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2014-06-22 15:05:00

SHELL SELL USA

SHELL SELL USA

Royal Dutch Shell Plc (RDSA) will sell shares in a U.S. pipeline business in the second half of this year as Europe's largest oil company takes advantage of investor appetite for North America's energy infrastructure.

Shell Midstream Partners LP's assets are expected to consist of ownership interests in four onshore and offshore pipelines located primarily in Texas and Louisiana, according to a filing today. The Houston-based partnership will trade on the New York Stock Exchange under the ticker SHLX.

Pipeline companies structured as tax-exempt master limited partnerships, or MLPs, have attracted investors by returning almost all their income to shareholders. Share prices have soared amid a boom in oil and gas production from U.S. shale fields. Shell Midstream forecasts $96.5 million of cash available for distribution to investors over the next 12 months.

"Everybody and their dog has got an MLP now in the U.S.," Iain Reid, a London-based analyst for BMO Capital Markets who rates Shell a buy and owns none of the shares, said today by phone. "The majors have kind of shied away from it, so this may be breaking new ground."

The announcement comes two days after Williams Cos. (WMB) said it will pay $6 billion to buy control of Access Midstream Partners LP (ACMP), the pipeline operator taken public in 2010 by Chesapeake Energy Corp. (CHK) under ousted chief executive officer Aubrey McClendon. The shale wildcatter now plans to invest in pipelines and processing plants through a midstream unit of his American Energy Partners LP, according to a statement today.

Dominion Resources Inc. (D), owner of Virginia's largest electric utility, plans to sell stakes in a partnership holding its liquefied natural gas terminal in Maryland and other assets.

Partnership Proposal

"Now you've got the first major and that's got us excited," Matt Sallee, who helps manage $17.5 billion at Tortoise Capital Advisors in Leawood, Kansas, including the first closed-end fund focused on MLPs. "It would not be surprising to see others follow suit. Shell's putting a seal of approval on the MLP space today."

Shell didn't say how much cash it will raise from the initial public offering. It's proposing to sell a 49 percent stake in the partnership that will own the assets and a 2 percent stake in the unit that will run the operation.

The company appears to be following the well-worn path of initially offering stakes in MLP with a few assets, then selling it more pipelines and processing plants in so-called "drop downs," harvesting cash while adding operations that increase investor payouts, Sallee said.

Extensive Assets

Shell's U.S. assets suitable for MLP ownership are extensive enough to rival the likes of Enterprise Products Partners LP. (EPD) Enterprise market cap is $69 billion, it pays investors a 3.8 percent return on the current share price, and that payout has risen by 5.7 percent over the past five years, according to data compiled by Bloomberg.

The Cushing 30 MLP index, which tracks the partnerships, has produced total returns of 24 percent over the last year, beating the Standard & Poor's 500 Index's 20 percent total return, which includes reinvested dividends.

Shell would be the largest oil company to launch a master-limited partnership. It ranks behind Exxon Mobil Corp. (XOM) in market value.

Barclays Plc (BARC) and Citigroup Inc. (C) are managing the proposed share sale, Shell said. The banks are the two leading advisers on North American pipeline deals this year, according to data compiled by Bloomberg.

Ho-Ho Network

Assets Shell will put into the partnership include stakes in the Ho-Ho network linking Houston and Houma in Louisiana, an offshore pipeline from the Mars field in the Gulf of Mexico and the Bengal and Colonial pipelines, which deliver fuel through the eastern U.S.

Shell Chief Executive Officer Ben van Beurden is selling assets to focus capital on projects with highest returns for investors. Yesterday the oil major announced it would raise $5 billion by selling a stake in Woodside Petroleum Ltd., Australia's largest oil and gas producer.

bloomberg.com

 

 

Tags: SHELL, OIL, USA

Chronicle:

SHELL SELL USA
November, 20, 09:05:00

INDIA'S GAS WILL UP

REUTERS - India’s natural gas consumption is expected to rise to 70 billion cubic metres (bcm) by 2022 and 100 bcm by 2030, according to a government think tank and the Oxford Institute of Energy Studies, up from 50 bcm now. India burns just 7 percent of what top user the United States consumes in a year with about a quarter of India’s population.

SHELL SELL USA
November, 20, 09:00:00

NORWAY SELLS OIL & GAS

Norway, which relies on oil and gas for about a fifth of economic output, would be less vulnerable to declining crude prices without its fund investing in the industry, the central bank said Thursday. The divestment would mark the second major step in scrubbing the world’s biggest wealth fund of climate risk, after it sold most of its coal stocks.

SHELL SELL USA
November, 20, 08:55:00

OIL PRICES UP

WSJ - Light, sweet crude for December delivery rose $1.41, or 2.6%, to $56.55 a barrel on the New York Mercantile Exchange, snapping a three-session losing streak. Brent, the global benchmark, advanced $1.36, or 2.2%, to $62.72 a barrel.

SHELL SELL USA
November, 20, 08:50:00

U.S. RIGS UP 8 TO 915

U.S. Rig Count is up 327 rigs from last year's count of 588, with oil rigs up 267, gas rigs up 61, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 24 rigs from last year's count of 184, with oil rigs up 9 and gas rigs up 15.

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