Bracewell Represents Financial Advisor to Conflicts Committee of Shell Midstream Partners, L.P. in Elimination of Incentive Distribution Rights and Agreement to Acquire Additional Assets From Shell

HOUSTON – Bracewell LLP represented Evercore, financial advisor to the Conflicts Committee of the Board of Directors of the general partner of Shell Midstream Partners, L.P. (NYSE: SHLX), regarding SHLX’s agreement with its general partner to eliminate all incentive distribution rights (IDRs) and economic general partner interest in SHLX and an agreement with affiliates of its sponsor, Royal Dutch Shell plc (Shell), to acquire Shell’s 79 percent interest in Mattox Pipeline Company LLC, which owns the Mattox Pipeline, and certain logistics assets at the Shell Norco Manufacturing Complex. As consideration for the assets and the elimination of IDRs, the sponsor will receive 160 million newly issued SHLX common units, plus $1.2 billion of Series A perpetual convertible preferred units at a price of $23.63 per unit.

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Bracewell lawyers involved in this transaction included:

Partner: Will Anderson

Associates: Benjamin J. Martin and Andrew W. Monk