things the the for in at and States, we marketplaces XX certainly two, today. yesterday, from then, good flat from this take does With we cases and trends regards to you XX, If to all-time set of quarter in we ready to the not quarter direction fourth and cases four, months." pretty if changes, quarter, in place, that on the here the XX, three, I give keeping United how looking that say, understand perspective. "well, play fewer hospitalizations to in over rise. are general sit look it feedback, high in an

at countries You reimposing the locking and a sector. are cities it volatility are oil in of globally, restrictions. other gas look lot actually back There's again, down

and pick as movement there it's there's getting results give quarter. that quarter probably was right we this of we in to the guidance just some long-term down. now and as X to now more to the sit see than that think right And you right lot So quarter of work we towards you can not a just continue try last settle

Shneur Gershuni

one maybe final question And Okay. then.

for signpost think sort And of because now, payout looking kind touched right some the about you're that at. comfortable that if hypothetical next averages last everything we enough feel is intimated, were the here sort start-ups of perspective? If about here that few improve congestion and current and sort sort and you I and comfortable level activity quarters, we the that to having pausing the -- and cover a think of going talked forth. generating just everything maintain we're at something don't Like, there, else? to cash, to answer. rate right You've The backwards, way of the from so that of them expenses you in Trying -- forward as on that run you there? how with of the stays we out you're of so and you're from now, are wondering we

Kevin Nichols

and stability. on that for Yes. to when stability It's we've you more I'm guidance, play to sure, can comment we And shoot always not how any we looking that we're investors or guidance. give that Shneur. right to out. be deliver on Certainly, committed plays that scenario comes as would our that out --

things what's we've It's now. and the at with the And sector, the with before. the are happening happening looking running happen so looking that restrictions, right what's demand, that oil in with what's at happening same things been we're gas what the pandemic, tight coverage could

And like. PowerNap we see still trying so projects near the but to have of coming and Vito, course, growth, confident the on in looks out. are little a what that we're we're further term, with Longer term those bit our

Operator

Barclays. Our line the next Theresa question from comes Chen from of

Theresa Chen

their point? completely extension? great. ask recontracting rates Zydeco a expire for to you end just X-month of at color the Had are going be different recontracting for are contracts this the in could this couple I about shippers Any that the to at they I so wanted Or would you months. provide year, elected of the XX-month believe

Steven Ledbetter

Theresa, this Steve Yes. Ledbetter. is

and So the shippers the an But note currently, are of an we've follow I those mentioned, will see looking And a I'll the we that to impact waiting I the conversations, process. end up, contracts elected volatility open pretty typical season of been November, say to at one that And renew any the given still options. options locking X light contracts. various outside think, It's expire products, that think gathering. purposeful important just we've in have things with we that prior run from not think in gas the shippers that would in away XX longer-term in asset offshore, environment to we're or with those have I you months when the asset at Kevin that current the geography of in we in. that, are about And created our onshore, diversifying done refined that

position about the feel the the And to to so deliver overall we the capability longer good and partnership of mix term.

Theresa Chen

I contracts exposure it And to any remember correctly, barrel. Understood. to think as one a longer-dated does And of if wondering your Bakken just have was if I source on DAPL evolve? Zydeco, I continues that you

Steven Ledbetter

Yes.

to a as competitive exposure and the So the in what Bakken on stand manner. going solutions not in destination or we're barrel not the comment and move may ready points provide DAPL. ready result We barrels are may a of around to Nederland, efficient various to Houston, efficient not transpire only to also competitive but in and

Kevin Nichols

the Theresa, different to more customer points to thing system. move contract on has just number one there, has that that and a add that connect of and to source our

their got obligations So us are and And for the sound. contract options to multiple we've them.

