Shell Midstream Partners LP on Feb. 27 posted fourth-quarter 2017 adjusted EBITDA of $118.7 million, an increase from $84.3 million a year earlier.

The S&P Global Market Intelligence consensus estimate for adjusted EBITDA was $108.2 million.

The partnership's distributable cash flow in the quarter was $97.0 million, up from $82.7 million in the year-earlier period. Shell Midstream reported net income of $86.4 million, an increase from $69.5 million a year earlier.

"Earlier this month, we took steps to de-lever our balance sheet, which allows us to remain flexible for future growth," Shell Midstream CFO Shawn Carsten said. "As previously stated, we plan to acquire between $1.0 billion and $1.4 billion of assets from Shell in 2018, which will be funded with cash on hand and available debt capacity."