Shell to sell interest in Colonial Enterprises Inc. to Brookfield 
subsidiary 
 
 
   PR Newswire 
 
 
   HOUSTON, April 3, 2025 
 
 
   HOUSTON, April 3, 2025 /PRNewswire/ -- Shell Midstream Operating LLC 
(SMUS), a subsidiary of Shell plc ("Shell"), has agreed to sell its 
16.125% interest in Colonial Enterprises, Inc. ("Colonial") to Colossus 
AcquireCo LLC, a wholly owned subsidiary of Brookfield Infrastructure 
Partners L.P. and its institutional partners (collectively, 
"Brookfield"), for $1.45 billion. 
 
 
 
   "This divestment reflects our focus on performance, discipline and 
simplification," said Andrew Smith, President of Shell Trading & Supply. 
"It will allow us to concentrate on areas where we have scale and 
competitive advantage." 
 
 
   The transaction is subject to regulatory approvals and is expected to 
close in Q4 2025. 
 
 
   Notes to editors 
 
 
   -- Together with Shell, the co-owners of Colonial Enterprises, Inc. have 
 
      agreed to sell 100% of their Colonial shares to Brookfield. Colonial is 
 
      divided among five partners: Shell Midstream Operating LLC (16.125%), 
 
      Koch Capital Investments Company, LLC (28.088%); KKR-Keats Pipeline 
 
      Investors, L.P. (23.443%); Caisse de dépôt et placement du 
 
      Québec (16.549%); and IFM Investors $(IFM.AU)$ (15.795%). 
 
 
 
   -- The sale values Shell's share of Colonial at $1.45 billion, inclusive of 
 
      approximately $500 million in non-recourse debt and excluding customary 
 
      closing adjustments. 
 
 
 
   -- Colonial operates as an independent company and fully owns Colonial 
 
      Pipeline Company (CPC), a non-operated venture, as well as Colonial 
 
      Marketing Company. CPC provides oil products transportation services from 
 
      the US Gulf Coast to the US Atlantic Seaboard. 
 
 
 
   -- Shell Midstream Operating LLC is an indirect, wholly owned subsidiary of 
 
      Shell Pipeline Company LP, and the largest pipeline operator in the Gulf 
 
      of America. It transports 1.5 billion barrels of crude oil, refined 
 
      products, chemicals and NGLs annually through its vast network of 
 
      pipelines and tank farms across 12 states and the Gulf of America. 
 
 
 
   -- The U.S. is a key market for Shell, where it has interests in 50 states 
 
      and employs more than 12,000 people who work to provide a secure supply 
 
      of energy today, while tackling the energy challenges of the future. 
 
      Shell's U.S. portfolio of operated companies and interests consists of 
 
      oil, natural gas, petrochemicals, lubricants and refined fuel products 
 
      along with renewables such as wind, solar, and mobility segments like 
 
      electric vehicle charging. 
 
 
   Cautionary note 
 
 
   The companies in which Shell plc directly and indirectly owns 
investments are separate legal entities. In this press release "Shell", 
"Shell Group" and "Group" are sometimes used for convenience where 
references are made to Shell plc and its subsidiaries in general. 
Likewise, the words "we", "us" and "our" are also used to refer to Shell 
plc and its subsidiaries in general or to those who work for them. These 
terms are also used where no useful purpose is served by identifying the 
particular entity or entities. "Subsidiaries", "Shell subsidiaries" 
and "Shell companies" as used in this press release refer to entities 
over which Shell plc either directly or indirectly has control. The term 
"joint venture", "joint operations", "joint arrangements", and 
"associates" may also be used to refer to a commercial arrangement in 
which Shell has a direct or indirect ownership interest with one or more 
parties. The term "Shell interest" is used for convenience to indicate 
the direct and/or indirect ownership interest held by Shell in an entity 
or unincorporated joint arrangement, after exclusion of all third-party 
interest. 
 
