Q4 2020 Shell Midstream Partners LP Earnings Call
[music].
Good morning, My name is Angela and I will be your conference operator today at this time I would like to welcome everyone to the two today's webcast for shell Midstream partners. At this time, all participants are on a listen only mode.
Mode I would now like to turn the call over to Jamie Parker Investor Relations Officer, you May begin your conference.
Thank you and Angela.
Welcome to today's webcast for shell Midstream partners with me today are Kevin Nichols, CEO, Shawn Carsten, CFO and Steve Ledbetter VP commercial.
Business development.
Slide two contains our safe Harbor statement.
We will be making forward looking statements related to future events and expectations during the presentation and Q&A session.
Actual results may differ materially from such statements and factors that could cause actual results to be different are included here as well as in today's press release.
And under risk factors and our filings with the SEC.
Today's call also contains certain non-GAAP financial measures. Please refer to the earnings press release and appendix on one of this presentation for important disclosures regarding such measures, including reconciliations to the most comparable GAAP financial measures.
We will take questions at the end of the presentation.
With that I'll turn the call over to Kevin Nichols.
Hey, Thanks, Jamie Good morning, everyone and welcome to our fourth quarter earnings webcast.
And even though we're already halfway through the month of February let me start by saying that after a difficult 2020, I hope that you and your families have had a healthy start to the new year.
And for those of you that are affected by the current winter storm and are dealing with power issues. We hope that you're safe you stay warm and things return for you.
To normal quickly.
I'll begin today by offering my reflections on 2020, I will then pass the call over to Steve who will provide a few operational updates and finally.
<unk> will walk you through the financials for the quarter.
2020 will forever be remembered as one of the most difficult periods in recent history with a pivotal shift and the ways, we interact and do business.
As a society, we experienced illness and unfortunately, the loss of lives due to COVID-19.
Sean a terrible pandemic that has had a profound impact on people the global economy and local businesses.
The oil and gas sector was not immune to these impacts as we've dealt with unprecedented supply and demand and balances as well as temporary demand destruction across the hydrocarbon value chain.
And we're still navigating today.
And the latter half of the year, we dealt with and active hurricane season, resulting in multiple producer shut ins that impacted production flow through many of our assets.
Against this backdrop shell midstream continued to deliver value for unit holders in 2020.
Which generating $767 million of EBITDA and $658 million of cash available for distribution.
This value delivery is evidence that our portfolio remains strong and in 2020, we were able to showcase our resilient framework and diverse portfolio with.
On the vital production and manufacturing hubs.
For all we close on our latest transaction acquiring certain logistics assets at the shell Norco manufacturing complex.
And and interest in the <unk> pipeline both of which.
Added derisk cash flows and further diversified.
Service portfolio.
With this transaction, we also eliminated our partners incentive distribution rights and.
Lining our structure with our unit holders interest.
As we close that transaction, we continue to look for ways to make the company and more sustainable for the future.
We performed a deep dive and.
<unk> the structure and our processes to reduce operational costs.
Now these are sustainable cost reductions initiatives to reduce our operational costs without sacrificing long term value.
And optimizing the size of the organization and a responsible way, allowing us to safely run our.
Assets, while maintaining our financial performance.
To give you a little color on some of the initiatives to lower our operating costs on the operational side, we've been able to utilize new digital technologies to gain insights into our spending and developed new innovative ways to reduce routine costs.
Further.
Further on this path, we have fundamentally changed how we use contractors and procure goods and services.
And finally, we are cross training our organization to optimize how work gets done on a daily basis.
These are just a few examples around sustainable cost savings all of which will ensure we are well positioned.
For the future.
As part of the optimization and reduction and the size of the organization, we took severance charges during the year for redundant staff.
And I can report the reorganization was substantially complete and we stood up the new organization at the end of October.
So what does this mean it.
It means for 'twenty and 'twenty, we achieved our target of lowering our costs by $10 million on an annualized basis.
And as we continue these initiatives into 2021, we expect to grow this level of annual savings to between 30 and $40 million.
Overall I am pleased.
<unk> with how the business has performed under such challenging circumstances.
