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BP MIDSTREAM PARTNERS LP

(BPMP)
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BP MIDSTREAM PARTNERS LP : Other Events, Financial Statements and Exhibits (form 8-K)

09/10/2021 | 05:27pm EST

Item 8.01 Other Events.

Operators of Gulf of Mexico pipelines in which BP Midstream Partners ("BPMP" or the "Partnership") has interests, as well as operators of production facilities connected to these pipelines, including BPMP's sponsor, bp, continue to assess the impacts of Hurricane Ida.


bp provides updates on its website at
https://www.bp.com/en_us/united-states/home/news/storm-center.html.

On September 10, 2021, Shell Pipeline Company, L.P., the operator of the Mars, Proteus and Endymion pipelines, in which BPMP owns interests, issued the following update relevant to BPMP:

"Shell Midstream Partners, L.P. (NYSE:SHLX) ("Shell Midstream Partners" or the "Partnership") and Shell Pipeline Company LP ("SPLC") are continuing to perform Hurricane Ida impact assessments on all of their owned or operated assets in the Gulf of Mexico and onshore Louisiana. The Partnership can report the following at this time:

•The Partnership's operated pipelines, including ... Proteus, Endymion, ... are currently in various stages of re-staffing, re-supplying and performing ongoing safety and stand-up tests. The Partnership expects that these systems will begin returning to commercial service within the next week.

•Mars: All parties are continuing to assess and determine the extent of damage to the SPLC operated West Delta 143 facilities, as well as when it will be safe to return to service. Today, Shell Offshore Inc. ("SOI") provided notice to Mars Oil Pipeline Company ("Mars") that, effective as of August 29, 2021, Hurricane Ida constituted an event of force majeure under certain agreements between SOI and Mars, damaging the West Delta 143 facilities and causing a shut-down of such facilities for an unknown duration.

The Partnership will continue to provide updates on the company website, www.shellmidstreampartners.com, as information becomes available.

Shell Midstream Partners' primary focus continues to be the safety of its affiliates' employees and the protection of the environment."

BPMP owns a 28.5% interest in Mars and a 65.0% interest in the Mardi Gras Transportation System Company, LLC, which holds a 65% interest in each of Proteus and Endymion. BPMP also owns 22.7% of the Ursa pipeline, which feeds into the Mars pipeline. The Partnership will make additional public disclosures when appropriate to do so.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.
Number              Description

                    Cover Page Interactive Data File - the cover page interactive data file
                    does not appear in the Interactive Data File because its XBRL tags are
104                 embedded within the Inline XBRL document

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2021 119 M - -
Net income 2021 151 M - -
Net Debt 2021 330 M - -
P/E ratio 2021 8,82x
Yield 2021 11,0%
Capitalization 1 346 M 1 346 M -
EV / Sales 2021 14,1x
EV / Sales 2022 13,0x
Nbr of Employees -
Free-Float 45,6%
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Number of Analysts 6
Last Close Price 12,84 $
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Robert P. Zinsmeister Chief Executive Officer & Director
Jack T. Collins Chief Financial Officer & Director
J. Douglas Sparkman Chairman
David Kurt Chief Operating Officer
Robert A. Malone Independent Director & General Partner
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