Theresa Chen

Great. And offshore. switching to

projects think a happen on of what a landscape. far to we political pick and on the as third-party do affiliate as brain we So the get I'm And your questions the Wave. you if can lot customer go, curious Blue offshore get

do well on how as think long you about talk a of pipelines leases, portfolio So And is volumes as on there your if can can ban intact? you maybe the third-party remain sponsors' new your resiliency customers? the

Kevin Nichols

Yes. Thanks.

operated business very a throughout across found administrations, we successful we've that. multiple right? deliver number foremost, ways a of And to and First

and come those challenges. have certainly, So go, they'll their

hydrocarbon chain. next the of Gulf my decades Ben as the approach can far the need in decades, to take those a comments more of that. their They're hydrocarbons earlier Gulf And there that. being listen if against note. for specifically a is Mexico. be Mexico, to areas in on of continued transition, to for be about for there'll Shell's very the and by the Mexico, things Gulf really in next focused role webcast, highlighted the bullish webcast you Shell energy of couple will development to a one of earnings of the we investment and going As But of talk about certainly the backdrop hydrocarbon and

other to also the had. confident so their against those Whale, And they've the even and feel but in of or market, feels of progress we projects bring -- they tiebacks, commercializing, administration change. that we're discoveries very leases Blacktip I ability in large they're in have have progression like already an our that Those very Shell confident Vito that commercial other to the that and them funnel backdrop leases confident and planned sponsors' PowerNap those

term think out. years plus XX I leases out, usually longer and that's coming but

confident Gulf profiles X very years. in the for next our So Mexico to of X

Theresa Chen

the -- permitting se? the you addition as there see to if customers related the if And declining pipe? into the as Understood. your sponsor's slowdown, that any that Do volumes actual is in physically projects impact new volumes ban flow per to and permitting leases, on is risk well are a third-party process of going to how there does your portfolio

Kevin Nichols

is existing with actually wide project existing Well, there's volumes expansion I and getting normally without just place. on of a debottleneck and platform put about Mars we move there. as the the to about so of pumps infrastructure things permits capability are the extensive necessary and our on is going the new mean, to issues permit that's build new the new already platform. What infrastructure for couple place footprint permitted construction having hear is like as I in to one in to build to benefits adding infrastructure of have an think an you and anything. which far what build Offshore, things

frame. front you to and of certain lease, and oil from to regulation. of and you offshore with have milestone a to Gulf an the defined agree the a infrastructure place market permit plan a and you development Mexico, developer's have under drill risk time into the bring you government, in a then So perspective, put very there. you that guidance end on and lot see BSEE don't When a perspective the From do

offshore. It's much things and those in like think it's new better. we putting permitting think -- isn't I infrastructure onshore So

Operator

question Gabe the Mizuho. our comes next I line from Moreen show of from

Gabriel Moreen

wanted about 'XX I'm just of built outlook. net been curious ask the reduced over nothing you quarters. debt to has kind the spent about, CapEx far. I X rather look, so a just last Clearly,

quarters. and I sheet You're on of those distribution? some in, of hopper hopefully, the dollars building over coming anything that guess, your are allocate of couple there you've cash got, the in over at last least balance Is the planned above kind

Shawn Carsten

So this for question. Shawn. Thanks Gabe, the is

provided guidance So 'XX we for haven't CapEx. for

small on whether highlight, you projects debt. reduce up us to just building cash will is balance That it's or As sheet. allow our do

And so as there. get -- but we'll see we

Gabriel Moreen

to was asked barrels Okay. don't PADD also just into there but as the ask, it Colonial previously, I some changes, to more and know push And refinery just of hopefully, then wondering running recovers? if X how an I is X, demand opportunity wanted whether there's with PADD of kind just

Steven Ledbetter

Yes.

the So Gabe, change to access continue It be resilient, to talked one. refinery happening that pandemic there up that able of is there. compete we this so we've advantage earlier, and are and matter past couple with to what whatever in is to things patterns. production some pad. the take various do -- over obviously of quarter exposure seen continues with cost has Steve. mean in to still and supply Harbor, I Colonial be that see is but about that this to has unfold I'll quarters as may no Colonial we things demand can very What New they compete terms York the a

Operator

the America. Bank next of of show from Walker line question comes from I Derek our

Derek Walker

the the quick get just around a outlook expansion. just sure make I Mars to Maybe to update. just I want want

it? about I change ramp but Just it. it current and of know I talked want around the how been there's of change around any about past, about the if project that to has thinking just how environment, in the been kind timing on there you're they any you've given see any

Steven Ledbetter

Yes, margin about is Steve. this still Derek, very expansion. excited the we're

We have place. LOIs in

we've agreements project in definitive XXXX. project barrels as advance the and end XX,XXX about We in online PowerNap of constructed with through a talked day. the of expect for being the by built we've XXXX and brought year the in roughly coming late additional flows corridor the past, Vito And