Our staff has continued to rise to the challenge to keep America's energy moving all the while finding ways of working and managing through this difficult year, both personally and professionally.
While we hope for a better 2021.
The business is well positioned to operate safely reliably and cost effectively.
And we continue to manage the ongoing macroeconomic impacts of COVID-19.
So with that I'll pass it over to Steve to provide some operational updates and shed some light on management's priorities for 2021.
Steve over to you.
Thanks, Kevin and.
Look I couldn't agree more with the points that you made in 2020 was an unprecedented year in many ways, but despite all the challenges our organization truly prevailing and.
And the offshore the partnerships on overall increase in throughput at 14% when compared to the.
Prior quarter, which was primarily related to our producers returning to normal leverage levels. Following the hurricanes and planned producer turnarounds.
One benefit of our corridor strategy is connectivity to as many sources and destinations as possible and as you will see Poseidon and auger benefited from increased volumes this quarter.
This was due to our ability to accept barrels at various connection points and allow producers to flow as another Gulf pipeline underwent repairs from storm damage.
As you move to the onshore zydeco volumes increased and the fourth quarter, primarily related to offshore production coming back online following the hurricane season.
However.
And refined product systems continued to see impacts related to the pandemic as we experienced continued lower than normal throughput in the fourth quarter.
And we remain optimistic and expect that when demand improves across the U S. Our system throughput will recover as well.
Now to briefly touch on the news coming out of Washington.
As it pertains to the Gulf of Mexico.
As I'm sure you know there has been a department of interior order and executive order signed which are intended to address leasing and permitting on federal lands and waters.
And both our team and the largest shell team are currently engaging with the relevant government authorities and industry members and an effort to.
And we're about the orders and assess any impact.
That being said, it's still too early to understand exactly how all of this will play out and.
And currently no production has been impacted and we still hold a positive view on the Gulf and its ability to provide cost effective supply to meet the hydrocarbon needs of the United States.
Learn more.
All of this said, we have a long history of working safely and the Gulf of Mexico across many administrations and through changes to the leasing and permitting processes and the past.
While we work to gain clarity on any long term impacts I believe we are set up to continue to attract volumes and the Gulf as.
Products come online.
Our corridor strategy is robust and overtime, we have built for mainline interstates across the region.
As such when new production comes online either via tie back like power nap or a host like Vito, we have the ability to offer customers attractive option.
Newport and all of this is that little to no capital to the partnership.
In closing I want to remind everyone that our ability to continue delivering value to unit holders in this challenging quarter and year speaks to our operational capabilities and the resilience of our assets and our team.
And as we move.
And as 2021 shell midstream looks to continue demonstrating this resilience.
With that I will now hand, the call over to Sean Sean Thanks, Steve and.
And I reflect on the fourth quarter and the full year I'm pleased with how our assets have performed and a very difficult macroeconomic environment.
So first let me cover a.
Moving to key financial metrics for the quarter.
Our total revenue was $130 million and increase of $20 million from the third quarter.
Now this increase was primarily related to increased throughput on zydeco system as well as lower impact from Hurricanes and planned turnarounds in the fourth quarter.
Our operating expenses were $82 million up.
A few of our $7 million from the prior quarter, mostly related to the timing of normal maintenance expense and the severance accrual as we continued to advance our cost savings initiatives.
Income from equity investments was $87 million down about $22 million from the prior quarter, mostly related to the continued impact for both hurricanes and planned producer turnaround activity.
About the.
With all of this adjusted EBITDA attributable to the partnership was 188 million and after interest expense maintenance capital and other adjustments total cash available for distribution was $162 million.
On a partnership declared a distribution of <unk> 46 per LP unit and this resulted.
And and a coverage ratio for the quarter of one times.
Finally, we incurred 2 million and maintenance capex for the fourth quarter, mostly related to Datacom.
But now let me turn to the partnership's balance sheet and liquidity.
As of December 31, the partnership and total debt outstanding of $2 7 billion, which equates to a debt to EBITDA ratio.
Activity six times based on an annualized Q4 adjusted EBITDA.
We're comfortable with our balance sheet and we believe it allows us the desired flexibility to continue to effectively navigate these turbulent times.
So now let me turn to guidance for the year.
