Shell Midstream Partners cuts distribution by 34.8%
Shell Midstream Partners, L.P. (SHLX) will cut its quarterly distribution by 34.8 percent to 30 cents. The MLP last raised its quarterly distribution by 3.4 percent to $0.46 per unit in Q1 of 2020. The dividend cut ends five straight years of distributions paid by Shell Midstream. This decrease was undertaken to ensure the Partnership’s near-term financial health, provide a long-term sustainable financial framework and allow the Partnership the ability to pursue projects that build upon its diverse portfolio and enhance unitholder value. The next distribution will be paid August 13, 2021 to unitholders of record as of August 3, 2021. A new annual rate of $1.20 per unit yields 8.9% at a stock price of $13.50. In 2020 Royal Dutch Shell plc, the UK/Netherlands based oil major, also cut the dividend, being the first cut since the second world war. Shell Midstream Partners, L.P., headquartered in Houston, Texas, is a growth-oriented master limited partnership formed by Roya...
