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After 'strong' Q1, Shell Midstream set up for distribution growth

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After 'strong' Q1, Shell Midstream set up for distribution growth

onMay 5 reported first-quarter net income attributable to the partnership of$55.3 million, or 36 cents per unit.

The S&PCapital IQ consensus normalized EPS estimate for the first quarter was 36 cents.

AdjustedEBITDA attributable to the partnership amounted to $65.5 million, according tothe earnings release, while cash available for distribution attributable to thepartnership was $59.7 million.

ShellMidstream declared$41.7 million in first-quarter distributions, resulting in a 1.4x coverageratio, according to the earnings release. As of March 31, Shell Midstream had$138.0 million of consolidated cash and cash equivalents on hand.

"ShellMidstream Partners' portfolio of diversified assets delivered strong financialresults in the first quarter of 2016 in spite of continued market volatility.We are on track to deliver top tier distribution growth for our unit holderswhich we will achieve through accretive drop downs and organic growth on oursystems," CEO John Hollowell said in the earnings release.