And the offshore we expect to have several producer turnarounds during the year.
Now based on the current planned turnaround schedule, we expect and impacted both net income and cash available for distributions of approximately $10 million, primarily and the second quarter.
And the Capex space, we plan to spend about $21 million and 2021 of which about $4 million will be growth capital related to our continued expansion.
Of the Permian gas gathering system.
And looking forward as mentioned previously by Kevin and we anticipate exiting 2021 with between $30 million to $40 million reductions and our operating cost run rate.
And as I close we're pleased to have a strong suite of high quality midstream assets, which.
Tradable and stable cash flows from which to work and.
And we believe that these assets.
Coupled with our strong balance sheet enables us to weather the uncertainties and the current market and we work to make shell midstream partners sustainable for years to come so with all of that let me hand, the call back over to Kevin and for some closing remarks Kevin.
And thanks, Sean and his men.
Any of you know at the end of March I'll be retiring from shell after more than 29 years with the company and <unk>.
Must say that it's been a true privilege for me personally and I've had the opportunity to leave shell midstream partners over the last three years and I'm really proud of what we've been able to accomplish and that time.
Provided my opinion, we've built an incredible company and we're delivering against a well founded strategy I.
And I believe we have the right management team in place to lead into the future and I have the utmost confidence and Steve and Sean to do that I truly believe that the best days for shell Midstream partners are yet to come.
And.
I'd like to say, thank you for you all our investors and the investment community.
It's been a pleasure to get to know you and to build relationships over the past few years and I just.
Want to say, thank you for that and your support.
So it's time to turn.
The reins over to.
And lastly and to.
And let Steve take shell midstream partners forward, so Steve for any closing remarks.
Kevin.
On behalf of the partnership and honestly the entire team and I want to thank you for you for your leadership and guidance that you've given us over the last several years and as you've mentioned shell.
To see partners has grown considerably and we really have achieved a lot you've helped set a solid foundation on which we can grow and I look forward to leading shell midstream into the future.
So with all that we will now take your questions operator.
Ladies and gentlemen, if you have a question at this time, please press the star and.
And then one key on your Touchtone telephone and for your question has been answered or you wish to remove yourself from the queue. Please press the pound key.
Our first question comes from the line of share Chris journey with UBS. Please go ahead.
I.
Hi, Good morning, everyone first I'd start off Kevin Congratulations on your upcoming retirement, well deserved and.
Hope you enjoy it well and be safe out there.
Thanks.
Maybe to start off a little bit on kind of wanted to go back to the beginning of your prepared remarks, where youre talking about the.
And the number of savings achieved and how you've set up a different organization.
And I sort of put all the pieces together here right you had a lot of changes last year.
Negative impacts, obviously from Covid and refined products for Hurricanes on.
Trying to understand without asking for a specific guide.
And more normalized.
Environment and it looks like when refined products return whatever quarter that is or whatever year that is.
Do the cost savings achieved become permanent and provider pushing it for new normal is a little different than the old normal.
Could be.
And we'll run rate of earnings actually be higher because of these cost savings.
Just any color that you can give on this hypothetical and.
Net tying it to a specific guide if possible.
Yes.
Okay.
Yeah, I'll start that one Steve and then I'll hand, it back to you I think without giving you specific guidance.
The sustainable cost savings on a like for like basis.
Truly would be incremental to the business under the normal operating conditions.
Against all of the systems and the rest of these are costs that we've taken out of the business finding ways to operate more efficiently effectively.
And without sacrificing for long term value.
And I'm taking away growth.
Yeah, I think just to add to that Shneur. This is this is Steve.
This is this is not a one time go after this without looking at the long time under our long term underlying sustainable approach and while we've made great progress.
As I mentioned earlier with the.
And $1 million, we do expect to be and the $30 million to $40 million range exiting 2021, but we have to go we have to go do the work and ensure that we can run safely and responsibly and that these things can be done and our sustainable and so I would expect that to be a sustainable outcome moving forward as we get to the end of 2020.
On the 10th and share this is Sean.
And as well I think.
We're not gonna bright future guidance of course, but if you think about it we have a modest growth coming on in 2022, which is positive. We do have this $30 million to $40 million, we expect to take out.
