Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.


On October 28, 2014, Shell Midstream Partners, L.P., a limited partnership formed by Royal Dutch Shell, announced the pricing of its initial public offering of 40,000,000 common units representing limited partner interests at $23.00 per common unit. The underwriters of the offering have a 30-day option to purchase up to an additional 6,000,000 common units from Shell Midstream Partners. The common units will begin trading on the New York Stock Exchange on October 29, 2014 under the ticker symbol “SHLX.”  The offering is expected to close on or about November 3, 2014, subject to customary closing conditions.

At the closing of this offering, the public will own a 29.0 percent limited partner interest in Shell Midstream Partners, or a 33.4 percent limited partner interest if the underwriters exercise in full their option to purchase additional common units. Royal Dutch Shell, through certain of its subsidiaries, will own the remaining limited partner interest in Shell Midstream Partners, as well as its 2.0 percent general partner interest.

Hillary Holmes
Hillary Holmes

Shell Midstream Partners is a fee-based, growth-oriented master limited partnership recently formed by Royal Dutch Shell to own, operate, develop and acquire pipelines and other midstream assets. Shell Midstream Partners’ initial assets consist of interests in entities that own crude oil and refined products pipelines serving as key infrastructure to transport growing onshore and offshore crude oil production to Gulf Coast refining markets and to deliver refined products from those markets to major demand centers.

Baker Botts represented Shell Oil Company in this transaction.

Type of Offering: Initial Public Offering of Master Limited Partnership

Client: Shell Oil Company

Outside Counsel to Client: Baker Botts L.L.P. as issuer’s counsel

Other Parties: Barclays, Citigroup, Morgan Stanley and UBS Investment Bank are acting as book-running managers for the offering; Credit Suisse, Goldman Sachs, JP Morgan, Wells Fargo, RBC Capital Markets and Credit Agricole are acting as co-managers.

Outside Counsel to Other Parties: Vinson & Elkins LLP as underwriters’ counsel

Value: Up to $1,058,000,000 gross proceeds ($920,000,000 gross proceeds in base offering)

Baker Botts Lawyers/Office Involved: Kelly Rose (Partner, Houston); Hillary Holmes (Partner, Houston); A.J. Ericksen (Partner, Houston); Josh Davidson (Partner, Houston); Suparna Salil (Associate, Houston); Justine Robinson (Associate, Houston); Lakshmi Ramanathan (Associate, Houston); Laura Katherine Mann (Associate, Houston); Sarah McDermand (Associate, Houston); James Chenoweth (Partner, Houston); Mike Bresson (Partner, Houston); Jared Meier (Partner, New York); Michael Telford (Associate, Houston); Kathryn McEvilly (Associate, Houston), Zack Pullin (Associate, Houston); Rob Fowler (Partner, Houston); Matt Kuryla (Partner, Houston); Devi Chandrasekaran (Associate, Houston); Matt Larsen (Partner, Dallas), Terence Rozier-Byrd (Senior Associate, New York)