Kevin Nichols

expenditure do just from won't of that we everybody for for have the CapEx that remind a that last partnership perspective expansion, customers. we'll to as And the call,

Derek Walker

And far? shut-ins, learned you on Got question. of just a as lot alluded variability there's with maybe an to know the just then lessons et Any weather of it. going cetera. operational so I lot --

cost the COVID-XX that on in the pandemic You've also talked coming think the But on you the lessons learned on efficiencies been about and operations just personnel to far diligent use? just around front run. and volumes offshore, on back any personnel there. systems, I as as just

want quarters how any So you're of progressed guys couple that -- last to more you you are and seeing -- for just kind the I things just see of how efficiencies around front? have

Kevin Nichols

to to of we're continue using type talked are quarter that last XX Yes. deploy course. travel or to also I XX through have the continuing costs shifts all We efficiency, the our on, and pandemic thing fewer of more that virtual to we exposure. and as and and with pandemic learn we off we'll changed tools, COVID-XX about mean, helicopters, it the those, technology to manage

the a on perspective you shut to the operations then as you finally, health And once down. the a event platform in, how with quarantine to the or our from the producers on going on there both starting take is to prevent an and people exposure people well the Then and continue gotten platform taking I have the How crew happening having platforms, our we've good up. week If customers our crew on platform, the bring platforms, downtime to COVID, that ready, customers issue. platforms on through at to think the producers off minimizing front from in a case, that it have the and cleaning bringing need it exposure them far to without that as having of other the deal the back an the trying off, operate think deployment platform the platform. as has learn really do as to prior quarantine not we're a for offshore. on do it's I

connected from don't incident platforms our one particular numbers any from material COVID any having offshore with assets. of impact we have to So

Operator

Credit next comes the Our Spiro from of question Dounis from line Suisse.

Spiro Dounis

in questions announcements you, of here. the related sponsor both Very one back to going to new side and and struggling provide first on have with guess, for this Just a policy the a framework lack ability And I of And of distribution things. environment. capital with the is out your understandable relates to I'm two what come sponsor's the same some recent level uncertainty. to clarity presumably

I why coordinated we guess, is, finalized make wondering So does need I'm come the your see before a plan your maybe more to And go to and and out don't it SHLX? effort right just think announce for these decisions about together? can plans to be you sponsor's way all implemented

Steven Ledbetter

that the question did certainly Well, no, distribution when sponsor the a a say about cut, there should read-through wouldn't not announced we we be have cut, and I business, business mean, from It's their case. from the distribution sort got than I operate nature. exposures that? in which very ours. classes And global our there, of they answer It different and ours. a has of manage is is different same the isn't different

there our isn't we portfolio does the and one-for-one a their what sponsor what So between with correlation do portfolio. necessarily with

this extended That's to continue as MLP for vehicle. at We investment. the us. They've sponsor very that changed. had not terms favorable company this they've strong long-term have look They support a and credit

of much a Gulf footprint lot talk Mexico focus the in a crude. waiver next through assets wider as to on heard, value we the have underpin evacuation a Ben We year. first chain. about Mexico, And we -- the in They that of you quarter and underpin of in Gulf continue their have of have premier the place of there that high-quality

grow, as grow. So we they

relationship good as well. a there's So there

Spiro Dounis

that last picking maybe up around And point enough. growth. Fair on

talked Gulf of of about I think also areas growth X RDS outside Mexico. maybe

think X X some marketing, you within I I talk I SHLX more I than biofuels, guess, about believe, can others, probably are buckets, participate, the assume? hydrogen power, those how and mentioned. Can

Steven Ledbetter

Yes.