Of course of this year and.
And of course, indeed, we expect our clean products system.
And one is to return to more of a normal run rate once COVID-19 is behind us.
It's still much too early to say when kind of balance comes back to the U S energy markets.
Yes.
It was a hypothetical really.
Just trying to think about adjusting for zydeco and.
System like for.
We ended up a day and a better position and it sounds like youre, saying whenever that quarter happens.
And potentially it could be.
And I appreciate the color there and then maybe as a follow up question and sort of a longer term discussion.
In your conversations with shell.
And the pair.
And that became apparent.
Net to shell X relationship.
What's the direction going forward once we stabilize and.
And we operate and the post Covid world.
Are there going to be more assets available for shell eggs to acquire is that kind of the path that we should be thinking about.
We're.
It typically one of your peers recently made an offer to buy in their MLP.
And just kind of wondering how that discussion is currently unfolding within the Rds shell X world.
Hey, Shneur this is Steve and I'll take a lot to unpack on that one so I'll try to take it bye bye bye.
And I'll turn lanes to the announced market rollout that's a decision.
That would take place at the sponsor level and not a conversation that we would be part of but I'm certainly not aware of and your discussions taking taking place.
At this time.
We are focused on is continuing.
As it will drive the competitiveness nature, and the cost out and making sure that these things are sustainable and moving forward on a longer term basis and opportunities opportunistically looking at growth and leveraging our strategic footprint, both onshore and offshore and on refined products systems and believe and the capability of the underlying assets.
And you and it relates to drop.
At this point.
Current environment doesn't necessarily make sense for that right now, but we still believe that.
And that's one of the advantages we have access to.
Growth, alongside our sponsor and where theres and infrastructure needs and we stand ready to take a play on that.
And as it and I might just bolt on to Steve's comments share is that we do have and we've always operated a fairly conservative balance sheet and this also gives us plenty of opportunity and firepower to look.
And for small value added kind of bolt ons from third parties or opportunity opportunistic growth capex.
I think we're in and a relatively good position as we go.
And.
And as Steve highlighted we're really focused on just driving the business and making this.
<unk> business for us.
Got it that makes perfect sense really appreciate the color today, guys stay safe and Kevin once again congrats on retirement.
Thank you.
Your next question is from.
And as Derek Walker with Bank of America. Please go ahead.
Good morning, everyone.
And again.
The same comments, Kevin Congrats on your retirement and it's a pleasure working with you and Steve Congrats on the role and.
Certainly look forward, depending on working with you.
Maybe just interest.
I'll start off on.
On the line and ESG question.
Are you guys looking at so on the scope one scope two emissions, where do you see some of the opportunities and where do.
Do you really see some of the challenges.
In and around your asset base.
Derek you broke up a little bit could you state the question again please.
Sure Jamie just on ESG and I guess.
As far as ray and reducing scope one scope two emissions, where do you see some of the opportunities across your asset base and where do you see some of the challenges.
Yes, Steve I'll take that one we continue to look to make sure that we're operating in an environmentally responsible manner to the extent.
And we can improve.
And ensure that we don't have any unplanned fugitive emissions, we're looking at opportunities to improve.
How we went on.
Our footprint really looks like and thats from not only technology, but looking on alternative sources of power. Some of our things. We continue to have that as a cornerstone for for what we're doing moving moving.
<unk> Board, and we feel confident and and.
And our ability to continue to play and environmentally and socially responsible manner.
Okay.
Got it and then.
Oh go ahead.
Alright.
I would also add debt look there is no more environmentally friendly way to transport hydrocarbons and through the pipeline.
Versus moving on and trucks. So we also feel good about the kind of from the middle for the infrastructure.
Makes sense and then maybe just a quick one on the $10 million of DCF impacts related to planned turnarounds.
And at any of that coming from.
And maybe shifting of activity from from 2000.
'twenty.
And I guess when do you actually expect to see that $10 million impact. Thank you.
Yes, no no not and that's not any from from shifting from last year, and we expect the majority of that to be second quarter.
And I appreciate it I'll hop back in the queue appreciate guys. Thank you.
