This page has been machine-translated. Click here to revert to original page
요약
Shell owns 68.5% of Shell Midstream (SHLX) and wants to buy out the rest for $12.89. This is obviously too low as it would imply a 2022 FCF yield of 14.2%.
SHLX owns pipelines in places where no new pipelines will be built. A significant portion of their assets carry oil out of the Gulf of Mexico, which will see increased production this year.
These are for the most part monopoly like assets on long term take or pay contracts that adjust for inflation