an question need as new the for let's we've is is anything and or space, Gulf in the an start specific assets where our you with United energy one, and guidance then infrastructure think chain, obvious is the Mexico and and in with States participate in for to hydrogen projects, those at But -- the consider and the would we play But The right, assets. this got hydrocarbon yes, And there, the also longer have there's potentially you existing there projects. hydrocarbons we'll to be of energy the which that? through time be first things. with one, would and the from renewable alternative opportunity no answer opportunity value kinds term time gas to transition definitive solar, time of I

grown, with we into from traditional of being the like a think mean, we of I have that's it -- X/X the this benefit energy we've right have Ben how transition alternative and like. I marketing associated and better position a income and an third energy. sponsor hydrocarbons capital And Spiro, Shell. let's just as as a see X/X going the MLP. And in about road qualified said about talked looks ahead and is the now,

we MLPs, opportunities new if a may take Blue that new to some on is the course, if of rewrite able thing, currently can't structure. we're enjoy is -- they given rules that up around the as So grow. assets some other there our a nonqualified Wave, we open tax But

Operator

Our next Fargo. from the of Michael question Wells Blum line comes from

Michael Blum

Just point. this really one question at

contractually of revenue? you? a in refresh just are just come Do terms do of you Mexico any have the lost it's the contracts wanted -- we is insurance? how that BI with protects through? but this -- there as memories more is fourth anything these think Or I Just these Gulf to that our protection you hurricanes you get of Or quarter guess, question, in when can just structured

Kevin Nichols

contributed. contracts recently mixed have the different circumstances. It's offshore. number of Yes. a just Mattox that negotiated Pipeline There was minimums for contracts are a different like bag that We've

others the flowing. So the are long paid. of as of lease volumes get dedication so where or volumes we There have life regardless are of we the flow, from field, but

volume exposed their -- the captive -- kind shut you that's we in while we're particular have bring production, insurance component a it. our customer talk Shawn, to to of So shore, that. Maybe, of to to can about to if they the we system

Shawn Carsten

Yes. Thanks, Kevin. Thanks, Michael.

our do on we BI have So insurance assets.

different our have that of limiting inasmuch provide they insurance covered producers. our for so a course, damage, that's can't to If as BI storm to damage have and deliver And insurance. assets be we from we would barrels, would But a we our then ability by story.

Operator

question JPMorgan. of comes next from line Joe from Our the Martoglio

Joseph Martoglio

guess, was? to we significant that quarter? discuss the ask opportunity Wondering in you can remarks. And the Yes, that's how mentioned wanted stepping at kind I -- prepared of the first one. down a about should you storage fourth if how point, all this first I on think that in at

Kevin Nichols

Joe. Yes,

ratcheted the were we level demand when the what as a two it actually, was dislocation offset between supply, us There the clearly destruction. to that maybe really an at really trying didn't which it was, height there, So for destroyed. some not quarter as of I been at helped was significant down of was in I gap the had and could demand pandemic highlight I opportunity do had same as

In refineries offset kind And of store and little took we and balance demand could so a has now come barrels production into some they were QX, that, producers gap to the looking it anywhere advantage helped bit the now opportunities more. equilibrated and in of QX. where that for closer find has of supply and it,

much opportunity. of that So storage there's not as

We'll opportunities. perspective changed have kind modeling the of around it So from I in that has anything continue storage perspective marketplace, but from from to really take we profile when on it count QX. QX to a wouldn't a

Joseph Martoglio

that that I expected rate have run job a year. where again CapEx, reducing down XXXX. Then wanted That we maintenance about kind guys is forward? stepped consistently I also makes what's should there some to done it of it for ask that in and good this anything think got as How Okay. sense. savings? maintenance noticed a going kind out? cost on of of Was pushed just Or you

Shawn Carsten

Yes.

it's Joe, Shawn. So,

But haven't going So many guidance forward. we out. we too haven't regards we any pushed with that provided had for projects -- to

about was necessary assets. -- safety. our So is what we our absolutely to try priority for do first always We

forward, how provided best that. model on you and guess, you much model that, as forward but in might you how as I we work And on going that rate run can so guidance any with the haven't Jamie

Operator

to will We I Parker. have now over Jamie call questions. the back no turn further

Jamie Parker

Yes. for Thank your interest Midstream you Shell Partners. in

following materials me additional presentation, If can on My call be found any you. you directly. to feel information on the today's as presentation questions shellmidstreampartners.com. website, Thank free have contact our please well follow-up as

Operator

this call. conference today's Thank participating. concludes gentlemen, and you for Ladies

You now disconnect. may

Shell Midstream Partners (SHLX) 30 Oct 202020 Q3 Earnings call transcript