Okay.
Your next question is from the line of Theresa Chen with Barclays. Please go ahead.
Hi.
Also like to congratulate Kevin on your retirement and.
Express my thanks for your and substantial insight and guidance and hard work over the.
And shepherding this partnership and growing and over time, we wish you the batch and.
Thanks and congratulations.
Youre welcome and congratulations on such a steep for stepping into that would be enrolled me look forward to continuing to work with you.
I just <unk> sure I just have one.
Quick question for Sean actually.
And related to the uptake and Opex and your comments from the prepared remark on.
And on the norco and maintenance and severance accruals.
Looking at the step up from 39% and 53, how much was each piece.
How often that debt norco and maintenance happen are there other.
And are lumpy and maintenance items, we should think about in 'twenty and 'twenty, one and as we move forward from the 53, what should be a ratable quarterly run rate for this item.
Yes, so curious and without providing any kind of forward guidance look at this is it's much more ratable as we move forward and part of the Norco piece was.
Of course, <unk> screw with just one time events, we right size our organization for normal maintenance was partly due to COVID-19 and kind of.
And things getting pushed because of mix being safe and the plant and so.
So I think we'll probably see much more smooth kind of opex as we go forward assuming COVID-19.
And we get that.
This COVID-19 challenge.
Got it and when you say smooth opex going forward are we talking about kind of like the.
40 range that we've seen and second quarter third quarter as on average.
That a good rule of thumb.
Yes.
Friday.
You can always count on for Jamie and you might be able to.
And hope you think through whatever model you are working on.
Thank you.
Your next question is from the line of Joe <unk> with JP Morgan. Please go ahead.
Hi, good morning.
And I wonder if.
Just.
Kind.
Thinking about the distribution going forward and and <unk>.
And wondering if if you can talk about based on your internal forecast, whether you expect to maintain sufficient distribution coverage.
And the partial waiver expires this year and and also kind of.
If not would you be.
Be willing to run sub one times coverage and if youre kind of have.
A good visibility to growth and recovery.
For the remainder of the year.
Hey, Joe This is Steve Thanks for the question.
Look I can appreciate the need for you and <unk> and the market.
To add clarity on forward guidance.
But given the uncertainty and the volatility and the operating environment.
And the board just feel at this point, we're not we're not going to we're not going to go out with guidance and it is the best course of action to manage the business on a quarter by quarter basis, now having said.
Were comfortable and our underlying business.
We're going to be focused on competitiveness measures, taking cost out and make sure that sustainable growth around some of our strategic footprint and areas like the Gulf, where we had the expansion going on ahead of <unk>.
And power Nap and and the onshore we're looking at opportunity.
<unk>, where we're the evolving landscape fits nicely into our concentration of assets and then taking some some opportunities and our ventures and then and then the other thing I'd say is we feel very good about our balance sheet and.
The available liquidity to help us weather turbulent times whatever they may be.
Got it that's helpful. Thank you and then and then also just kind of maybe a high level question.
I think refinery rationalization as it has been topical over the past years, though and and I recognize shell eggs, maybe doesn't have as much exposure to some others, but kind of can you just talk about.
How how refinery rationalization and.
And you didn't go impact shell eggs.
Both over the near term with any impact from the combat refinery closure and and also kind of over the long term and and and how your assets are positioned there.
Yeah, I'll start maybe John.
And if you were to come in.
As far as the refinery Ross rationalization goes.
It's a very tricky one in terms of production.
Not only from different basins and and the refinery.
Need to meet customer demand and where that makes sense.
But what we see as we stand and a very good position with our.
Our exposure to the current base and to weather the storm very well with resilient based exposure from the Gulf of Mexico.
Fight the demand patterns and having a good portion of refinery cuts and then we also have access and investment and the refined products' premier refined products systems.
And that can go and efficiently and competitively compete to fill those those those customer customer needs and I think the other thing I might add to Steve's comments.
It's hard to know where rationalization might happen, but certainly.
Refiners that are along the Gulf coast for some of the most complex and most cost competitive and the world and so so I would.
Thank you.
And you'll probably see more activity elsewhere outside the Gulf coast, and I think that positions us very well.
