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Shell waives $50M in sponsor payments from midstream MLP in 2019

Shell Midstream Partners LP finalized a partnership agreement with sponsor company Royal Dutch Shell PLC that will waive $50 million of incentive distribution rights, freeing up cash for future growth investments.

The incentive distribution rights, or IDRs, will be reduced by $17 million for the first quarter of 2019, $17 million for the second quarter and $16 million for the third quarter, according to a Dec. 21 news release. Shell Midstream on Nov. 2 announced that its sponsor waived part of its IDRs for 2019.

Shell Midstream owns and operates crude oil, refined products and natural gas pipelines, mostly delivering supplies to Gulf Coast and Midwest markets.