Royal Dutch Shell said it plans to launch an initial public offering later this year for its U.S. pipeline business, Shell Midstream Partners, L.P.
Headquartered in Houston, Texas, Shell Midstream Partners said it plans to sell shares in four onshore and offshore pipelines located primarily in Texas and Louisiana, according to a statement released Wednesday.
Shell Midstream plans to apply to list the common units on the New York Stock Exchange under the ticker symbol "SHLX". The offering is expected to occur in the second half of this year. The company did not say how much it plans to raise through the IPO.
Barclays and Citigroup are acting as book-running managers and structuring agents for the proposed offering.
Shell has a presence in the Marcellus Shale region. The company acquired a driller, East Resouces, in 2010 for $4.7 billion, and is considering building a multi-billion ethane cracker in Beaver County.
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