Okay, great. Thank you for taking my question.
And once again, if you'd like to ask a question. Please press Star then the number one key on your Touchtone telephone.
And your final question is from the line of Michael Blum with Wells Fargo. Please go ahead.
Thanks, Good morning, everyone and I hope everyone and their families.
Safe and have power.
Crazy week for you guys.
So I had a few questions one.
As it relates to going back to an earlier question as it relates to the waiver that you're receiving now which I believe runs through the first quarter of this year.
Does that signify anything in terms of timing and other words that you and are you and the sponsor need to make some sort of decision around that at the end of that quarter.
Whether that be around structure of distribution or just really anything.
Yes, Michael its John.
Good to hear from you and I think no accident.
And.
Intuit and yell at this.
We're just continuing to run the business.
Yes, Youre correct labor does roll off after the first quarter this year, but.
We have no further guidance and.
As Steve highlighted earlier, we still have a very good balance sheet.
And 1 billion of liquidity and.
And it should there ever be a shortfall, we can always pull from that.
Okay, Great and then I'm wondering if you can just provide some details on on how you plan.
Plan to achieve this for $30 million to $40 million of cost reductions I guess 20 to 30 of incremental if you look at it like that.
Yes, Michael it's Steve I'll take that and it's a combination of things as we as we looked at and we took this on this challenge on about 18 months ago in terms of.
Getting competitiveness and drive more value to the partnership we have to go really look at how we make sure we manage our business and a sustainable and environmentally friendly.
Fashion, but at a competitive competitive level that allows us to go through either and the market and that really came with a few things one was how do we better leverage data I think we heard.
People, we heard some comments about that earlier, having real time insights to be able to make clear decisions on what is absolutely needed and why and how we go procure goods and services. We had some opportunities to go leverage people to multi steel and grow their own personal remit and have the capability to go do those things, we've actually gone out and been able to.
Say, whether or not we need certain third party work to be done or are those skills that we could do in house and there's a range of things and then as we've done that we've stacked up the needed activities and right size our organization associated with that so we're making great progress on that and there is still more work to be done and we will be laser focused on that and 2021 to ensure we deliver what we've committed.
Committed.
Great Thanks for that and my boss.
Last question.
So.
S strategy day.
Clearly articulated and energy transition.
Plan going forward and are reducing.
Dream and downstream oil and gas more emphasis on renewables et cetera.
And it is how does the MLP fit into this shift in strategy and basically how do you see the partnership playing a role here.
Yes.
Good question and it's one that's on quite a b and quite a few people's mind, let's move to this transition is one that's going to take time and this is not going to happen overnight and it's been you clearly are taking.
My question and that shell is not moving away from hydrocarbons.
They will be and important part of the mix in any scenario and.
And we have midstream assets that support our integrated value for.
And for shell and the assets that we do have our have exposure to some of the most competitive cost advantage and efficient base.
Taking it on.
In the in the and the portfolio.
So we see large opportunities still within the U S and thats not only as it relates to our business not only.
As it relates to shell. We also have exposure to some some very large customers offshore who continue to put capital to work in these.
<unk> debt will allow us to attract debt business, such as BP and Chevron so.
This is a longer term time, and it's going to move with the pace of society and we feel very good about our ability to be competitive and moving the hydrocarbons that are needed for the United States.
And Steve I'll add.
Area deepwater area is a core focus for shell and that aspect and the Gulf of Mexico.
Part of that and there'll be significant well, it's more focused spend on hydrocarbon and exploration.
And it will receive the investment in the Gulf of Mexico and projects like whale and other discoveries.
But these are still being.
Progressed and.
And the Gulf of Mexico, even during the energy transition.
Okay.
Great.
Appreciate all the answers have a good weekend everyone.
Okay. Thanks, Brian.
Yes.
Thank you we have no further questions I will now turn the call back over to Jamie Parker.
Thank you very much for your interest and shell midstream. If you have any additional follow up questions. Following today's presentation. Please feel free to call me directly my contact information can be found on the presentation materials as well as on our website shell midstream partners Dot com.
Ladies and gentlemen, this concludes.
Our conference call you May now disconnect your lines have a wonderful day.
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