Seeking Alpha

Shell seeking buyers for $1B stake in Ho-Ho pipeline, Bloomberg says

  • Royal Dutch Shell (RDS.A, RDS.B) is seeking to sell a stake in its Houston-to-Houma crude oil pipeline, and is working with Barclays to solicit offers for a stake of as much as $1B in the conduit, Bloomberg reports.
  • Shell is said to want to raise money to cover the cost of reversing the flow direction of the 350-mile pipeline, and wants to monetize part of the pipeline so it can use the proceeds to invest in drilling projects that generate higher returns.
  • The pipeline now carries crude from Houston to Houma, La., to give Gulf coast refineries better to access to crude oil produced in the Eagle Ford and Bakken basins; the pipeline had been called Houma-to-Houston pipeline before the reversal was completed last year.
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