 
   Forward-looking Statements 
 
 
   This press release contains forward-looking statements (within the 
meaning of the U.S. Private Securities Litigation Reform Act of 1995) 
concerning the financial condition, results of operations and businesses 
of Shell. All statements other than statements of historical fact are, 
or may be deemed to be, forward-looking statements. Forward-looking 
statements are statements of future expectations that are based on 
management's current expectations and assumptions and involve known and 
unknown risks and uncertainties that could cause actual results, 
performance or events to differ materially from those expressed or 
implied in these statements. Forward-looking statements include, among 
other things, statements concerning the potential exposure of Shell to 
market risks and statements expressing management's expectations, 
beliefs, estimates, forecasts, projections and assumptions. These 
forward-looking statements are identified by their use of terms and 
phrases such as "aim"; "ambition"; "anticipate"; "believe"; 
"commit"; "commitment"; "could"; "estimate"; "expect"; "goals"; 
"intend"; "may"; "milestones"; "objectives"; "outlook"; 
"plan"; "probably"; "project"; "risks"; "schedule"; "seek"; 
"should"; "target"; "will"; "would" and similar terms and phrases. 
There are a number of factors that could affect the future operations of 
Shell and could cause those results to differ materially from those 
expressed in the forward-looking statements included in this press 
release, including (without limitation): (a) price fluctuations in crude 
oil and natural gas; (b) changes in demand for Shell's products; (c) 
currency fluctuations; (d) drilling and production results; (e) reserves 
estimates; (f) loss of market share and industry competition; (g) 
environmental and physical risks; (h) risks associated with the 
identification of suitable potential acquisition properties and targets, 
and successful negotiation and completion of such transactions; (i) the 
risk of doing business in developing countries and countries subject to 
international sanctions; (j) legislative, judicial, fiscal and 
regulatory developments including regulatory measures addressing climate 
change; (k) economic and financial market conditions in various 
countries and regions; (l) political risks, including the risks of 
expropriation and renegotiation of the terms of contracts with 
governmental entities, delays or advancements in the approval of 
projects and delays in the reimbursement for shared costs; (m) risks 
associated with the impact of pandemics, such as the COVID-19 
(coronavirus) outbreak, regional conflicts, such as the Russia-Ukraine 
war, and a significant cybersecurity breach; and (n) changes in trading 
conditions. No assurance is provided that future dividend payments will 
match or exceed previous dividend payments. All forward-looking 
statements contained in this press release are expressly qualified in 
their entirety by the cautionary statements contained or referred to in 
this section. Readers should not place undue reliance on forward-looking 
statements. Additional risk factors that may affect future results are 
contained in Shell plc's Form 20-F for the year ended December 31, 2024 
(available at www.shell.com/investors/news-and-filings/sec-filings.html 
and www.sec.gov). These risk factors also expressly qualify all 
forward-looking statements contained in this press release and should be 
considered by the reader. Each forward-looking statement speaks only as 
of the date of this press release, April 3, 2025. Neither Shell plc nor 
any of its subsidiaries undertake any obligation to publicly update or 
revise any forward-looking statement as a result of new information, 
future events or other information. In light of these risks, results 
could differ materially from those stated, implied or inferred from the 
forward-looking statements contained in this press release. 
 
 
   Shell's Net Carbon Intensity 
 
 
   Also, in this press release we may refer to Shell's "Net Carbon 
Intensity" $(NCI)$, which includes Shell's carbon emissions from the 
production of our energy products, our suppliers' carbon emissions in 
supplying energy for that production and our customers' carbon emissions 
associated with their use of the energy products we sell. Shell's NCI 
also includes the emissions associated with the production and use of 
energy products produced by others which Shell purchases for resale. 
Shell only controls its own emissions. The use of the terms Shell's "Net 
Carbon Intensity" or NCI are for convenience only and not intended to 
suggest these emissions are those of Shell plc or its subsidiaries. 
 
 
   Shell's net-zero emissions target 
 
 
   Shell's operating plan, outlook and budgets are forecasted for a 
ten-year period and are updated every year. They reflect the current 
economic environment and what we can reasonably expect to see over the 
next ten years. Accordingly, they reflect our Scope 1, Scope 2 and NCI 
targets over the next ten years. However, Shell's operating plans cannot 
reflect our 2050 net-zero emissions target, as this target is currently 
outside our planning period. In the future, as society moves towards 
net-zero emissions, we expect Shell's operating plans to reflect this 
movement. However, if society is not net zero in 2050, as of today, 
there would be significant risk that Shell may not meet this target. 
 
 
   Forward-looking non-GAAP measures 
 
 
   This press release may contain certain forward-looking non-GAAP measures 
such as divestments. We are unable to provide a reconciliation of these 
forward-looking non-GAAP measures to the most comparable GAAP financial 
measures because certain information needed to reconcile those non-GAAP 
measures to the most comparable GAAP financial measures is dependent on 
future events some of which are outside the control of Shell, such as 
oil and gas prices, interest rates and exchange rates. Moreover, 
estimating such GAAP measures with the required precision necessary to 

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